Multifamily Property with
For Sale
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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 Market13
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
Listing Agency:
Sluss Realty
Listed By:
Deanna Fishbaugh · License #SAL.2024002105
Source:
Crexi
Added: Jul 28
Changed: Aug 9
Last Checked: Aug 9 at 6:44AM
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 Sluss Realty
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 = 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
$86,613
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
4.81%
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%
$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
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
$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 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%
$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
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
310
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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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
