Updated Duplex with Separate
For Sale
$319,900
1559 Hopkins Avenue, Lakewood, OH 44107
ResidentialIncome, Lakewood, OH
Property Size2,884 SF
Lot Size0.10 Acres
Price / SF$110.92
Days on Market50
Property Features for 1559 Hopkins Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 5, Bedroom 2, Bedroom 3, Bathroom 2, Bedroom 1, Laundry Room, Bathroom 1, Bedroom 4, Basement
Parking features
Driveway
Appliances
Dryer, Range, Refrigerator, Washer
Subdivision
Henry Beach
Elementary school district
Lakewood CSD (Cuyahoga)- 1817
Middle school district
Lakewood CSD (Cuyahoga)- 1817
High school district
Lakewood CSD (Cuyahoga)- 1817
Directions
off hopkins
Standard status
Active
APN
315-14-104
Size
2,884 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4791
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
washer and dryer
Building Details
Year built
1903
Floors in Building
3
Building materials
AluminumSiding
Roof type
Asphalt
Listing Agency:
Coldwell Banker Schmidt Realty · Coldwell Banker Real Estate
(440) 327-2123
Listed By:
Christopher A Frederick · License #426983
(216) 210-7653
Added: Jul 6
Changed: Aug 20
Last Checked: Aug 24 at 12:06PM
MLS# 5224574
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 duplex at 1559 Hopkins Avenue contains 2,884 square feet within a 0.1-acre parcel and was built in 1903. The first-floor unit has 2 bedrooms and is vacant, while the second-floor unit includes 2 bedrooms plus a finished third-floor bedroom or studio area. Both residences have open living spaces, updated vinyl windows, and renovated kitchens with quartz or granite countertops and updated cabinetry.
The property includes separate gas and electric meters, a driveway, public water, natural-gas forced-air heat, and an included washer and dryer. Mechanical improvements include updated electrical service in 2008, basement improvements in 2009, hot water tanks installed in 2014 and 2015, furnaces approximately 4–6 years old, and a PVC sewer line connecting the house to the street completed in 2020. The second-floor unit is leased month-to-month, and the first-floor unit is available for occupancy or leasing.
The property includes separate gas and electric meters, a driveway, public water, natural-gas forced-air heat, and an included washer and dryer. Mechanical improvements include updated electrical service in 2008, basement improvements in 2009, hot water tanks installed in 2014 and 2015, furnaces approximately 4–6 years old, and a PVC sewer line connecting the house to the street completed in 2020. The second-floor unit is leased month-to-month, and the first-floor unit is available for occupancy or leasing.
Key Highlights
- 2,884‑square‑foot duplex on a 0.1‑acre parcel
- First‑floor 2‑bedroom unit is vacant; second‑floor unit has 2 bedrooms plus a finished third‑floor area
- Updated kitchens with quartz or granite countertops and updated cabinetry
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
$28,509
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
8.91%
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%
$570,180
$570.2K
Cap Rate 7%
$407,271
$407.3K
Cap Rate 9%
$316,767
$316.8K
Market Conditions
NOI Build-Up for 2,884 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
$55.0K $19.08/SF
− Vacancy
−$3.2K −$1.11/SF
EGI
$51.8K $17.97/SF
− OpEx
−$23.3K −$8.09/SF
NOI
$28.5K $9.89/SF
Area
Cuyahoga County, OH
Vacancy
5.80%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
45.00%
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%
$570,180
Cap Rate 7%
$407,271
Cap Rate 9%
$316,767
Alternative Uses
Best Use
Multifamily LT 5
$436.8K
$382.2K – $509.7K
NOI $30,579 @ 7.0% cap · market cap 9.56%
Second Best
Apartment 5plus
$407.3K
$356.4K – $475.2K
NOI $28,509 @ 7.0% cap · market cap 8.91%
Theoretical Best
Warehouse
$2.31M
$2.02M – $2.70M
NOI $161,755 @ 7.0% cap · market cap 50.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,059
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer updated kitchens, flexible living areas, and separate gas and electric meters.
Where is this duplex located?
The property is located at 1559 Hopkins Avenue Lakewood, OH.
What is the asking price?
The asking price for this property is $319,900.
What are key features of this property?
This property features: 2,884‑square‑foot duplex on a 0.1‑acre parcel; First‑floor 2‑bedroom unit is vacant; second‑floor unit has 2 bedrooms plus a finished third‑floor area; Updated kitchens with quartz or granite countertops and updated cabinetry
