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161 High St 2 Unit Apartment Building $399,000 ($199,500/Unit) 8.82% Cap Rate Elyria, OH 44035
Executive Summary
https://tour.panoee.net/698c7eba1f39a56d8bb8a3ba/698c7f1060c07b57330c2346 (Walking tour)
Brand New Construction Duplex – Completed December 2025. Turn-key investment opportunity with strong cash flow and long-term tax advantages. This newly built duplex features two spacious units, each offering 3 bedrooms, 1 full bath, and 1,216 square feet of living space per side (2,432 total sq ft). Both units are leased with 2-year agreements in place, generating $3,000 per month ($36,000 annually) in rental income. The property delivers an 8%+ cap rate, making it an excellent addition to any investment portfolio. Enjoy a 15-year, 100% tax abatement, significantly reducing operating expenses and increasing net returns. As new construction completed in December 2025, the property also includes a 1-year builder warranty for added peace of mind. Low maintenance, stabilized income, and strong returns — this is a true turnkey investment.
Brand New Construction Duplex – Completed December 2025. Turn-key investment opportunity with strong cash flow and long-term tax advantages. This newly built duplex features two spacious units, each offering 3 bedrooms, 1 full bath, and 1,216 square feet of living space per side (2,432 total sq ft). Both units are leased with 2-year agreements in place, generating $3,000 per month ($36,000 annually) in rental income. The property delivers an 8%+ cap rate, making it an excellent addition to any investment portfolio. Enjoy a 15-year, 100% tax abatement, significantly reducing operating expenses and increasing net returns. As new construction completed in December 2025, the property also includes a 1-year builder warranty for added peace of mind. Low maintenance, stabilized income, and strong returns — this is a true turnkey investment.
Property Facts
| Price | $399,000 | Apartment Style | Townhome |
| Price Per Unit | $199,500 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.23 AC |
| Cap Rate | 8.82% | Building Size | 2,432 SF |
| Gross Rent Multiplier | 11.08 | Average Occupancy | 100% |
| No. Units | 2 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 2025 |
| Property Subtype | Apartment |
| Price | $399,000 |
| Price Per Unit | $199,500 |
| Sale Type | Investment |
| Cap Rate | 8.82% |
| Gross Rent Multiplier | 11.08 |
| No. Units | 2 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Building Class | B |
| Lot Size | 0.23 AC |
| Building Size | 2,432 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 2025 |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Storage Space
- Washer/Dryer Hookup
- Heating
- Ceiling Fans
- Tile Floors
- Kitchen
- High Speed Internet Access
- Ice Maker
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Yard
- Dining Room
- Double Pane Windows
- Family Room
- Handrails
- Island Kitchen
- Lawn
- Pantry
- Patio
- Smoke Free
- Vinyl Flooring
Site Amenities
- Individual Locking Bedrooms
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+1 | 2 | $1,500 | 1,216 |
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Property Taxes
| Parcel Number | 06-24-027-108-032 | Improvements Assessment | $0 |
| Land Assessment | $7,791 | Total Assessment | $7,791 |
Property Taxes
Parcel Number
06-24-027-108-032
Land Assessment
$7,791
Improvements Assessment
$0
Total Assessment
$7,791
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Videos
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Presented by
Jacob Tarski
161 High St
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