Listing Agency: Brokers Realty Group m***@brokerssold.com Show Phone

Listed By: Allison McGregor · License #2022003144 Show Phone

Source: Exprealty

Added: Oct 7 Changed: Oct 23 Last Checked: Oct 23 at 4:58PM

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Investment Insights

Based on property information with market context.

This tenant-occupied triplex contains three apartments: two first-floor units with two bedrooms and one larger suite upstairs. The upper apartment includes a central great room, walk-in pantry, and access to a raised patio. A stairway chair lift provides access to the upper level from an oversized pass-through garage with tall ceilings. The property also has an attached garage and forward parking.

At the rear, a separate two-story shop offers multiple bay doors, concrete flooring, an oversized lift, a bathroom, and loft-level catwalks for storage. Lakefront access is noted. The property is on State Route 46 in Cortland, Ohio.

Key Highlights

• Three apartments, including two first‑floor two‑bedroom units and a larger upper‑level suite
• Oversized pass‑through garage with tall ceilings and a stairway chair lift
• Rear two‑story shop with multiple bay doors, concrete floor, oversized lift, and bathroom

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$22,008

Cap Rate

7.59%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$440,160 $440.2K

Cap Rate 7%

$314,400 $314.4K

Cap Rate 9%

$244,533 $244.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,223 SF

Gross rent

$40.0K $18.00/SF

− Vacancy

−$4.8K −$2.16/SF

EGI

$35.2K $15.84/SF

− OpEx

−$13.2K −$5.94/SF

NOI

$22.0K $9.90/SF

Area

Trumbull County, OH

Vacancy

12.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$440,160

Cap Rate 7%

$314,400

Cap Rate 9%

$244,533

Alternative Uses

Best Use

Mixed Use

$314.4K

$275.1K – $366.8K (±1% cap)

NOI $22,008 @ 7.0% cap · market cap 7.59%

Second Best

Multifamily LT 5

$261.9K

$229.2K – $305.5K (±1% cap)

NOI $18,332 @ 7.0% cap · market cap 6.32%

Theoretical Best

Office A

$421.9K

$369.2K – $492.3K (±1% cap)

NOI $29,536 @ 7.0% cap · market cap 10.19%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Triplexes

Suggested Use

Top Pick Parking Lot & Garage Building Supply Bakery Garden Center Auto Repair Shop Computer & Electronic Repair

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

15

Businesses Nearby

Explore this area Business Placement

Demographics for 44410, OH

16,824

Population

7,948

Households

2.1

Avg Household Size

49

Median Age

29%

College-Educated

95%

High-School Grad

65.4 sq mi

ZIP Area

257

Density / Sq Mi

$63,158

Median Household Income

$45,447

Median Earnings

$762

Median Rent

$174,600

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Triplex - Three apartments include two-bedroom first-floor layouts and a larger upper-level suite with a raised rear patio.

Where is this triplex located?

The property is located at 5935 State Route 46 Cortland, OH.

What is the asking price?

The asking price for this property is $289,900.

What are key features of this property?

This property features: Three apartments, including two first‑floor two‑bedroom units and a larger upper‑level suite; Oversized pass‑through garage with tall ceilings and a stairway chair lift; Rear two‑story shop with multiple bay doors, concrete floor, oversized lift, and bathroom