Renovated Lakewood
1631 Waterbury Road Lakewood, OH 44107
1631 Waterbury Road, Lakewood, OH, 44107
$440,000
For Sale
$440,000
MULTI_FAMILY - Lakewood, OH
Property Size3,347 SF
Lot Size0.16 Acres
Price / SF$131.46
Days on Market25
Property Features for 1631 Waterbury Road
General Information
- Property type
- Residential Multi Family
- Property subtype
- Duplex
- Bedrooms
- 7
- Bathrooms
- 2
- Rooms
- Bedroom 3, Basement, Bathroom 2, Laundry Room, Bedroom 4, Bedroom 5, Bedroom 6, Bedroom 1, Bathroom 1, Bedroom 7, Bedroom 2
- Parking features
- Garage
- Interior features
- CeilingFans, CrownMolding, GraniteCounters, NaturalWoodwork
- Exterior features
- Balcony
- Standard status
- Active
- APN
- 315-06-156
- Size
- 3,347 SF
- Lot size
- 0.16 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- 21 WATBHTS 0020 ALL
- Tax Annual Amount
- 5927
Utilities
- Sewer type
- Public Sewer
- Heating system
- Forced Air
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1919
- Floors in Building
- 3
- Building materials
- AluminumSiding
- Roof type
- Asphalt, Fiberglass
Listing Agency
Keller Williams Living
(440) 318-1620
32875 Solon Road, Suite 100, Solon, OH
Listed by
Michael L Magno · License #2016003542
(216) 236-8849
Added: Jun 25 Checked: Jul 19 at 12:06 am
MLS# 5222415
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 fully renovated duplex in Lakewood offers two distinct units with updated finishes and multiple mechanical improvements. Renovated in 2022, the property includes granite countertops, stainless steel appliances, and modern tile showers, along with numerous other interior updates. The first-floor unit features three bedrooms and is currently occupied on a month-to-month basis at $1,400 per month. The upper unit is a large-format layout covering both the second and third floors, with four to five bedrooms, and is currently vacant.
The home is located at 1631 Waterbury Road in Lakewood, OH (Cuyahoga County). Additional documented upgrades include HVAC systems installed in 2018/2019 and a new roof. The property is listed as Point of Sale compliant, which can help reduce buyer exposure to deferred maintenance items.
For tenants, buyers, or operators, the configuration supports either owner-occupancy or investment use, with rental income already established through the occupied first-floor unit and an upper unit ready for immediate flexibility. The vacancy on the second and third floors can also simplify planning for a buyer’s intended use and timeline.
The home is located at 1631 Waterbury Road in Lakewood, OH (Cuyahoga County). Additional documented upgrades include HVAC systems installed in 2018/2019 and a new roof. The property is listed as Point of Sale compliant, which can help reduce buyer exposure to deferred maintenance items.
For tenants, buyers, or operators, the configuration supports either owner-occupancy or investment use, with rental income already established through the occupied first-floor unit and an upper unit ready for immediate flexibility. The vacancy on the second and third floors can also simplify planning for a buyer’s intended use and timeline.
Key Highlights
- Fully renovated Lakewood duplex with 3,300+ sq ft of living space, featuring updated finishes throughout
- First‑floor unit: 3 bedrooms, occupied month‑to‑month at $1,400/month
- Upper unit spans 2nd and 3rd floors with 4–5 bedrooms; previously rented for $2,100/month
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 | $54.2k | $16.20 |
| − Vacancy | −$3.5k | −$1.05 |
| EGI | $50.7k | $15.15 |
| − OpEx | −$15.2k | −$4.54 |
| NOI | $35.5k | $10.60 |
3,347 SF · lease $16.20/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$507.0K
$443.6K – $591.5K
NOI $35,488 @ 7.0% cap · market cap 8.07%
Second Best
Apartment 5plus
$472.7K
$413.6K – $551.4K
NOI $33,086 @ 7.0% cap · market cap 7.52%
Theoretical Best
Warehouse
$2.68M
$2.35M – $3.13M
NOI $187,723 @ 7.0% cap · market cap 42.66%
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 - Fully renovated duplex with updated kitchens and baths, plus a vacant upper unit spanning two floors for flexible occupancy.
Where is this duplex located?
The property is located at 1631 Waterbury Road Lakewood, OH.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: Fully renovated Lakewood duplex with 3,300+ sq ft of living space, featuring updated finishes throughout; First‑floor unit: 3 bedrooms, occupied month‑to‑month at $1,400/month; Upper unit spans 2nd and 3rd floors with 4–5 bedrooms; previously rented for $2,100/month
