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    Elyria Duplex: Investment Potential Title is generated by Realmo AI

    508 Wood Street, Elyria, OH 44035

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    Claim this Listing
    For Sale
    Under Contract
    $169,900

    MULTI_FAMILY - Elyria, OH

    Property size:
    2,440 SF
    Lot size:
    0.25 Acres
    Price / SF:
    $69/SF
    Added:
    Mar 28, 2026
    Days on Market:
    49
    Last Refresh:
    May 15 at 9:06 am

    Property Features for 508 Wood Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    6
    Bathrooms
    2
    Rooms
    Bedroom 5, Bedroom 6, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 2, Laundry Room, Bedroom 1
    Parking features
    Garage, Driveway
    Appliances
    Dishwasher, Range, Refrigerator
    Standard status
    Active Under Contract
    APN
    10-00-004-113-043
    Size
    2,440 SF
    Lot size
    0.25 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    COLONIAL OAKS SUB 87.04 X 125.00
    Tax Annual Amount
    2314

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Electric (Heating), Baseboard
    Cooling system
    Ceiling Fan(s)
    Water source
    Public

    Building Details

    Year built
    1978
    Floors in Building
    2
    Building materials
    VinylSiding
    Roof type
    Shingle, Fiberglass, Asphalt

    We can help!

    Listing Contact
    Traci Taylor

    Listing agent Traci Taylor License #2020001279

    Listing office EXP Realty, LLC. 159 Crocker Park Blvd. #400, Dublin, OH

    Listing date Mar 28, 2026

    MLS# 5196871 Listing URL

    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.

    HighLights

    • Income‑generating duplex: Start earning immediately with one tenant‑occupied unit.
    • Move‑in ready unit: The vacant unit has been updated and is ready for you with minor cosmetic work.
    • New roof and gutters: Enjoy peace of mind with a new roof and gutters installed in November 2023.
    • House hacking potential: Live in one unit and rent out the other for mortgage assistance.
    • Spacious units: Each unit offers 1,220 square feet with 3 bedrooms and a full bath.
    • Attached single‑car garage: Each unit includes a convenient attached single‑car garage.

    Overview

    This side-by-side duplex in Elyria, OH, presents an opportunity for investors or owner-occupants. Each unit features 1,220 square feet, 3 bedrooms, a full bath, and an attached single-car garage. One side is currently tenant-occupied and generating income. The other side is vacant and move-in ready, requiring paint and minor wall repairs. A new roof and gutters were installed in November 2023. Situated on a 0.25-acre lot, the property offers a total of 2,440 square feet. This property is suited for those looking to expand their portfolio or begin their first house hack.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Elyria
    County
    Lorain
    State
    Ohio
    Longitude
    -82.103768
    Latitude
    41.34216

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    FAQs

    What type of property is this?
    Duplex - Side-by-side duplex with income potential in Elyria, Ohio.
    Where is this duplex located?
    The property is located at 508 Wood Street Elyria, OH.
    What is the asking price?
    The asking price for this property is $169,900.
    What are key features of this property?
    This property features: Income‑generating duplex: Start earning immediately with one tenant‑occupied unit.; Move‑in ready unit: The vacant unit has been updated and is ready for you with minor cosmetic work.; New roof and gutters: Enjoy peace of mind with a new roof and gutters installed in November 2023.
    (216) 280-0934
    We can help!
    Listing Contact
    Traci Taylor
    Real Estate License ID: 2020001279
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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