Updated Duplex with Two-Car
For Sale
$374,000
Pending
1479 Hopkins Avenue, Lakewood, OH 44107
ResidentialIncome, Lakewood, OH
Property Size2,450 SF
Lot Size0.10 Acres
Days on Market78
Property Features for 1479 Hopkins Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Laundry Room, Bedroom 5, Bedroom 4, Bathroom 1, Bedroom 3, Basement, Bathroom 2, Bedroom 2
Parking features
Garage
Interior features
CeilingFans, GraniteCounters
Exterior features
Balcony
Appliances
Dryer, Dishwasher, Range, Refrigerator, Washer
Subdivision
Henry
Elementary school district
Lakewood CSD (Cuyahoga)- 1817
Middle school district
Lakewood CSD (Cuyahoga)- 1817
High school district
Lakewood CSD (Cuyahoga)- 1817
Directions
West of 117th, south of Detroit
Standard status
Pending
APN
315-13-031
Size
2,450 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
21 HENRY 0078 ALL
Tax Annual Amount
7028
Legal Description
21 HENRY 0078 ALL
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air, Ceiling Fan(s)
Water source
Public
Amenities
central air conditioning
granite counters
soft close cabinets
stainless steel appliances
modern lighting
newer vinyl windows
fenced backyard
Building Details
Year built
1912
Floors in Building
3
Building materials
VinylSiding
Roof type
Asphalt, Fiberglass
Listing Agency:
Keller Williams Citywide · Keller Williams Realty
(440) 892-2211
Listed By:
Bill Calabrase · License #2016003197
(440) 823-8657
Added: Jun 19
Changed: Sep 1
Last Checked: Sep 4 at 9:06PM
MLS# 5215906
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 2,450-square-foot duplex, built in 1912, includes five bedrooms, two bathrooms, and a basement. Both units are rented. Recent updates include kitchens and bathrooms with granite or quartz countertops, soft-close cabinetry, stainless steel appliances, and contemporary lighting. Central air conditioning, forced-air furnaces, newer vinyl windows, and laundry appliances support everyday operations. The furnaces date to 2016, while the water heaters date to 2020 and 2025.
Exterior features include a newer 2 car garage, driveway, balcony, and fenced backyard on a 0.0983-acre lot. Public water and public sewer serve the property. The duplex is near Detroit Ave and nearby conveniences, and it is POS compliant.
Exterior features include a newer 2 car garage, driveway, balcony, and fenced backyard on a 0.0983-acre lot. Public water and public sewer serve the property. The duplex is near Detroit Ave and nearby conveniences, and it is POS compliant.
Key Highlights
- 2,450 square feet with five bedrooms and two bathrooms
- Both units are rented
- Updated kitchens and bathrooms with granite or quartz counters
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
$25,977
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
6.95%
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%
$519,540
$519.5K
Cap Rate 7%
$371,100
$371.1K
Cap Rate 9%
$288,633
$288.6K
Market Conditions
NOI Build-Up for 2,450 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
$39.7K $16.20/SF
− Vacancy
−$2.6K −$1.05/SF
EGI
$37.1K $15.15/SF
− OpEx
−$11.1K −$4.54/SF
NOI
$26.0K $10.60/SF
Area
Cuyahoga County, OH
Vacancy
6.50%
Lease Rate
$16.20 /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%
$519,540
Cap Rate 7%
$371,100
Cap Rate 9%
$288,633
Alternative Uses
Best Use
Multifamily LT 5
$371.1K
$324.7K – $433.0K
NOI $25,977 @ 7.0% cap · market cap 6.95%
Second Best
Apartment 5plus
$346.0K
$302.7K – $403.7K
NOI $24,219 @ 7.0% cap · market cap 6.48%
Theoretical Best
Warehouse
$1.96M
$1.72M – $2.29M
NOI $137,413 @ 7.0% cap · market cap 36.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,110
Businesses Nearby
Explore this area
Business Placement
Demographics for 44107, OH
51,109
Population
29,101
Households
1.8
Avg Household Size
36
Median Age
54%
College-Educated
95%
High-School Grad
5.4 sq mi
ZIP Area
9,465
Density / Sq Mi
$65,778
Median Household Income
$49,285
Median Earnings
$1,011
Median Rent
$241,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Both units are rented and include refreshed kitchens and bathrooms with central air conditioning.
Where is this duplex located?
The property is located at 1479 Hopkins Avenue Lakewood, OH.
What is the asking price?
The asking price for this property is $374,000.
What are key features of this property?
This property features: 2,450 square feet with five bedrooms and two bathrooms; Both units are rented; Updated kitchens and bathrooms with granite or quartz counters
