Lorain Duplex
For Sale
Contact for pricing
Pending
1902 Hancock St, Lorain, OH 44052
22-unit portfolio in Lorain, Ohio with rent upside.
Property Size19,800 SF
Days on Market200
Property Features for 1902 Hancock St
General Information
Standard status
Pending
Size
19,800 SF
Class
C
Property subtype
Multifamily
Zoning
Residential
Occupancy
68%
Investment Type
Stabilized
Building Details
Year Built
1979
Year Renovated
2024
Buildings
11
Stories
2
Units
22
Listing Agency:
Civitas Real Estate Group
Listed By:
Jonathan Wright · License #BRKP 2024005087
Source:
Crexi
Added: Feb 11
Changed: Aug 8
Last Checked: Aug 29 at 6:36PM
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 Civitas Real Estate Group
Investment Insights
Based on property information with market context.
The Lorain Duplex Portfolio consists of eleven duplex properties, totaling twenty-two residential units. These properties are located along Randall Street, Hancock Street, and Fillmore Avenue in Lorain, Ohio. Constructed between 1978 and 1979, the portfolio includes fourteen 3-bedroom / 1.5-bath units and eight 2-bedroom / 1.5-bath units, with each unit averaging approximately 900 square feet. The properties are clustered in close proximity, allowing the portfolio to function operationally as a neighborhood-scale multifamily investment. The portfolio is currently 63% occupied and generates $163,980 in-place annual gross income. Market-supported rent normalization supports a projected gross potential income of $308,760 annually. Lorain benefits from a diverse employment base including manufacturing, healthcare, logistics, port-related industries, and regional services. The city’s proximity to Cleveland and continued renter demand for small-format housing support long-term occupancy stability. This offering presents investors with immediate scale, operational simplicity, and meaningful rent growth potential within a durable Midwestern rental market.
Key Highlights
- Significant rent upside: Market normalization projects a potential gross income increase of $144,780 annually.
- Neighborhood‑scale portfolio: 11 duplex buildings (22 units) clustered for streamlined management.
- Consistent unit mix: Features 3‑bedroom and 2‑bedroom units, averaging 900 sq ft.
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
$181,322
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
8.63%
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%
$3,626,440
$3.6M
Cap Rate 7%
$2,590,314
$2.6M
Cap Rate 9%
$2,014,689
$2.0M
Market Conditions
NOI Build-Up for 19,800 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
$273.2K $13.80/SF
− Vacancy
−$14.2K −$0.72/SF
EGI
$259.0K $13.08/SF
− OpEx
−$77.7K −$3.92/SF
NOI
$181.3K $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%
$3,626,440
Cap Rate 7%
$2,590,314
Cap Rate 9%
$2,014,689
Alternative Uses
Best Use
Multifamily LT 5
$2.59M
$2.27M – $3.02M
NOI $181,322 @ 7.0% cap · market cap 8.63%
Second Best
Apartment 5plus
$2.42M
$2.12M – $2.82M
NOI $169,361 @ 7.0% cap · market cap 8.06%
Theoretical Best
Office A
$4.99M
$4.37M – $5.82M
NOI $349,272 @ 7.0% cap · market cap 16.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
198
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
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Frequently Asked Questions
What type of property is this?
Duplex - 22-unit portfolio in Lorain, Ohio with rent upside.
Where is this duplex located?
The property is located at 1902 Hancock St Lorain, OH.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Significant rent upside: Market normalization projects a potential gross income increase of $144,780 annually.; Neighborhood‑scale portfolio: 11 duplex buildings (22 units) clustered for streamlined management.; Consistent unit mix: Features 3‑bedroom and 2‑bedroom units, averaging 900 sq ft.
