Lakewood Duplex with Three-Car
1561 Cohassett Avenue Lakewood, OH 44107
New
1561 Cohassett Avenue, Lakewood, OH, 44107
$397,000
For Sale
$397,000
MULTI_FAMILY - Lakewood, OH
Property Size2,184 SF
Lot Size0.17 Acres
Price / SF$181.78
Days on Market5
Property Features for 1561 Cohassett Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Duplex
- Bedrooms
- 4
- Bathrooms
- 2
- Rooms
- Bedroom 1, Bedroom 4, Laundry Room, Bathroom 1, Bedroom 2, Bedroom 3, Basement, Bathroom 2
- Parking features
- Garage, Driveway, On Street
- Interior features
- CeilingFans
- Fencing
- Privacy
- Appliances
- Dryer, Range, Refrigerator, Washer
- Standard status
- Active
- APN
- 315-08-027
- Size
- 2,184 SF
- Lot size
- 0.17 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 6699
Utilities
- Sewer type
- Public Sewer
- Heating system
- Forced Air
- Water source
- Public
Building Details
- Year built
- 1923
- Floors in Building
- 3
- Building materials
- AluminumSiding, VinylSiding
- Roof type
- Asphalt, Fiberglass, Shingle
Listing Agency
Keller Williams Greater Metropolitan
(216) 839-5500
29225 Chagrin Boulevard #105, Cleveland, OH
Listed by
Shoshana Socher · License #2006000982
(216) 255-7377
Added: Jul 14 Checked: Jul 18 at 4:06 am
MLS# 5226135
Listing URL
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 1923 colonial duplex offers matched 1,092 SF floor plans on both levels, for a total of 2,184 SF. The property includes four bedrooms and two full bathrooms, plus a full basement. A detached three-car garage is included with partial insulation, interior and exterior outlets, and a dedicated workbench, supported by substantial parking, storage, and workshop capacity.
The second-floor unit will be delivered vacant, while the first-floor unit is currently tenant occupied on a month-to-month basis. The home features a covered front porch and sits on an established, tree-lined street in Lakewood, with Lake Erie minutes away and a short commute to downtown Cleveland.
Several major items have been addressed, including a full roof tear-off in 2018, interior and exterior waterproofing with a moisture control system in 2019, 32 replacement windows with updated insulation and siding in 2010, and two newer hot water tanks installed in 2024 and 2025.
The second-floor unit will be delivered vacant, while the first-floor unit is currently tenant occupied on a month-to-month basis. The home features a covered front porch and sits on an established, tree-lined street in Lakewood, with Lake Erie minutes away and a short commute to downtown Cleveland.
Several major items have been addressed, including a full roof tear-off in 2018, interior and exterior waterproofing with a moisture control system in 2019, 32 replacement windows with updated insulation and siding in 2010, and two newer hot water tanks installed in 2024 and 2025.
Key Highlights
- 1923 colonial duplex with matched 1,092 SF floor plans up and down; 2,184 SF total with 4 beds and 2 full baths
- 840 SF detached three‑car garage (partially insulated and wired) with interior/exterior outlets and a dedicated workbench
- Second‑floor unit to be delivered vacant; first‑floor unit is tenant occupied on a month‑to‑month basis
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $35.4k | $16.20 |
| − Vacancy | −$2.3k | −$1.05 |
| EGI | $33.1k | $15.15 |
| − OpEx | −$9.9k | −$4.54 |
| NOI | $23.2k | $10.60 |
2,184 SF · lease $16.20/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$330.8K
$289.5K – $386.0K
NOI $23,157 @ 7.0% cap · market cap 5.83%
Second Best
Apartment 5plus
$308.4K
$269.9K – $359.8K
NOI $21,590 @ 7.0% cap · market cap 5.44%
Theoretical Best
Warehouse
$1.75M
$1.53M – $2.04M
NOI $122,494 @ 7.0% cap · market cap 30.85%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Two matched units totaling 2,184 SF with a detached three-car garage and full basement.
Where is this duplex located?
The property is located at 1561 Cohassett Avenue Lakewood, OH.
What is the asking price?
The asking price for this property is $397,000.
What are key features of this property?
This property features: 1923 colonial duplex with matched 1,092 SF floor plans up and down; 2,184 SF total with 4 beds and 2 full baths; 840 SF detached three‑car garage (partially insulated and wired) with interior/exterior outlets and a dedicated workbench; Second‑floor unit to be delivered vacant; first‑floor unit is tenant occupied on a month‑to‑month basis
