Two-Unit Ranch Duplex with
For Sale
$225,000
605 W 36th Street, Lorain, OH 44052
ResidentialIncome, Lorain, OH
Property Size1,736 SF
Lot Size0.25 Acres
Price / SF$129.61
Days on Market57
Property Features for 605 W 36th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Bedroom 2, Laundry Room, Bathroom 1, Bedroom 1, Bathroom 2
Parking features
Garage
Subdivision
Lorain Stone Companys 02
Lot features
City Lot
Elementary school district
Lorain CSD - 4709
Middle school district
Lorain CSD - 4709
High school district
Lorain CSD - 4709
Directions
Corner of Oakdale and 36th st.
Standard status
Active
APN
02-01-003-237-020
Size
1,736 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LORAIN STONE CO #2 50 X 124 LOT # 398 and LORAIN STONE CO #2 40 X 124 LOT # 397
Tax Annual Amount
2405
Legal Description
LORAIN STONE CO #2 50 X 124 LOT # 398 and LORAIN STONE CO #2 40 X 124 LOT # 397
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1964
Floors in Building
1
Building materials
Block
Roof type
Asphalt, Fiberglass
Listing Agency:
Russell Real Estate Services
(440) 327-6511
Listed By:
Carol Gallardo · License #253647
(440) 667-7514
Added: Jun 26
Changed: Aug 20
Last Checked: Aug 21 at 9:06AM
MLS# 5223003
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.
This 1964 duplex contains two matching units within a ranch-style layout. Each residence includes two bedrooms, a kitchen, eating area, living room, and laundry room, with separate crawl-space access on each side. The 1,736-square-foot property also includes a center garage and central air conditioning, with forced-air natural gas heat serving the building.
The property spans two lots totaling 0.25 acres. One lot contains the residence, while the second is located at the corner of 36th and Oakdale. Public water and sewer are in place. Improvements include newer windows on the east side, new screen doors, and one newer water tank. Long-term renters are in place.
The property spans two lots totaling 0.25 acres. One lot contains the residence, while the second is located at the corner of 36th and Oakdale. Public water and sewer are in place. Improvements include newer windows on the east side, new screen doors, and one newer water tank. Long-term renters are in place.
Key Highlights
- Two‑unit duplex with 1,736 square feet of building area
- Each unit includes 2 bedrooms, kitchen, eating area, living room, and laundry
- Center garage and separate crawl‑space access for each side
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
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 - Matching units offer practical layouts with separate laundry areas, central heating, and a shared garage.
Where is this duplex located?
The property is located at 605 W 36th Street 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: Two‑unit duplex with 1,736 square feet of building area; Each unit includes 2 bedrooms, kitchen, eating area, living room, and laundry; Center garage and separate crawl‑space access for each side
