Brick Duplex with
For Sale
Under Contract
$349,900
15506 Lydian Avenue, Cleveland, OH 44111
ResidentialIncome, Cleveland, OH
Property Size2,240 SF
Lot Size0.21 Acres
Price / SF$156.21
Days on Market69
Property Features for 15506 Lydian Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Bedroom 4, Basement, Bedroom 3, Bathroom 2, Bedroom 1
Parking features
Open, Garage
Subdivision
Wagner
Elementary school district
Cleveland Municipal - 1809
Middle school district
Cleveland Municipal - 1809
High school district
Cleveland Municipal - 1809
Directions
West of 15th
Standard status
Active Under Contract
APN
025-20-020
Size
2,240 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
12 WAGNER 0051 ALL
Tax Annual Amount
5661
Legal Description
12 WAGNER 0051 ALL
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1930
Floors in Building
2
Building materials
Brick, VinylSiding
Roof type
Fiberglass, Asphalt
Listing Agency:
EXP Realty, LLC.
(866) 212-4991
Listed By:
Zee Sukalic · License #2013004099
(216) 235-6125
Added: Jun 17
Changed: Aug 20
Last Checked: Aug 24 at 11:06AM
MLS# 5220117
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 1930-built duplex at 15506 Lydian Avenue contains 2,240 square feet on a 0.2066-acre lot. The property includes four bedrooms, two bathrooms, a basement, living and dining areas, and an updated kitchen with substantial cabinet storage. Brick and vinyl siding frame the exterior, while forced-air natural gas heating and central air provide building systems. Parking includes both open spaces and a garage, and the property has a private backyard. Public water and public sewer serve the site.
The Cleveland property is positioned near shopping, dining, parks, schools, and major highways. Cleveland Hopkins International Airport, I-71, I-90, downtown Cleveland, and the Metroparks are also identified as nearby destinations. The residential setting combines established neighborhood surroundings with access to regional amenities and transportation routes.
The Cleveland property is positioned near shopping, dining, parks, schools, and major highways. Cleveland Hopkins International Airport, I-71, I-90, downtown Cleveland, and the Metroparks are also identified as nearby destinations. The residential setting combines established neighborhood surroundings with access to regional amenities and transportation routes.
Key Highlights
- Duplex with 2,240 square feet on a 0.2066‑acre lot
- Four bedrooms, two bathrooms, and a basement
- Updated kitchen with ample cabinet storage
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
$24,982
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
7.14%
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%
$499,640
$499.6K
Cap Rate 7%
$356,886
$356.9K
Cap Rate 9%
$277,578
$277.6K
Market Conditions
NOI Build-Up for 2,240 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
$38.2K $17.04/SF
− Vacancy
−$2.5K −$1.11/SF
EGI
$35.7K $15.93/SF
− OpEx
−$10.7K −$4.78/SF
NOI
$25.0K $11.15/SF
Area
ZIP 44111
Vacancy
6.50%
Lease Rate
$17.04 /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%
$499,640
Cap Rate 7%
$356,886
Cap Rate 9%
$277,578
Alternative Uses
Best Use
Multifamily LT 5
$356.9K
$312.3K – $416.4K
NOI $24,982 @ 7.0% cap · market cap 7.14%
Second Best
Apartment 5plus
$283.6K
$248.2K – $330.9K
NOI $19,852 @ 7.0% cap · market cap 5.67%
Theoretical Best
Office A
$421.8K
$369.0K – $492.1K
NOI $29,523 @ 7.0% cap · market cap 8.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
698
Businesses Nearby
Explore this area
Business Placement
Demographics for 44111, OH
41,045
Population
19,041
Households
2.2
Avg Household Size
38
Median Age
25%
College-Educated
85%
High-School Grad
6.5 sq mi
ZIP Area
6,315
Density / Sq Mi
$54,790
Median Household Income
$38,151
Median Earnings
$938
Median Rent
$130,000
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 - Well-maintained residential property with an updated kitchen, private backyard, and convenient off-street parking.
Where is this duplex located?
The property is located at 15506 Lydian Avenue Cleveland, OH.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Duplex with 2,240 square feet on a 0.2066‑acre lot; Four bedrooms, two bathrooms, and a basement; Updated kitchen with ample cabinet storage
