Multifamily Property with
For Sale
Contact for pricing
23 Grand Avenue, Norwalk, OH 44857
Apartment property with multiple units, on-site parking, and R2 zoning near downtown amenities and major travel corridors.
Property Size10,725 SF
Price / SF$167.83
Days on Market71
Property Features for 23 Grand Avenue
General Information
Standard status
Active
Size
10,725 SF
Total Parking Spaces
29
Property subtype
Multifamily
Zoning
Other - R2
Building Details
Year Built
1973
Buildings
15
Units
15
Tenancy
Multi
Listed By:
Deanna Fishbaugh · License #SAL.2024002105
Source:
Crexi
Added: Jul 28
Changed: Sep 11
Last Checked: Oct 5 at 3:13PM
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 Deanna Fishbaugh
Investment Insights
Based on property information with market context.
This multifamily property contains multiple apartment units within a 10,725-square-foot building constructed in 1973. On-site parking serves the property, and the asset is designated Other - R2 zoning. The existing apartment configuration supports continued multifamily use.
The property is positioned near downtown amenities and major travel corridors in Norwalk. Its established building improvements, apartment layout, and parking component provide a defined physical foundation for continued operation and future ownership planning.
The property is positioned near downtown amenities and major travel corridors in Norwalk. Its established building improvements, apartment layout, and parking component provide a defined physical foundation for continued operation and future ownership planning.
Key Highlights
- 10,725‑square‑foot multifamily building
- Multiple apartment units within the property
- On‑site parking included
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$86,613
Cap Rate
4.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,732,260
$1.7M
Cap Rate 7%
$1,237,329
$1.2M
Cap Rate 9%
$962,367
$962.4K
Market Conditions
NOI Build-Up for 10,725 SF
Gross rent
$171.2K $15.96/SF
− Vacancy
−$13.7K −$1.28/SF
EGI
$157.5K $14.68/SF
− OpEx
−$70.9K −$6.61/SF
NOI
$86.6K $8.08/SF
Area
Huron County, OH
Vacancy
8.00%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,732,260
Cap Rate 7%
$1,237,329
Cap Rate 9%
$962,367
Alternative Uses
Best Use
Apartment 5plus
$1.24M
$1.08M – $1.44M
NOI $86,613 @ 7.0% cap · market cap 4.81%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.23M
$1.95M – $2.60M
NOI $156,038 @ 7.0% cap · market cap 8.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
325
Businesses Nearby
Explore this area
Business Placement
Demographics for 44857, OH
23,619
Population
10,579
Households
2.2
Avg Household Size
41
Median Age
21%
College-Educated
93%
High-School Grad
81.6 sq mi
ZIP Area
289
Density / Sq Mi
$62,227
Median Household Income
$42,100
Median Earnings
$795
Median Rent
$170,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Apartment property with multiple units, on-site parking, and R2 zoning near downtown amenities and major travel corridors.
Where is this multifamily property located?
The property is located at 23 Grand Avenue Norwalk, OH.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 10,725‑square‑foot multifamily building; Multiple apartment units within the property; On‑site parking included
