Two-Unit Duplex with Separate
For Sale
$225,000
32 Romaine Ave, Boardman, OH 44512
Each residence includes private access, parking, garage space, and its own HVAC systems.
Property Size2,138 SF
Price / SF$105.24
Days on Market81
Property Features for 32 Romaine Ave
General Information
Standard status
Active
Size
2,138 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$2,184
Amenities
garage bays
separate entrances
storage
Building Details
Buildings
1
Listing Agency:
CENTURY 21 Lakeside Realty
(330) 787-4646
Listed By:
Amanda Silvestri · License #2025004113
(330) 787-4646
Source:
Exprealty
Added: Jun 11
Changed: Aug 30
Last Checked: Aug 30 at 2:25AM
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 CENTURY 21 Lakeside Realty
Investment Insights
Based on property information with market context.
Located at 32 Romaine Ave in Boardman, this 2,138-square-foot duplex contains two residential units, each with 2 bedrooms and 1 full bathroom. Both units offer large bedrooms, generously sized kitchens with substantial cabinet and counter space, separate entrances, garage bays, and dedicated parking areas. The property also includes abundant storage and a landscaped lot.
Gas and electric service are separately metered for each unit. Each residence has its own furnace and central air conditioning system, supporting distinct utility management and independent climate control. The property is within the Boardman Local School District and near shopping, dining, parks, medical facilities, and major commuter routes.
Gas and electric service are separately metered for each unit. Each residence has its own furnace and central air conditioning system, supporting distinct utility management and independent climate control. The property is within the Boardman Local School District and near shopping, dining, parks, medical facilities, and major commuter routes.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 full bathroom per unit
- 2,138 square feet with large bedrooms and spacious kitchens
- Separate entrances, garage bays, dedicated parking, and additional storage
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
$14,398
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
6.40%
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%
$287,960
$288.0K
Cap Rate 7%
$205,686
$205.7K
Cap Rate 9%
$159,978
$160.0K
Market Conditions
NOI Build-Up for 2,138 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
$21.8K $10.20/SF
− Vacancy
−$1.2K −$0.58/SF
EGI
$20.6K $9.62/SF
− OpEx
−$6.2K −$2.89/SF
NOI
$14.4K $6.73/SF
Area
Mahoning County, OH
Vacancy
5.68%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
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%
$287,960
Cap Rate 7%
$205,686
Cap Rate 9%
$159,978
Alternative Uses
Best Use
Multifamily LT 5
$205.7K
$180.0K – $240.0K
NOI $14,398 @ 7.0% cap · market cap 6.40%
Second Best
Apartment 5plus
$189.5K
$165.8K – $221.1K
NOI $13,267 @ 7.0% cap · market cap 5.90%
Theoretical Best
Office A
$403.5K
$353.0K – $470.7K
NOI $28,242 @ 7.0% cap · market cap 12.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
678
Businesses Nearby
Explore this area
Business Placement
Demographics for 44512, OH
33,282
Population
15,770
Households
2.1
Avg Household Size
44
Median Age
35%
College-Educated
94%
High-School Grad
17.0 sq mi
ZIP Area
1,958
Density / Sq Mi
$62,311
Median Household Income
$38,828
Median Earnings
$788
Median Rent
$158,800
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?
Duplex - Each residence includes private access, parking, garage space, and its own HVAC systems.
Where is this duplex located?
The property is located at 32 Romaine Ave Boardman, OH.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 full bathroom per unit; 2,138 square feet with large bedrooms and spacious kitchens; Separate entrances, garage bays, dedicated parking, and additional storage
