Duplex with Three-Car
New
For Sale
$429,900
1497 Prospect Avenue, Rocky River, OH 44116
ResidentialIncome, Rocky River, OH
Property Size2,802 SF
Lot Size0.13 Acres
Price / SF$153.43
Days on Market3
Property Features for 1497 Prospect Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 2, Bedroom 4, Bedroom 3, Bedroom 1, Bedroom 2, Bathroom 1
Parking features
Garage
Interior features
BuiltInFeatures, NaturalWoodwork
Appliances
Dryer, Dishwasher, Range, Refrigerator, Washer
Elementary school district
Rocky River CSD - 1826
Middle school district
Rocky River CSD - 1826
High school district
Rocky River CSD - 1826
Directions
S off Detroit at Prospect
Standard status
Active
APN
301-23-035
Size
2,802 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6616
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Amenities
central air
dishwasher
washer/dryer
hardwood flooring
built-in cabinetry
Building Details
Year built
1923
Floors in Building
2
Building materials
Brick
Roof type
Fiberglass, Asphalt
Listing Agency:
Keller Williams Citywide · Keller Williams Realty
(440) 892-2211
Listed By:
Jane C Vitou · License #448578
(440) 725-1434
Added: Sep 16
Last Checked: Sep 18 at 12:06PM
MLS# 5244667
Copyright © 2026 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1923, this brick duplex contains 2,802 square feet on a 0.127-acre lot. The interior includes large rooms, original hardwood flooring, built-in cabinetry, and natural woodwork. Central air, forced-air natural gas heat, and public water and sewer serve the property. Each unit has its own washer and dryer, while the second-floor residence also includes a dishwasher. A basement and three-car garage provide additional utility.
The property is located at 1497 Prospect Avenue in Rocky River, within walking distance of downtown shopping and dining. The site also offers proximity to the area's schools. A fiberglass and asphalt roof completes the existing improvements.
The property is located at 1497 Prospect Avenue in Rocky River, within walking distance of downtown shopping and dining. The site also offers proximity to the area's schools. A fiberglass and asphalt roof completes the existing improvements.
Key Highlights
- 2,802‑square‑foot duplex on a 0.127‑acre lot
- Three‑car garage plus basement storage
- Brick construction dating to 1923
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$29,709
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.91%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$594,180
$594.2K
Cap Rate 7%
$424,414
$424.4K
Cap Rate 9%
$330,100
$330.1K
Market Conditions
NOI Build-Up for 2,802 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$45.4K $16.20/SF
− Vacancy
−$3.0K −$1.05/SF
EGI
$42.4K $15.15/SF
− OpEx
−$12.7K −$4.54/SF
NOI
$29.7K $10.60/SF
Area
Cuyahoga County, OH
Vacancy
6.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$594,180
Cap Rate 7%
$424,414
Cap Rate 9%
$330,100
Alternative Uses
Best Use
Multifamily LT 5
$424.4K
$371.4K – $495.2K
NOI $29,709 @ 7.0% cap · market cap 6.91%
Second Best
Apartment 5plus
$395.7K
$346.2K – $461.7K
NOI $27,699 @ 7.0% cap · market cap 6.44%
Theoretical Best
Warehouse
$2.25M
$1.96M – $2.62M
NOI $157,156 @ 7.0% cap · market cap 36.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,200
Businesses Nearby
Explore this area
Business Placement
Demographics for 44116, OH
21,821
Population
10,484
Households
2.1
Avg Household Size
45
Median Age
64%
College-Educated
97%
High-School Grad
4.9 sq mi
ZIP Area
4,453
Density / Sq Mi
$93,532
Median Household Income
$60,738
Median Earnings
$1,146
Median Rent
$327,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit brick property with hardwood floors, central air, in-unit laundry, and access to downtown shopping and dining.
Where is this duplex located?
The property is located at 1497 Prospect Avenue Rocky River, OH.
What is the asking price?
The asking price for this property is $429,900.
What are key features of this property?
This property features: 2,802‑square‑foot duplex on a 0.127‑acre lot; Three‑car garage plus basement storage; Brick construction dating to 1923
