All-Brick Duplex with
For Sale
$229,000
4079 Okalona Rd, South Euclid, OH 44121
Two residential units feature private outdoor spaces, shared laundry, basement storage, and flexible occupancy options.
Property Size2,128 SF
Price / SF$107.61
Days on Market37
Property Features for 4079 Okalona Rd
General Information
Standard status
Active
Size
2,128 SF
Total Parking Spaces
2
Property subtype
Residential Income
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,808
Amenities
private balcony
screened porch
shared laundry
abundant storage
Building Details
Buildings
1
Construction
all-brick
Tenancy
Multi
Listing Agency:
Berkshire Hathaway HomeServices Professional Realty
(216) 798-0750
Listed By:
David J Reimer · License #2006001928
(216) 798-0750
Source:
Exprealty
Added: Jul 13
Changed: Aug 14
Last Checked: Aug 18 at 12:06PM
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 Berkshire Hathaway HomeServices Professional Realty
Investment Insights
Based on property information with market context.
This all-brick duplex contains two residential units, each with 2 bedrooms, a living room, formal dining room, kitchen, and full bathroom. A private balcony serves the upper unit, while the lower unit includes a screened porch. The property also offers a full basement with shared laundry and storage, along with a detached two-car garage.
Both units are occupied by long-term month-to-month tenants who have expressed interest in remaining. The arrangement supports continued rental use while retaining flexibility for future owner occupancy. Located at 4079 Okalona Rd in South Euclid, the property is near Cedar Road and Warrensville Center Road, with grocery, dining, retail, pharmacy, and public transportation options nearby. University Circle, Cleveland Clinic, University Hospitals, Case Western Reserve University, Beachwood, and I-271 are also within the surrounding area.
Both units are occupied by long-term month-to-month tenants who have expressed interest in remaining. The arrangement supports continued rental use while retaining flexibility for future owner occupancy. Located at 4079 Okalona Rd in South Euclid, the property is near Cedar Road and Warrensville Center Road, with grocery, dining, retail, pharmacy, and public transportation options nearby. University Circle, Cleveland Clinic, University Hospitals, Case Western Reserve University, Beachwood, and I-271 are also within the surrounding area.
Key Highlights
- Two‑unit all‑brick residential property with 2,128 square feet
- Each unit includes 2 bedrooms, living room, formal dining room, kitchen, and full bath
- Upper‑level balcony and lower‑level screened porch
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
$21,036
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
9.19%
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%
$420,720
$420.7K
Cap Rate 7%
$300,514
$300.5K
Cap Rate 9%
$233,733
$233.7K
Market Conditions
NOI Build-Up for 2,128 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
$40.6K $19.08/SF
− Vacancy
−$2.4K −$1.11/SF
EGI
$38.2K $17.97/SF
− OpEx
−$17.2K −$8.09/SF
NOI
$21.0K $9.89/SF
Area
Cuyahoga County, OH
Vacancy
5.80%
Lease Rate
$19.08 /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%
$420,720
Cap Rate 7%
$300,514
Cap Rate 9%
$233,733
Alternative Uses
Best Use
Multifamily LT 5
$322.3K
$282.0K – $376.1K
NOI $22,563 @ 7.0% cap · market cap 9.85%
Second Best
Apartment 5plus
$300.5K
$263.0K – $350.6K
NOI $21,036 @ 7.0% cap · market cap 9.19%
Theoretical Best
Warehouse
$1.71M
$1.49M – $1.99M
NOI $119,353 @ 7.0% cap · market cap 52.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
711
Businesses Nearby
Explore this area
Business Placement
Demographics for 44121, OH
32,887
Population
14,916
Households
2.2
Avg Household Size
39
Median Age
41%
College-Educated
96%
High-School Grad
6.4 sq mi
ZIP Area
5,139
Density / Sq Mi
$75,621
Median Household Income
$41,061
Median Earnings
$1,113
Median Rent
$129,300
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 - Two residential units feature private outdoor spaces, shared laundry, basement storage, and flexible occupancy options.
Where is this duplex located?
The property is located at 4079 Okalona Rd South Euclid, OH.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: Two‑unit all‑brick residential property with 2,128 square feet; Each unit includes 2 bedrooms, living room, formal dining room, kitchen, and full bath; Upper‑level balcony and lower‑level screened porch
