All-Brick Duplex with
For Sale
Under Contract
$229,000
4079 Okalona Road, South Euclid, OH 44121
ResidentialIncome, South Euclid, OH
Property Size2,128 SF
Lot Size0.18 Acres
Price / SF$107.61
Days on Market50
Property Features for 4079 Okalona Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Basement, Bedroom 1, Bedroom 3, Bathroom 2, Bedroom 4, Laundry Room
Parking features
Garage
Appliances
Cooktop, Freezer, Range, Refrigerator
Subdivision
Cedar Center
Elementary school district
South Euclid-Lyndhurst - 1829
Middle school district
South Euclid-Lyndhurst - 1829
High school district
South Euclid-Lyndhurst - 1829
Directions
East off of Warrensville center Rd
Standard status
Active Under Contract
APN
704-19-060
Size
2,128 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
65 CEDCEN 0121 ALL
Tax Annual Amount
2808
Legal Description
65 CEDCEN 0121 ALL
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Window Unit(s)
Water source
Public
Amenities
private balcony
screened porch
shared laundry
Building Details
Year built
1948
Floors in Building
2
Building materials
Brick
Roof type
Fiberglass, Asphalt
Listing Agency:
Berkshire Hathaway HomeServices Professional Realty
(216) 970-1515
Listed By:
David J Reimer · License #2006001928
(216) 798-0750
Added: Jul 13
Changed: Aug 26
Last Checked: Aug 31 at 3:06AM
MLS# 5226182
Copyright © 2026 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1948, this 2,128-square-foot duplex contains two residential units, each arranged with two bedrooms, a living room, dining room, kitchen, and full bathroom. The upper residence has a private balcony facing the backyard, while the lower unit includes a screened porch. A shared basement provides laundry facilities and storage, and the property includes a detached two-car garage. Brick construction, forced-air heating, window-unit cooling, public water, and public sewer serve the home. The parcel measures 0.1779 acres.
The property is located at 4079 Okalona Road in South Euclid, near Cedar Road and Warrensville Center Road. Grocery stores, restaurants, retail, pharmacies, and public transportation are nearby, with University Circle, Cleveland Clinic, University Hospitals, Case Western Reserve University, Beachwood, and I-271 within the surrounding area. Both units are occupied by long-term month-to-month tenants who would like to remain.
The property is located at 4079 Okalona Road in South Euclid, near Cedar Road and Warrensville Center Road. Grocery stores, restaurants, retail, pharmacies, and public transportation are nearby, with University Circle, Cleveland Clinic, University Hospitals, Case Western Reserve University, Beachwood, and I-271 within the surrounding area. Both units are occupied by long-term month-to-month tenants who would like to remain.
Key Highlights
- 2,128‑square‑foot duplex on a 0.1779‑acre parcel
- Two units, each with 2 bedrooms and 1 full bathroom
- Upper unit includes a private balcony; lower unit has a 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 occupied units offer established tenancy and separate living spaces with flexible month-to-month arrangements.
Where is this duplex located?
The property is located at 4079 Okalona Road 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: 2,128‑square‑foot duplex on a 0.1779‑acre parcel; Two units, each with 2 bedrooms and 1 full bathroom; Upper unit includes a private balcony; lower unit has a screened porch
