Triplex with Detached
761 Washington Ave, Lorain, OH 44052
For Sale
$220,000
Three apartments are served by separate utilities, with shared laundry in the basement.
Property Size2,000 SF
Price / SF$110
Days on Market57
Property Features for 761 Washington Ave
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Units
Unit Mix
Multifamily Units
Individually Metered Utilities
Amenities
common basement laundry room
Building Details
Year Built
Listing Agency:
The Agency Cleveland Northcoast
Listed By:
Mena Ruggiero · License OH #2020009175
(330) 801-1119
Source:
Mynexthomeonline
Added: Sep 18
Changed: Nov 10
Last Checked: Nov 10 at 2:12PM
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 The Agency Cleveland Northcoast
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This three-unit residential property contains two lower-level apartments and an upstairs unit. The upstairs layout has 3 bedrooms and 1.5 bathrooms; the lower-front unit has 2 bedrooms and 2 bathrooms, while the lower-rear unit has 1 bedroom and 2 bathrooms. The building measures 2,000 square feet and dates to 1900. Nearly all windows were replaced in 2022, and a flat roof was installed in 2023.
A shared basement laundry room serves the property. A detached two-car garage at the rear provides additional storage and off-street parking. The apartments have separate utilities.
A shared basement laundry room serves the property. A detached two-car garage at the rear provides additional storage and off-street parking. The apartments have separate utilities.
Key Highlights
- Three units: upstairs 3‑bedroom/1.5‑bath, lower front 2‑bedroom/2‑bath, and lower rear 1‑bedroom/2‑bath
- 2,000‑square‑foot building constructed in 1900
- Nearly all replacement windows installed in 2022
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,315
Cap Rate
8.33%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$366,300
$366.3K
Cap Rate 7%
$261,643
$261.6K
Cap Rate 9%
$203,500
$203.5K
Market Conditions
NOI Build-Up for 2,000 SF
Gross rent
$27.6K $13.80/SF
− Vacancy
−$1.4K −$0.72/SF
EGI
$26.2K $13.08/SF
− OpEx
−$7.8K −$3.92/SF
NOI
$18.3K $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 Rate 5%
$366,300
Cap Rate 7%
$261,643
Cap Rate 9%
$203,500
Alternative Uses
Best Use
Multifamily LT 5
$261.6K
$228.9K – $305.3K
NOI $18,315 @ 7.0% cap · market cap 8.33%
Second Best
Apartment 5plus
$244.4K
$213.8K – $285.1K
NOI $17,107 @ 7.0% cap · market cap 7.78%
Theoretical Best
Office A
$504.0K
$441.0K – $588.0K
NOI $35,280 @ 7.0% cap · market cap 16.04%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
549
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
Frequently Asked Questions
What type of property is this?
Triplex - Three apartments are served by separate utilities, with shared laundry in the basement.
Where is this triplex located?
The property is located at 761 Washington Ave Lorain, OH.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: Three units: upstairs 3‑bedroom/1.5‑bath, lower front 2‑bedroom/2‑bath, and lower rear 1‑bedroom/2‑bath; 2,000‑square‑foot building constructed in 1900; Nearly all replacement windows installed in 2022
