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Building Details

Year Built 1969

Tenancy Multi

Listing Agency: Keller Williams Living

Listed By: Michael L Magno · License #2016003542 Show Phone

Source: Theacclaimedrealty

Added: Oct 7 Changed: Oct 10 Last Checked: Oct 7 at 2:25PM

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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 Living

Investment Insights

Based on property information with market context.

This 2,292-square-foot triplex contains three occupied units and was built in 1969. The units have older finishes, and updating and turnover work may be needed as vacancies occur. A central boiler serves the building. Tenants pay for electric service; ownership pays for gas, water, sewer, and trash. The roof was replaced in 2006, the boiler in 2007, and the windows and siding in 2010.

The property is near local schools and Lakemore Recreation Park. Existing leases and trailing operating statements are available for review. Interior photos date to a 2021 listing and may not reflect current conditions.

Key Highlights

• Three occupied residential units in a 2,292‑square‑foot triplex
• Built in 1969; units have older finishes and may need updating as turnover occurs
• Central boiler; ownership covers gas, water, sewer, and trash, while tenants pay electric

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$20,989

Cap Rate

9.13%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$419,780 $419.8K

Cap Rate 7%

$299,843 $299.8K

Cap Rate 9%

$233,211 $233.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,292 SF

Gross rent

$31.6K $13.80/SF

− Vacancy

−$1.6K −$0.72/SF

EGI

$30.0K $13.08/SF

− OpEx

−$9.0K −$3.92/SF

NOI

$21.0K $9.16/SF

Area

Summit County, OH

Vacancy

5.20%

Lease Rate

$13.80 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$419,780

Cap Rate 7%

$299,843

Cap Rate 9%

$233,211

Alternative Uses

Best Use

Multifamily LT 5

$299.8K

$262.4K – $349.8K (±1% cap)

NOI $20,989 @ 7.0% cap · market cap 9.13%

Second Best

Apartment 5plus

$262.5K

$229.7K – $306.3K (±1% cap)

NOI $18,375 @ 7.0% cap · market cap 7.99%

Theoretical Best

Office A

$562.5K

$492.2K – $656.2K (±1% cap)

NOI $39,373 @ 7.0% cap · market cap 17.12%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick Real Estate Agency Building Supply Law Firm Restaurant Big Box & Wholesale Store Dental Office

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

100%

Occupancy

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

45

Businesses Nearby

Explore this area Business Placement

Demographics for 44312, OH

30,510

Population

14,299

Households

2.1

Avg Household Size

44

Median Age

19%

College-Educated

92%

High-School Grad

19.0 sq mi

ZIP Area

1,606

Density / Sq Mi

$64,542

Median Household Income

$41,829

Median Earnings

$994

Median Rent

$142,100

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Frequently Asked Questions

What type of property is this?

Triplex - All three residences are occupied; tenants pay electric, while ownership covers gas, water, sewer, and trash.

Where is this triplex located?

The property is located at 2375 Sanitarium Rd Lakemore, OH.

What is the asking price?

The asking price for this property is $230,000.

What are key features of this property?

This property features: Three occupied residential units in a 2,292‑square‑foot triplex; Built in 1969; units have older finishes and may need updating as turnover occurs; Central boiler; ownership covers gas, water, sewer, and trash, while tenants pay electric