Remodeled Duplex with Rental
For Sale
$319,900
1559 HOPKINS AVENUE, Lakewood, OH 44107
LAKEWOOD, OH
Property Size2,884 SF
Price / SF$110.92
Days on Market12
Property Features for 1559 HOPKINS AVENUE
General Information
Property type
Residential Multi Family
Property subtype
Single Family Attached
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bedroom 5, Bedroom 3, Bedroom 4
Subdivision
HENRY BEACH
Standard status
Active
Size
2,884 SF
Building Details
Year built
1903
Listing Agency:
Schmidt Realty · Coldwell Banker Real Estate
(440) 777-8500
Listed By:
Christopher Frederick · License #426983
(216) 210-7653
Added: Aug 13
Changed: Aug 20
Last Checked: Aug 24 at 1:06PM
MLS# 5224574
Copyright © 2026 Coldwell Banker Schmidt REALTORS. 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 2,884-square-foot duplex in Lakewood, Ohio, was built in 1903 and includes two residential units with distinct layouts. The first-floor residence has two bedrooms and is vacant, while the upper unit includes two bedrooms plus a finished third-floor bedroom and flexible studio space. Both units feature open living areas, updated vinyl windows, and kitchens finished with quartz or granite countertops and updated cabinetry.
The property has received significant mechanical and infrastructure work, including electrical service updates in 2008, basement improvements in 2009, hot water tanks replaced in 2014 and 2015, furnaces approximately 4–6 years old, and a PVC sewer line installed from the house to the street in 2020. Separate gas and electric meters serve the units, and a washer and dryer are included. The second-floor residence is occupied under a month-to-month lease, while the first-floor unit is available for showings.
The property has received significant mechanical and infrastructure work, including electrical service updates in 2008, basement improvements in 2009, hot water tanks replaced in 2014 and 2015, furnaces approximately 4–6 years old, and a PVC sewer line installed from the house to the street in 2020. Separate gas and electric meters serve the units, and a washer and dryer are included. The second-floor residence is occupied under a month-to-month lease, while the first-floor unit is available for showings.
Key Highlights
- 2,884 SF duplex in Lakewood, OH
- Built in 1903 with two residential units
- First‑floor unit has 2 bedrooms and is vacant
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
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-unit property with updated interiors, separate utilities, and one vacant residence available for occupancy.
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 SF duplex in Lakewood, OH; Built in 1903 with two residential units; First‑floor unit has 2 bedrooms and is vacant
