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    Lakewood Duplex with Turnkey Unit Title is generated by Realmo AI

    2215 Eldred Avenue, Lakewood, OH 44107

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    For Sale
    $350,000

    MULTI_FAMILY - Lakewood, OH

    Property size:
    2,506 SF
    Lot size:
    0.13 Acres
    Price / SF:
    $139/SF
    Added:
    May 7, 2026
    Days on Market:
    15
    Last Refresh:
    May 21 at 8:06 pm

    Property Features for 2215 Eldred Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    4
    Bathrooms
    2
    Rooms
    Bedroom 3, Bedroom 4, Bathroom 2, Bedroom 1, Bedroom 2, Bathroom 1, Basement
    Parking features
    Garage
    Standard status
    Active
    APN
    313-13-063
    Size
    2,506 SF
    Lot size
    0.13 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    18 WP 400.06 S OF TRAYMORE EST SUB
    Tax Annual Amount
    5417

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air, Natural Gas
    Water source
    Public

    Building Details

    Year built
    1927
    Floors in Building
    2
    Building materials
    VinylSiding
    Roof type
    Asphalt, Fiberglass

    We can help!

    Listing Contact
    Thomas D Kazanas

    Listing agent Thomas D Kazanas License #2019000263

    Listing office HomeSmart Real Estate Momentum LLC 8518 Mentor Avenue, Suite C, Mentor, OH

    Listing date May 7, 2026

    MLS# 5207765 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.

    HighLights

    • Turnkey lower unit with REMODELED KITCHEN (granite countertops, breakfast bar, subway tile backsplash, wine rack, full appliance package).
    • New 2024 ROOF with architectural shingles and vented ridge.
    • Spacious duplex with original millwork, oak hardwood floors, and leaded glass china cabinets.
    • New 2024 driveway with extended parking pad and detached garage.
    • Upper unit offers value‑add potential.
    • Walking distance to Hayes and Harding Schools, close to restaurants, shopping, parks, and I‑90.

    Overview

    This spacious duplex in Lakewood, Ohio, presents an opportunity for investors or owner-occupiers. The property features curb appeal and a 2024 driveway with an extended parking pad, along with a detached garage. A new roof with architectural shingles and a vented ridge was also installed in 2024. Both units retain original character, including millwork, oak hardwood floors, and leaded glass china cabinets. Each unit includes two bedrooms and a bonus study located behind the family room. The lower unit is turnkey, featuring a remodeled kitchen with granite countertops, a breakfast bar, subway tile backsplash, a wine rack, and a full appliance package including a dishwasher. The upper unit offers value-add potential. Situated on a quiet street, the property is within walking distance of Hayes and Harding Schools and near restaurants, shopping, parks, and I-90. The property is located on a lot of 0.1333 acres and has a property size of 2506 square feet.

    Financial Insights

    Value Estimation Calculated for Multifamily LT 5

    Conservative
    $295.2K
    NOI $26,571 @ 9.00% cap · cautious / downside scenario
    Moderate
    $379.6K
    NOI $26,571 @ 7.00% cap · market / base-case scenario
    Aggressive
    $531.4K
    NOI $26,571 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    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.
         Calculated for Multifamily LT 5

    Component $ $/SF
    Gross rent $40.6k $16.20
    − Vacancy −$2.6k −$1.05
    EGI $38.0k $15.15
    − OpEx −$11.4k −$4.54
    NOI $26.6k $10.60
    2,506 SF · lease $16.20/SF/yr · vacancy 6.50% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Multifamily LT 5
    $379.6K
    $332.1K – $442.9K (±1% cap)
    NOI $26,571 @ 7.0% cap · market cap 7.59%
    Second Best
    Apartment 5plus
    $353.9K
    $309.7K – $412.9K (±1% cap)
    NOI $24,773 @ 7.0% cap · market cap 7.08%
    Theoretical Best
    Warehouse
    $2.01M
    $1.76M – $2.34M (±1% cap)
    NOI $140,554 @ 7.0% cap · market cap 40.16%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lakewood
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.8004
    Latitude
    41.4825

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    FAQs

    What type of property is this?
    Duplex - Spacious Lakewood duplex with remodeled unit and value-add potential.
    Where is this duplex located?
    The property is located at 2215 Eldred Avenue Lakewood, OH.
    What is the asking price?
    The asking price for this property is $350,000.
    What are key features of this property?
    This property features: Turnkey lower unit with REMODELED KITCHEN (granite countertops, breakfast bar, subway tile backsplash, wine rack, full appliance package).; New 2024 ROOF with architectural shingles and vented ridge.; Spacious duplex with original millwork, oak hardwood floors, and leaded glass china cabinets.
    (440) 829-4457
    We can help!
    Listing Contact
    Thomas D Kazanas
    Real Estate License ID: 2019000263
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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