Renovated Lakewood
1631 Waterbury Road Lakewood, OH 44107
New
For Sale
$425,000
MULTI_FAMILY - Lakewood, OH
Property Size3,347 SF
Lot Size0.16 Acres
Price / SF$126.98
Days on Market5
Property Features for 1631 Waterbury Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
7
Bathrooms
2
Rooms
Bedroom 2, Bedroom 4, Bedroom 3, Laundry Room, Bedroom 1, Bedroom 7, Bathroom 2, Bedroom 6, Basement, Bedroom 5, Bathroom 1
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
Fiberglass, Asphalt
Listing Agency:
Keller Williams Living
(440) 318-1620
Listed By:
Michael L Magno · License #2016003542
(216) 236-8849
Added: Jul 24
Changed: Jul 28
Last Checked: Jul 28 at 6:06PM
MLS# 5230414
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 was renovated in 2022 and includes updated finishes throughout. Improvements feature granite countertops, stainless steel appliances, modern tile showers, and updated flooring, along with numerous interior upgrades. The first-floor unit offers three bedrooms, while the expansive upper unit spans the second and third floors and provides four to five bedrooms.
Additional capital improvements include HVAC systems installed in 2018 and 2019 and a new roof in 2025. The property is Point of Sale compliant. It is listed for sale with delivery vacant at closing, providing flexibility for an owner-occupant or an investor planning leasing and operations after purchase.
Located at 1631 Waterbury Road in Lakewood, Ohio, the property sits on a 0.155-acre lot. The reported total living area is 3,347 square feet.
Additional capital improvements include HVAC systems installed in 2018 and 2019 and a new roof in 2025. The property is Point of Sale compliant. It is listed for sale with delivery vacant at closing, providing flexibility for an owner-occupant or an investor planning leasing and operations after purchase.
Located at 1631 Waterbury Road in Lakewood, Ohio, the property sits on a 0.155-acre lot. The reported total living area is 3,347 square feet.
Key Highlights
- Fully renovated Lakewood duplex with 7 bedrooms across a first‑floor 3‑bedroom unit and an upper unit spanning 2nd–3rd floors
- More than 3,300 SF of living space; delivered vacant at closing for immediate occupancy or leasing
- Renovated in 2022 with granite countertops, stainless steel appliances, modern tile showers, updated flooring, and other interior improvements
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 8.35%
Second Best
Apartment 5plus
$472.7K
$413.6K – $551.4K
NOI $33,086 @ 7.0% cap · market cap 7.78%
Theoretical Best
Warehouse
$2.68M
$2.35M – $3.13M
NOI $187,723 @ 7.0% cap · market cap 44.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Duplex - Fully renovated duplex with updated kitchens and baths, delivered vacant at closing for flexible occupancy or leasing.
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 $425,000.
What are key features of this property?
This property features: Fully renovated Lakewood duplex with 7 bedrooms across a first‑floor 3‑bedroom unit and an upper unit spanning 2nd–3rd floors; More than 3,300 SF of living space; delivered vacant at closing for immediate occupancy or leasing; Renovated in 2022 with granite countertops, stainless steel appliances, modern tile showers, updated flooring, and other interior improvements
