Fully Occupied
For Sale
$289,900
Pending
2219 Chesterland Avenue, Lakewood, OH 44107
MULTI_FAMILY - Lakewood, OH
Property Size2,648 SF
Lot Size0.11 Acres
Days on Market34
Property Features for 2219 Chesterland Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bathroom 1, Bathroom 2, Basement, Bedroom 3, Bedroom 1, Bedroom 5, Bedroom 2, Bathroom 3
Parking features
Garage
Elementary school district
Lakewood CSD (Cuyahoga)- 1817
Middle school district
Lakewood CSD (Cuyahoga)- 1817
High school district
Lakewood CSD (Cuyahoga)- 1817
Directions
South of Madison
Standard status
Pending
APN
315-19-087
Size
2,648 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4177
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1923
Floors in Building
3
Building materials
AluminumSiding
Roof type
Asphalt, Fiberglass
Listing Agency:
JAMM Real Estate Co.
(440) 838-1111
Listed By:
Michael L Anter · License #2013004435
(216) 409-2888
Added: Jul 10
Changed: Aug 12
Last Checked: Aug 12 at 5:06PM
MLS# 5225832
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.
2219 Chesterland Avenue is a fully occupied duplex built in 1923 on a 0.11-acre lot. The property contains 2,648 square feet and features aluminum siding, fiberglass/asphalt roofing, and public water and public sewer services. Heating is provided by forced-air systems with natural gas.
The first-floor unit is a 2-bedroom, 1-bath apartment with a living room and dining room, currently rented on a month-to-month basis. The second-floor unit has 3 bedrooms and 2 full bathrooms, along with an additional finished attic living space for extra versatility, and it is leased through September 30.
With both units in place and a mix of month-to-month and in-place lease timing, this duplex can suit investors seeking steady rental occupancy or owner-occupants looking to live in one unit while maintaining rental income from the other.
The first-floor unit is a 2-bedroom, 1-bath apartment with a living room and dining room, currently rented on a month-to-month basis. The second-floor unit has 3 bedrooms and 2 full bathrooms, along with an additional finished attic living space for extra versatility, and it is leased through September 30.
With both units in place and a mix of month-to-month and in-place lease timing, this duplex can suit investors seeking steady rental occupancy or owner-occupants looking to live in one unit while maintaining rental income from the other.
Key Highlights
- 0.11‑acre duplex lot at 2219 Chesterland Avenue in Lakewood, OH
- 2,648 SF duplex built in 1923
- Fully occupied two‑unit property with forced‑air natural gas heat
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
$26,176
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
9.03%
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%
$523,520
$523.5K
Cap Rate 7%
$373,943
$373.9K
Cap Rate 9%
$290,844
$290.8K
Market Conditions
NOI Build-Up for 2,648 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
$50.5K $19.08/SF
− Vacancy
−$2.9K −$1.11/SF
EGI
$47.6K $17.97/SF
− OpEx
−$21.4K −$8.09/SF
NOI
$26.2K $9.89/SF
Area
Cuyahoga County, OH
Vacancy
5.80%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
45.00%
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%
$523,520
Cap Rate 7%
$373,943
Cap Rate 9%
$290,844
Alternative Uses
Best Use
Multifamily LT 5
$401.1K
$351.0K – $467.9K
NOI $28,076 @ 7.0% cap · market cap 9.68%
Second Best
Apartment 5plus
$373.9K
$327.2K – $436.3K
NOI $26,176 @ 7.0% cap · market cap 9.03%
Theoretical Best
Warehouse
$2.12M
$1.86M – $2.48M
NOI $148,518 @ 7.0% cap · market cap 51.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
907
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?
Duplex - Fully occupied two-unit duplex with forced-air natural gas heat, public utilities, and a garage on a small Lakewood lot.
Where is this duplex located?
The property is located at 2219 Chesterland Avenue Lakewood, OH.
What is the asking price?
The asking price for this property is $289,900.
What are key features of this property?
This property features: 0.11‑acre duplex lot at 2219 Chesterland Avenue in Lakewood, OH; 2,648 SF duplex built in 1923; Fully occupied two‑unit property with forced‑air natural gas heat
