Brick Ranch Duplex with Center
For Sale
$225,000
605 W 36th Street Lorain OH 44052, Lorain, OH 44052
Brick ranch duplex offers two matching 2-bedroom units with a center garage and in-unit laundry areas.
Property Size1,736 SF
Lot Size0.25 Acres
Price / SF$129.61
Days on Market53
Property Features for 605 W 36th Street Lorain OH 44052
General Information
Standard status
Active
Size
1,736 SF
Lot size
0.25 Acres
Property subtype
ResidentialIncome
Additional Details
Multifamily Units
2
Building Details
Year Built
1964
Tenancy
Multi
Listing Agency:
Russell Real Estate Services
(440) 667-7514
Listed By:
Carol Gallardo · License #253647
(440) 667-7514
Source:
Search.reafcorealestate
Added: Jul 11
Changed: Aug 28
Last Checked: Aug 31 at 12:37PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Russell Real Estate Services
Investment Insights
Based on property information with market context.
This brick ranch-style duplex features a center garage with each side laid out the same. Each unit includes two bedrooms, a kitchen with an eating area, a living room, and a laundry area, along with separate crawl space access on each side.
The property includes some updates, including newer windows on the east side, new screen doors, and one newer water tank. Long-term renters are in place.
The duplex sits on two lots totaling 0.25 acres, with the home on one lot and the other located at the corner of 36th and Oakdale.
The property includes some updates, including newer windows on the east side, new screen doors, and one newer water tank. Long-term renters are in place.
The duplex sits on two lots totaling 0.25 acres, with the home on one lot and the other located at the corner of 36th and Oakdale.
Key Highlights
- Brick ranch duplex built in 1964 with 2 matching 2‑bedroom units, each with kitchen, eating area, living room, and laundry
- Center garage setup plus separate crawl space access on each side of the duplex
- Some updates include newer windows on the east side, new screen doors, and 1 newer water tank
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
$15,898
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
7.07%
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%
$317,960
$318.0K
Cap Rate 7%
$227,114
$227.1K
Cap Rate 9%
$176,644
$176.6K
Market Conditions
NOI Build-Up for 1,736 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
$24.0K $13.80/SF
− Vacancy
−$1.2K −$0.72/SF
EGI
$22.7K $13.08/SF
− OpEx
−$6.8K −$3.92/SF
NOI
$15.9K $9.16/SF
Area
Lorain County, OH
Vacancy
5.20%
Lease Rate
$13.80 /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%
$317,960
Cap Rate 7%
$227,114
Cap Rate 9%
$176,644
Alternative Uses
Best Use
Multifamily LT 5
$227.1K
$198.7K – $265.0K
NOI $15,898 @ 7.0% cap · market cap 7.07%
Second Best
Apartment 5plus
$212.1K
$185.6K – $247.5K
NOI $14,849 @ 7.0% cap · market cap 6.60%
Theoretical Best
Office A
$437.5K
$382.8K – $510.4K
NOI $30,623 @ 7.0% cap · market cap 13.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
190
Businesses Nearby
Explore this area
Business Placement
Demographics for 44052, OH
29,249
Population
13,673
Households
2.1
Avg Household Size
37
Median Age
12%
College-Educated
83%
High-School Grad
9.5 sq mi
ZIP Area
3,079
Density / Sq Mi
$42,298
Median Household Income
$31,985
Median Earnings
$840
Median Rent
$104,000
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 - Brick ranch duplex offers two matching 2-bedroom units with a center garage and in-unit laundry areas.
Where is this duplex located?
The property is located at 605 W 36th Street Lorain OH 44052 Lorain, OH.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Brick ranch duplex built in 1964 with 2 matching 2‑bedroom units, each with kitchen, eating area, living room, and laundry; Center garage setup plus separate crawl space access on each side of the duplex; Some updates include newer windows on the east side, new screen doors, and 1 newer water tank
