Lorain Duplex
1902 Hancock St, Lorain, OH 44052
22-unit portfolio in Lorain, Ohio with rent upside.
Type:Multifamily
Property size:
19,800 SFPrice / SF:
$106/SF- Added:
- Feb 11, 2026
- Days on Market:
- 146
- Last Refresh:
- Jul 2 at 8:13 am
Property Features for 1902 Hancock St
General Information
- Standard status
- Active
- Size
- 19,800 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1979
Listing office Civitas Real Estate Group
Listing date Feb 11, 2026
Source Crexi
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
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.
- Light value‑add opportunity: Organic rent growth potential.
- Durable midwestern rental market: Lorain benefits from a diverse employment base and proximity to Cleveland.
- Constructed 1978‑1979: Relatively recent construction.
Overview
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.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $273.2k | $13.80 |
| − Vacancy | −$14.2k | −$0.72 |
| EGI | $259.0k | $13.08 |
| − OpEx | −$77.7k | −$3.92 |
| NOI | $181.3k | $9.16 |
19,800 SF · lease $13.80/SF/yr · vacancy 5.20% · expense 30.00%
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 local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Location Insight
- Map
- Local Demand
- City
- Lorain
- County
- Lorain
- State
- Ohio
- Longitude
- -82.151006
- Latitude
- 41.467786
Nearby Similar for Sale
FAQs
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.
