Improved Two-Unit
New
For Sale
$494,900
21030-21040 Detroit Rd, Rocky River, OH 44116
Separate living spaces, in-unit laundry, basement storage, and a two-car garage support flexible occupancy options.
Property Size3,254 SF
Price / SF$152.09
Days on Market3
Property Features for 21030-21040 Detroit Rd
General Information
Standard status
Active
Size
3,254 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1.5BA
Multifamily Units
2
Amenities
in-unit laundry
Building Details
Year Built
1958
Buildings
1
Listing Agency:
RE/MAX Crossroads Properties
(440) 465-5611
Listed By:
Anthony R Latina · License #2016003431
Source:
Theacclaimedrealty
Added: Aug 30
Changed: Aug 31
Last Checked: Aug 31 at 7:46PM
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 RE/MAX Crossroads Properties
Investment Insights
Based on property information with market context.
This 1958 duplex contains approximately 3,254 square feet, including approximately 2,604 square feet above grade. The front residence is a single-story, two-bedroom, one-bath unit with refinished hardwood flooring, updated kitchen appliances, and an air conditioner replaced in 2020. The two-story rear residence includes three bedrooms, one full and one-half bath, a partially finished basement, extensive closet storage, and in-unit laundry. Both units have separate living spaces and basement access.
Property improvements include a 2017 roof, 2019 exterior siding and brick painting, and outdoor brick stairs completed in 2026. The rear unit was remodeled in 2019 and received updated electrical service, a furnace, air conditioner, and hot water heater in 2021 and 2023. The property also includes a two-car garage and four additional parking spaces at 21030-21040 Detroit Rd in Rocky River, Ohio.
Property improvements include a 2017 roof, 2019 exterior siding and brick painting, and outdoor brick stairs completed in 2026. The rear unit was remodeled in 2019 and received updated electrical service, a furnace, air conditioner, and hot water heater in 2021 and 2023. The property also includes a two-car garage and four additional parking spaces at 21030-21040 Detroit Rd in Rocky River, Ohio.
Key Highlights
- Two‑unit duplex with approximately 3,254 square feet
- Front unit: 2 bedrooms, 1 full bath, and refinished hardwood floors
- Rear unit: 3 bedrooms, 1.5 baths, and partially finished basement
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
$34,502
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
6.97%
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%
$690,040
$690.0K
Cap Rate 7%
$492,886
$492.9K
Cap Rate 9%
$383,356
$383.4K
Market Conditions
NOI Build-Up for 3,254 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
$52.7K $16.20/SF
− Vacancy
−$3.4K −$1.05/SF
EGI
$49.3K $15.15/SF
− OpEx
−$14.8K −$4.54/SF
NOI
$34.5K $10.60/SF
Area
Cuyahoga County, OH
Vacancy
6.50%
Lease Rate
$16.20 /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%
$690,040
Cap Rate 7%
$492,886
Cap Rate 9%
$383,356
Alternative Uses
Best Use
Multifamily LT 5
$492.9K
$431.3K – $575.0K
NOI $34,502 @ 7.0% cap · market cap 6.97%
Second Best
Apartment 5plus
$459.5K
$402.1K – $536.1K
NOI $32,167 @ 7.0% cap · market cap 6.50%
Theoretical Best
Warehouse
$2.61M
$2.28M – $3.04M
NOI $182,507 @ 7.0% cap · market cap 36.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
679
Businesses Nearby
Explore this area
Business Placement
Demographics for 44116, OH
21,821
Population
10,484
Households
2.1
Avg Household Size
45
Median Age
64%
College-Educated
97%
High-School Grad
4.9 sq mi
ZIP Area
4,453
Density / Sq Mi
$93,532
Median Household Income
$60,738
Median Earnings
$1,146
Median Rent
$327,600
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 - Separate living spaces, in-unit laundry, basement storage, and a two-car garage support flexible occupancy options.
Where is this duplex located?
The property is located at 21030-21040 Detroit Rd Rocky River, OH.
What is the asking price?
The asking price for this property is $494,900.
What are key features of this property?
This property features: Two‑unit duplex with approximately 3,254 square feet; Front unit: 2 bedrooms, 1 full bath, and refinished hardwood floors; Rear unit: 3 bedrooms, 1.5 baths, and partially finished basement
