Residential Income Property with
For Sale
$219,900
216 N Main Street, Oberlin, OH 44074
Includes central air, electric heat-pump heating, and unfinished interior space.
Property Size1,908 SF
Price / SF$115.25
Days on Market43
Property Features for 216 N Main Street
General Information
Standard status
Active
Size
1,908 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$2,831
Amenities
Central Air
Electric, Heat Pump
Unfinished
Driveway
Building Details
Year Built
1900
Buildings
1
Stories
2
Listing Agency:
Berkshire Hathaway HomeServices Lucien Realty
(440) 346-0915
Listed By:
Kimberley D Guelker
(440) 346-0915
Source:
Evrealestate
Added: Jul 19
Changed: Aug 30
Last Checked: Aug 30 at 2:02PM
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 Berkshire Hathaway HomeServices Lucien Realty
Investment Insights
Based on property information with market context.
This residential income property was built in 1900 and contains 1,908 square feet. Interior features include central air, electric heat-pump heating, and unfinished space. A driveway provides on-site vehicle access.
The property is located at 216 N Main Street in Oberlin, Lorain County, Ohio. Access is described from Rt 58 via N. Main, before St Rt 511 on the west side.
The property is located at 216 N Main Street in Oberlin, Lorain County, Ohio. Access is described from Rt 58 via N. Main, before St Rt 511 on the west side.
Key Highlights
- 1,908‑square‑foot residential income property
- Built in 1900
- Central air conditioning
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
$16,320
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
7.42%
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%
$326,400
$326.4K
Cap Rate 7%
$233,143
$233.1K
Cap Rate 9%
$181,333
$181.3K
Market Conditions
NOI Build-Up for 1,908 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
$30.9K $16.20/SF
− Vacancy
−$1.2K −$0.65/SF
EGI
$29.7K $15.55/SF
− OpEx
−$13.4K −$7.00/SF
NOI
$16.3K $8.55/SF
Area
Lorain County, OH
Vacancy
4.00%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$326,400
Cap Rate 7%
$233,143
Cap Rate 9%
$181,333
Alternative Uses
Best Use
Apartment 5plus
$233.1K
$204.0K – $272.0K
NOI $16,320 @ 7.0% cap · market cap 7.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$480.8K
$420.7K – $561.0K
NOI $33,657 @ 7.0% cap · market cap 15.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
555
Businesses Nearby
Explore this area
Business Placement
Demographics for 44074, OH
11,957
Population
4,038
Households
3
Avg Household Size
36
Median Age
43%
College-Educated
95%
High-School Grad
50.9 sq mi
ZIP Area
235
Density / Sq Mi
$73,697
Median Household Income
$17,979
Median Earnings
$943
Median Rent
$229,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Includes central air, electric heat-pump heating, and unfinished interior space.
Where is this residential income property located?
The property is located at 216 N Main Street Oberlin, OH.
What is the asking price?
The asking price for this property is $219,900.
What are key features of this property?
This property features: 1,908‑square‑foot residential income property; Built in 1900; Central air conditioning
