Duplex with Unfinished Third
New
For Sale
$255,000
414 Independence Street, Fairport Harbor, OH 44077
ResidentialIncome, Fairport Harbor, OH
Property Size1,632 SF
Lot Size0.07 Acres
Price / SF$156.25
Days on Market2
Property Features for 414 Independence Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Laundry Room, Bathroom 2, Basement, Bedroom 3, Bathroom 1, Bedroom 2, Bedroom 4, Bedroom 1
Parking features
Garage, Driveway
Appliances
Dryer, Range, Refrigerator, Washer
Elementary school district
Fairport Harbor EVSD - 4301
Middle school district
Fairport Harbor EVSD - 4301
High school district
Fairport Harbor EVSD - 4301
Directions
East Street to Independence Street
Standard status
Active
APN
14-A-015-0-00-057-0
Size
1,632 SF
Lot size
0.07 Acres
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2757
Utilities
Sewer type
Public Sewer
Heating system
Steam, Hot Water(Heating), Natural Gas, Other (Heating)
Water source
Public
Amenities
basement laundry
Building Details
Year built
1929
Floors in Building
3
Building materials
WoodSiding
Roof type
Metal
Buildings
1
Listing Agency:
Platinum Real Estate
(888) 974-7253
Listed By:
Breanna L Tomajko · License #2018004622
(440) 313-4667
Added: Oct 29
Last Checked: Oct 30 at 3:06PM
MLS# 5256681
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.
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Investment Insights
Based on property information with market context.
This 1,632-square-foot duplex contains two occupied apartments, each configured with two bedrooms and one bathroom. Basement laundry and storage serve the building, and an unfinished third floor offers additional space. The property also includes a detached two-car garage, driveway parking, and a metal roof. Built in 1929, it has wood siding, natural gas heating, and public water and sewer service.
At 0.07 acres, the property is located in Fairport Harbor, Ohio. The provided property information identifies nearby Lake Erie beaches, restaurants, shops, and parks. Any conversion of the unfinished upper floor would be subject to local zoning, permits, and required approvals.
At 0.07 acres, the property is located in Fairport Harbor, Ohio. The provided property information identifies nearby Lake Erie beaches, restaurants, shops, and parks. Any conversion of the unfinished upper floor would be subject to local zoning, permits, and required approvals.
Key Highlights
- Two occupied 2‑bedroom, 1‑bath units
- 1,632 square feet on a 0.07‑acre lot
- Unfinished third floor; conversion would require local zoning, permits, and approvals
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,698
Cap Rate
6.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$353,960
$354.0K
Cap Rate 7%
$252,829
$252.8K
Cap Rate 9%
$196,644
$196.6K
Market Conditions
NOI Build-Up for 1,632 SF
Gross rent
$26.4K $16.20/SF
− Vacancy
−$1.2K −$0.71/SF
EGI
$25.3K $15.49/SF
− OpEx
−$7.6K −$4.65/SF
NOI
$17.7K $10.84/SF
Area
Lake County, OH
Vacancy
4.37%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$353,960
Cap Rate 7%
$252,829
Cap Rate 9%
$196,644
Alternative Uses
Best Use
Multifamily LT 5
$252.8K
$221.2K – $295.0K
NOI $17,698 @ 7.0% cap · market cap 6.94%
Second Best
Apartment 5plus
$224.6K
$196.5K – $262.0K
NOI $15,722 @ 7.0% cap · market cap 6.17%
Theoretical Best
Office A
$376.9K
$329.8K – $439.8K
NOI $26,385 @ 7.0% cap · market cap 10.35%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
225
Businesses Nearby
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Business Placement
Demographics for 44077, OH
58,253
Population
24,928
Households
2.3
Avg Household Size
42
Median Age
29%
College-Educated
91%
High-School Grad
60.5 sq mi
ZIP Area
963
Density / Sq Mi
$80,692
Median Household Income
$45,315
Median Earnings
$972
Median Rent
$217,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two occupied apartments provide current rental income, with basement laundry serving both units.
Where is this duplex located?
The property is located at 414 Independence Street Fairport Harbor, OH.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: Two occupied 2‑bedroom, 1‑bath units; 1,632 square feet on a 0.07‑acre lot; Unfinished third floor; conversion would require local zoning, permits, and approvals
