Norwood Multifamily Investment
Norwood Avenue Norwood, OH 45212
For Sale
Contact for pricing
12-unit multifamily property in Norwood with value-add potential.
Property Size11,322 SF
Price / SF$101.13
Days on Market71
Property Features for Norwood Avenue
General Information
Standard status
Active
Size
11,322 SF
Property subtype
Multifamily
Building Details
Year Built
1915
Listing Agency:
Keller Williams Seven Hills
Listed By:
Tony Jenkins · License #2001015864
Source:
Crexi
Added: May 21
Changed: Jul 10
Last Checked: Jul 29 at 4:39PM
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 Keller Williams Seven Hills
Investment Insights
Based on property information with market context.
This 12-unit multifamily property is located in Norwood, just off the lateral. The unit mix comprises eleven 1-bedroom units and one 2-bedroom unit. There is a potential equity increase opportunity by converting 1-bedroom units into 2-bedroom units. Several improvements have been made to the property, including a rubber roof installed in 2021 and a boiler replacement in 2016. Coin laundry is available. All new gas stoves have been installed within the last 4 years. Windows and exterior paint were updated in 2020. The units were remodeled in 2021, including new cabinets, granite countertops, flooring, vanities, and toilets. The landlord is responsible for water and heat expenses. The property size is 11,322 square feet.
Key Highlights
- Income‑generating 12‑unit apartment building.
- Opportunity to increase equity by converting 1‑bedroom units into 2‑bedroom units.
- Recent renovations in 2021 including cabinets, granite countertops, flooring, vanities, and toilets.
Financial Insights For Apartment 5plus
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 | $188.9k | $16.68 |
| − Vacancy | −$11.1k | −$0.98 |
| EGI | $177.7k | $15.70 |
| − OpEx | −$80.0k | −$7.06 |
| NOI | $97.7k | $8.63 |
11,322 SF · lease $16.68/SF/yr · vacancy 5.90% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.40M
$1.22M – $1.63M
NOI $97,740 @ 7.0% cap · market cap 8.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.03M
$1.78M – $2.37M
NOI $142,087 @ 7.0% cap · market cap 12.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - 12-unit multifamily property in Norwood with value-add potential.
Where is this apartment building located?
The property is located at Norwood Avenue Norwood, OH.
What is the asking price?
The asking price for this property is $1,145,000.
What are key features of this property?
This property features: Income‑generating 12‑unit apartment building.; Opportunity to increase equity by converting 1‑bedroom units into 2‑bedroom units.; Recent renovations in 2021 including cabinets, granite countertops, flooring, vanities, and toilets.
