Side-by-Side Duplex with
New
For Sale
$170,000
1521-1523 Missouri Avenue, Lorain, OH 44052
MULTI_FAMILY - Lorain, OH
Property Size1,680 SF
Lot Size0.24 Acres
Price / SF$101.19
Days on Market1
Property Features for 1521-1523 Missouri Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Laundry Room, Bedroom 2, Bedroom 1, Bathroom 2, Bedroom 3, Bedroom 4, Bathroom 1
Parking features
Garage, Driveway
Exterior features
Awnings, PrivateEntrance, PrivateYard, Storage
Appliances
Dryer, Range, Refrigerator, Washer
Subdivision
Nichols Sub
Lot features
Back Yard, Front Yard
Elementary school district
Lorain CSD - 4709
Middle school district
Lorain CSD - 4709
High school district
Lorain CSD - 4709
Directions
Colorado Avenue to Missouri Avenue
Standard status
Active
APN
03-00-055-111-021
Size
1,680 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
54.80 X 98.55 LOT # 157&158
Tax Annual Amount
680
Legal Description
54.80 X 98.55 LOT # 157&158
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
patio
retractable awning
barn
storage shed
Building Details
Year built
1970
Floors in Building
2
Building materials
VinylSiding
Roof type
Asphalt, Fiberglass
Additional Structures
Storage
Listing Agency:
Russell Real Estate Services
(440) 282-4444
Listed By:
Hannah Sias · License #2020004444
(440) 305-0328
Added: Aug 14
Last Checked: Aug 14 at 2:06PM
MLS# 5236560
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.
This 1,680-square-foot duplex contains two side-by-side units with a combined four bedrooms and two full bathrooms. Built in 1970, the property has received multiple updates, including new carpet in 2025, bathroom improvements in 2023, and an updated roof installed in 2010. Vinyl siding, natural-gas heat, central air, public water, and public sewer serve the building. Each unit has a private entrance, while the property also includes garage and driveway parking.
Set on a 0.24-acre lot at 1521-1523 Missouri Avenue in Lorain, the property offers concrete patio areas, a retractable electric SunSetter awning, a barn, and an additional storage shed. Both units are currently vacant, allowing a new owner to occupy one unit, lease the other, or place both units into service.
Set on a 0.24-acre lot at 1521-1523 Missouri Avenue in Lorain, the property offers concrete patio areas, a retractable electric SunSetter awning, a barn, and an additional storage shed. Both units are currently vacant, allowing a new owner to occupy one unit, lease the other, or place both units into service.
Key Highlights
- Two side‑by‑side units with 1,680 square feet of total living space
- Four bedrooms and 2 full bathrooms across the duplex
- Both units are currently vacant
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
$15,385
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
9.05%
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%
$307,700
$307.7K
Cap Rate 7%
$219,786
$219.8K
Cap Rate 9%
$170,944
$170.9K
Market Conditions
NOI Build-Up for 1,680 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
$23.2K $13.80/SF
− Vacancy
−$1.2K −$0.72/SF
EGI
$22.0K $13.08/SF
− OpEx
−$6.6K −$3.92/SF
NOI
$15.4K $9.16/SF
Area
Lorain County, OH
Vacancy
5.20%
Lease Rate
$13.80 /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%
$307,700
Cap Rate 7%
$219,786
Cap Rate 9%
$170,944
Alternative Uses
Best Use
Multifamily LT 5
$219.8K
$192.3K – $256.4K
NOI $15,385 @ 7.0% cap · market cap 9.05%
Second Best
Apartment 5plus
$205.3K
$179.6K – $239.5K
NOI $14,370 @ 7.0% cap · market cap 8.45%
Theoretical Best
Office A
$423.4K
$370.4K – $493.9K
NOI $29,635 @ 7.0% cap · market cap 17.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
139
Businesses Nearby
Explore this area
Business Placement
Demographics for 44052, OH
29,249
Population
13,673
Households
2.1
Avg Household Size
37
Median Age
12%
College-Educated
83%
High-School Grad
9.5 sq mi
ZIP Area
3,079
Density / Sq Mi
$42,298
Median Household Income
$31,985
Median Earnings
$840
Median Rent
$104,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Both units are vacant, with recent interior and exterior improvements plus private outdoor storage.
Where is this duplex located?
The property is located at 1521-1523 Missouri Avenue Lorain, OH.
What is the asking price?
The asking price for this property is $170,000.
What are key features of this property?
This property features: Two side‑by‑side units with 1,680 square feet of total living space; Four bedrooms and 2 full bathrooms across the duplex; Both units are currently vacant
