2-Unit Brick
New
For Sale
$275,000
Pending
5603 Warwick Drive, Parma, OH 44129
ResidentialIncome, Parma, OH
Property Size2,160 SF
Lot Size0.12 Acres
Days on Market5
Property Features for 5603 Warwick Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Basement, Laundry Room, Bedroom 4, Bathroom 2, Bedroom 2, Bedroom 1, Bedroom 3
Parking features
Garage
Subdivision
Ridgewood 05
Elementary school district
Parma CSD - 1824
Middle school district
Parma CSD - 1824
High school district
Parma CSD - 1824
Directions
W of w 54th, South of Snow
Standard status
Pending
APN
448-20-037
Size
2,160 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
13 RDG#5 2909 ALL
Tax Annual Amount
3450
Legal Description
13 RDG#5 2909 ALL
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Amenities
central air conditioning
back porch
basement
laundry hookups
garage
Building Details
Year built
1953
Floors in Building
2
Building materials
Brick
Roof type
Asphalt, Fiberglass
Listing Agency:
JAMM Real Estate Co.
(440) 838-1111
Listed By:
Michael L Anter · License #2013004435
(216) 409-2888
Added: Sep 29
Changed: Oct 1
Last Checked: Oct 3 at 4:06AM
MLS# 5248511
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 1953, this brick duplex contains 2,160 square feet across two residences. Each unit has two bedrooms, one full bathroom, a living room, dining area, and kitchen. Separate front and side entrances provide access to each unit. Shared features include central air conditioning, basement storage, separate laundry hookups, and access to a two-car garage. The property occupies a 0.1166-acre lot and has public water and sewer service.
Electrical service is 100 amps. HVAC equipment and hot water tanks have been upgraded, and the asphalt and fiberglass roof dates to 2012. Both units are occupied under month-to-month leases. The property is near Parma Circle, with shopping, restaurants, parks, schools, and highway access in the surrounding area.
Electrical service is 100 amps. HVAC equipment and hot water tanks have been upgraded, and the asphalt and fiberglass roof dates to 2012. Both units are occupied under month-to-month leases. The property is near Parma Circle, with shopping, restaurants, parks, schools, and highway access in the surrounding area.
Key Highlights
- Brick duplex with 2,160 square feet of living area
- Two units, each with 2 bedrooms and 1 full bath
- 0.1166‑acre lot; built in 1953
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
$22,902
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
8.33%
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%
$458,040
$458.0K
Cap Rate 7%
$327,171
$327.2K
Cap Rate 9%
$254,467
$254.5K
Market Conditions
NOI Build-Up for 2,160 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
$35.0K $16.20/SF
− Vacancy
−$2.3K −$1.05/SF
EGI
$32.7K $15.15/SF
− OpEx
−$9.8K −$4.54/SF
NOI
$22.9K $10.60/SF
Area
Cuyahoga County, OH
Vacancy
6.50%
Lease Rate
$16.20 /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%
$458,040
Cap Rate 7%
$327,171
Cap Rate 9%
$254,467
Alternative Uses
Best Use
Multifamily LT 5
$327.2K
$286.3K – $381.7K
NOI $22,902 @ 7.0% cap · market cap 8.33%
Second Best
Apartment 5plus
$305.0K
$266.9K – $355.9K
NOI $21,352 @ 7.0% cap · market cap 7.76%
Theoretical Best
Warehouse
$1.73M
$1.51M – $2.02M
NOI $121,148 @ 7.0% cap · market cap 44.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
214
Businesses Nearby
Explore this area
Business Placement
Demographics for 44129, OH
28,803
Population
12,756
Households
2.3
Avg Household Size
40
Median Age
23%
College-Educated
92%
High-School Grad
5.8 sq mi
ZIP Area
4,966
Density / Sq Mi
$67,619
Median Household Income
$39,174
Median Earnings
$1,024
Median Rent
$150,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Separate front and side entrances serve both residences, alongside basement storage and laundry hookups.
Where is this duplex located?
The property is located at 5603 Warwick Drive Parma, OH.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Brick duplex with 2,160 square feet of living area; Two units, each with 2 bedrooms and 1 full bath; 0.1166‑acre lot; built in 1953
