Multifamily Property with Attached
For Sale
$250,000
1519 Shaffer Drive, Lorain, OH 44053
The building features wall and window cooling units, ceiling fans, and electric service.
Property Size2,500 SF
Price / SF$100
Days on Market48
Property Features for 1519 Shaffer Drive
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$2,340
Amenities
Lake, Playground, Park, Sidewalks
Wall/Window Unit(s), Ceiling Fan(s)
Electric
Concrete
Partial
Assigned, Attached, Direct Access, Driveway, Garage
Building Details
Year Built
1975
Buildings
1
Stories
2
Abandoned
Yes
Listing Agency:
Century 21 DeAnna Realty
Listed By:
Glenda E Owens
(440) 864-5890
Source:
Evrealestate
Added: Jul 17
Changed: Aug 30
Last Checked: Sep 1 at 3:26PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Century 21 DeAnna Realty
Investment Insights
Based on property information with market context.
This multifamily property at 1519 Shaffer Drive in Lorain, Ohio, was built in 1975. Interior features include wall and window unit cooling, ceiling fans, electric service, and concrete elements.
Exterior parking and access features include an attached garage, driveway access, direct access, and assigned parking. The property is located in Lorain County, with directions approaching from Cooper Foster Park Road via Oberlin Avenue and Shaffer Drive.
Exterior parking and access features include an attached garage, driveway access, direct access, and assigned parking. The property is located in Lorain County, with directions approaching from Cooper Foster Park Road via Oberlin Avenue and Shaffer Drive.
Key Highlights
- Multifamily property built in 1975
- Attached garage with direct access
- Assigned parking, driveway access, and garage parking
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
$21,384
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
8.55%
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%
$427,680
$427.7K
Cap Rate 7%
$305,486
$305.5K
Cap Rate 9%
$237,600
$237.6K
Market Conditions
NOI Build-Up for 2,500 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
$40.5K $16.20/SF
− Vacancy
−$1.6K −$0.65/SF
EGI
$38.9K $15.55/SF
− OpEx
−$17.5K −$7.00/SF
NOI
$21.4K $8.55/SF
Area
Lorain County, OH
Vacancy
4.00%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$427,680
Cap Rate 7%
$305,486
Cap Rate 9%
$237,600
Alternative Uses
Best Use
Apartment 5plus
$305.5K
$267.3K – $356.4K
NOI $21,384 @ 7.0% cap · market cap 8.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$630.0K
$551.3K – $735.0K
NOI $44,100 @ 7.0% cap · market cap 17.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
415
Businesses Nearby
Explore this area
Business Placement
Demographics for 44053, OH
20,735
Population
9,529
Households
2.2
Avg Household Size
44
Median Age
21%
College-Educated
91%
High-School Grad
10.8 sq mi
ZIP Area
1,920
Density / Sq Mi
$65,332
Median Household Income
$43,654
Median Earnings
$827
Median Rent
$189,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - The building features wall and window cooling units, ceiling fans, and electric service.
Where is this multifamily property located?
The property is located at 1519 Shaffer Drive Lorain, OH.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Multifamily property built in 1975; Attached garage with direct access; Assigned parking, driveway access, and garage parking
