Remodeled Grandfathered
For Sale
$475,000
2203 Bunts Road, Lakewood, OH 44107
ResidentialIncome, Lakewood, OH
Property Size2,930 SF
Lot Size0.13 Acres
Price / SF$162.12
Days on Market22
Property Features for 2203 Bunts Road
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Laundry Room, Bedroom 6, Basement, Bedroom 2, Bedroom 4, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 3
Parking features
Garage
Appliances
Microwave, Range, Refrigerator
Subdivision
E G Gilberts 01
Elementary school district
Lakewood CSD (Cuyahoga)- 1817
Middle school district
Lakewood CSD (Cuyahoga)- 1817
High school district
Lakewood CSD (Cuyahoga)- 1817
Directions
Bunts and Lakewood heights
Standard status
Active
APN
314-25-099
Size
2,930 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
20 BUNTSMAD 0163 EP
Tax Annual Amount
8810
Legal Description
20 BUNTSMAD 0163 EP
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1920
Floors in Building
3
Building materials
VinylSiding
Roof type
Asphalt, Fiberglass
Listing Agency:
EXP Realty, LLC.
(866) 212-4991
Listed By:
George Vujadinovic · License #2021003089
(440) 502-9128
Added: Aug 9
Changed: Aug 20
Last Checked: Aug 30 at 7:06PM
MLS# 5235097
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.
Located at 2203 Bunts Road in Lakewood, Ohio, this legally grandfathered triplex contains 2930 square feet across three residential units. The first-floor apartment has three bedrooms and one full bathroom, while the second-floor unit offers two bedrooms, one full bathroom, and a sunroom or reading room. The third-floor apartment includes one bedroom, one full bathroom, and its own kitchen. Each unit has been remodeled within the last 10 years, with updates including kitchens, flooring, countertops, and trim.
All three apartments are currently rented, and tenants are responsible for their own utilities. Property features include a garage, forced-air natural-gas heating, central air conditioning, public water and sewer, vinyl siding, and an asphalt and fiberglass roof. The home was built in 1920 and sits on 0.1332 acres near parks, schools, shopping, restaurants, and entertainment, with access to Downtown Cleveland.
All three apartments are currently rented, and tenants are responsible for their own utilities. Property features include a garage, forced-air natural-gas heating, central air conditioning, public water and sewer, vinyl siding, and an asphalt and fiberglass roof. The home was built in 1920 and sits on 0.1332 acres near parks, schools, shopping, restaurants, and entertainment, with access to Downtown Cleveland.
Key Highlights
- Legally grandfathered triplex at 2203 Bunts Road, Lakewood, OH 44107
- 2930 square feet on 0.1332 acres
- Unit mix includes 3‑bedroom, 2‑bedroom, and 1‑bedroom apartments
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
$31,066
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
6.54%
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%
$621,320
$621.3K
Cap Rate 7%
$443,800
$443.8K
Cap Rate 9%
$345,178
$345.2K
Market Conditions
NOI Build-Up for 2,930 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
$47.5K $16.20/SF
− Vacancy
−$3.1K −$1.05/SF
EGI
$44.4K $15.15/SF
− OpEx
−$13.3K −$4.54/SF
NOI
$31.1K $10.60/SF
Area
Cuyahoga County, OH
Vacancy
6.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$621,320
Cap Rate 7%
$443,800
Cap Rate 9%
$345,178
Alternative Uses
Best Use
Multifamily LT 5
$443.8K
$388.3K – $517.8K
NOI $31,066 @ 7.0% cap · market cap 6.54%
Second Best
Apartment 5plus
$413.8K
$362.1K – $482.7K
NOI $28,964 @ 7.0% cap · market cap 6.10%
Theoretical Best
Warehouse
$2.35M
$2.05M – $2.74M
NOI $164,335 @ 7.0% cap · market cap 34.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
659
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?
Triplex - Three separately configured apartments are fully rented and include updated interiors, private kitchens, and garage parking.
Where is this triplex located?
The property is located at 2203 Bunts Road Lakewood, OH.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Legally grandfathered triplex at 2203 Bunts Road, Lakewood, OH 44107; 2930 square feet on 0.1332 acres; Unit mix includes 3‑bedroom, 2‑bedroom, and 1‑bedroom apartments
