Updated Duplex with Third-Floor
1609 Westwood Avenue Lakewood, OH 44107
For Sale
$425,000
MULTI_FAMILY - Lakewood, OH
Property Size2,248 SF
Lot Size0.10 Acres
Price / SF$189.06
Days on Market79
Property Features for 1609 Westwood Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Duplex
- Bedrooms
- 4
- Bathrooms
- 2
- Rooms
- Laundry Room, Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 4, Basement, Bedroom 1
- Parking features
- Open, Driveway, Garage
- Appliances
- Dryer, Dishwasher, Range, Refrigerator, Washer
- Standard status
- Active
- APN
- 313-27-087
- Size
- 2,248 SF
- Lot size
- 0.10 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- 22 GROMBACHER 0053 ALL
- Tax Annual Amount
- 7248
Utilities
- Sewer type
- Public Sewer
- Heating system
- Forced Air
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1920
- Floors in Building
- 3
- Building materials
- WoodSiding
- Roof type
- Asphalt, Shingle
Listing Agency:
RE/MAX Above & Beyond
(440) 842-7200
Listed By:
Jacqueline L Hunter · License #2021000995
(440) 669-5198
Added: May 6
Changed: Jul 23
Last Checked: Jul 23 at 11:06AM
MLS# 5207905
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 updated duplex includes two residential units, each featuring two bedrooms and one full bathroom, along with a bright bonus office or flex space. The first-floor unit has original hardwood flooring in the living and dining rooms, updated kitchen cabinetry, vinyl kitchen flooring, and carpeted bedrooms. The second-floor unit features updated kitchen cabinetry, hardwood flooring in the main living areas, carpeted bedrooms, a built-in bar feature, and a large front balcony. An unfinished third floor provides future expansion opportunities.
The unfinished basement includes two laundry hookup areas. Major updates noted include a new roof (2019), central air (2019), updated electrical panels (2019), and construction of a new detached 2-car garage in 2019. The property is located in Lakewood near shopping and dining, between Detroit Ave and Hilliard Road.
Set on a compact lot, the home presents a practical combination of updated living space and unfinished area for additional development.
The unfinished basement includes two laundry hookup areas. Major updates noted include a new roof (2019), central air (2019), updated electrical panels (2019), and construction of a new detached 2-car garage in 2019. The property is located in Lakewood near shopping and dining, between Detroit Ave and Hilliard Road.
Set on a compact lot, the home presents a practical combination of updated living space and unfinished area for additional development.
Key Highlights
- Duplex built in 1920 located in Lakewood between Detroit Ave and Hilliard Road
- Each unit offers 2 bedrooms and 1 full bathroom plus bright office/flex space (could be den, home office, or reading nook)
- Major updates completed in 2019: new roof, central air, and updated electrical panels
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 | $36.4k | $16.20 |
| − Vacancy | −$2.4k | −$1.05 |
| EGI | $34.1k | $15.15 |
| − OpEx | −$10.2k | −$4.54 |
| NOI | $23.8k | $10.60 |
2,248 SF · lease $16.20/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$340.5K
$297.9K – $397.3K
NOI $23,835 @ 7.0% cap · market cap 5.61%
Second Best
Apartment 5plus
$317.5K
$277.8K – $370.4K
NOI $22,222 @ 7.0% cap · market cap 5.23%
Theoretical Best
Warehouse
$1.80M
$1.58M – $2.10M
NOI $126,084 @ 7.0% cap · market cap 29.67%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Duplex offers two 2-bedroom units, bonus flex space, unfinished third floor, and a detached 2-car garage built in 2019.
Where is this duplex located?
The property is located at 1609 Westwood Avenue Lakewood, OH.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Duplex built in 1920 located in Lakewood between Detroit Ave and Hilliard Road; Each unit offers 2 bedrooms and 1 full bathroom plus bright office/flex space (could be den, home office, or reading nook); Major updates completed in 2019: new roof, central air, and updated electrical panels
