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    Remodeled Duplex with Income Potential Title is generated by Realmo AI

    1627 E 33rd Street, Lorain, OH 44055

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    Claim this Listing
    For Sale
    Under Contract
    $160,000

    MULTI_FAMILY - Lorain, OH

    Property size:
    1,584 SF
    Lot size:
    0.16 Acres
    Price / SF:
    $101/SF
    Added:
    Apr 14, 2026
    Days on Market:
    33
    Last Refresh:
    May 16 at 5:06 pm

    Property Features for 1627 E 33rd Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    4
    Bathrooms
    2
    Rooms
    Bathroom 1, Bathroom 2, Bedroom 4, Bedroom 3, Bedroom 1, Laundry Room, Bedroom 2
    Parking features
    Garage
    Interior features
    CeilingFans, EatInKitchen, HisAndHersClosets, LaminateCounters, MultipleClosets
    Exterior features
    PrivateEntrance
    Appliances
    Range, Refrigerator
    Standard status
    Active Under Contract
    APN
    03-00-096-105-032
    Size
    1,584 SF
    Lot size
    0.16 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    SHEFFIELD LAND CO 2 50 X 142
    Tax Annual Amount
    1211

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air, Natural Gas
    Water source
    Public

    Building Details

    Year built
    1971
    Floors in Building
    2
    Building materials
    AluminumSiding
    Roof type
    Asphalt, Fiberglass

    We can help!

    Listing Contact
    Richard Kropf

    Listing agent Richard Kropf License #2003013029

    Listing office Russell Real Estate Services 201 N Leavitt Road, Strongsville, OH

    Listing date Apr 14, 2026

    MLS# 5201635 Listing URL

    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.

    HighLights

    • Remodeled duplex with updated kitchens and bathrooms in both units
    • Each unit has its own driveway with space for up to three cars
    • New roof
    • Unit 1629 has newer gas furnace (2019) and hot water tank (2016); Unit 1627 has newer hot water tank (2017)
    • Spacious living rooms and eat‑in kitchens in both units
    • Large backyard and concrete patios for each unit

    Overview

    This remodeled duplex features two units, each with two bedrooms and one bathroom. Both units have updated kitchens and bathrooms, including newer cabinets, countertops, and LVT flooring. The bathrooms are equipped with new vanities and tub surrounds. Unit 1627 has carpet in the bedrooms, while Unit 1629 features new LVT flooring. The master bedrooms in both units include his and hers closets, along with a linen closet. Spacious living rooms are complemented by coat closets. Each unit has an eat-in kitchen. The left side includes a refrigerator and stove, while the right side has a stove. Both units have their own driveways with space for up to three cars each, as well as concrete patios off the kitchen. The property boasts a large backyard for both units to enjoy. A new roof has been installed. Both units are equipped with smoke detectors and GFI outlets. Unit 1627 has a newer hot water tank from 2017, while Unit 1629 has a newer gas furnace from 2019 and a hot water tank from 2016. Storage units are attached to the back of the home. This property offers an excellent opportunity for rental income or owner-occupancy with rental potential. The location is one block from a new elementary school and near Oakwood Park.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lorain
    County
    Lorain
    State
    Ohio
    Longitude
    -82.144415
    Latitude
    41.440138

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    FAQs

    What type of property is this?
    Duplex - Updated duplex with separate driveways and large backyard.
    Where is this duplex located?
    The property is located at 1627 E 33rd Street Lorain, OH.
    What is the asking price?
    The asking price for this property is $160,000.
    What are key features of this property?
    This property features: Remodeled duplex with updated kitchens and bathrooms in both units; Each unit has its own driveway with space for up to three cars; New roof
    (440) 522-0122
    We can help!
    Listing Contact
    Richard Kropf
    Real Estate License ID: 2003013029
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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