Two-Family Home with Three-Car
For Sale
$385,000
3646 Lynnfield Road, Shaker Heights, OH 44122
ResidentialIncome, Shaker Heights, OH
Property Size2,767 SF
Lot Size0.13 Acres
Price / SF$139.14
Days on Market98
Property Features for 3646 Lynnfield Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 2, Bathroom 2, Bathroom 3, Bedroom 6, Bedroom 1, Bedroom 5, Bedroom 4, Basement, Bathroom 1
Parking features
Garage
Window features
Blinds
Interior features
BeamedCeilings, BuiltInFeatures, CeilingFans, HighCeilings, VaultedCeilings
Exterior features
Storage
Appliances
Dryer, Range, Refrigerator, Washer
Subdivision
Vansweringen
Elementary school district
Shaker Heights CSD - 1827
Middle school district
Shaker Heights CSD - 1827
High school district
Shaker Heights CSD - 1827
Directions
Near Chagrin, Lomond, Scottsdale Blvds.
Standard status
Active
APN
736-19-115
Size
2,767 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
54 VANS#22 1629 ALL
Tax Annual Amount
5622
Legal Description
54 VANS#22 1629 ALL
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Ceiling Fan(s), Window Unit(s)
Water source
Public
Amenities
rear porches
laundry chutes
decorative fireplace
vaulted beam ceiling
Juliet loft
built-in cabinets
french doors
cove ceiling
updated electrical panels
basement laundry area
wood-stained doors
original heat registers
spiral steps
Building Details
Year built
1920
Floors in Building
3
Building materials
ShakeSiding
Roof type
Asphalt
Additional Structures
Storage
Listing Agency:
BHR & Associates
(216) 220-7886
Listed By:
Victoria D Johnson · License #2001010923
(216) 780-1009
Added: May 26
Changed: Aug 29
Last Checked: Aug 31 at 9:06AM
MLS# 5212651
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 1920 two-family property contains 2,767 square feet on a 0.1286-acre lot. The first-floor residence includes hardwood flooring, a decorative fireplace, formal dining room with built-in cabinetry, and a large window. The upper residence features a vaulted, beamed living room ceiling, another decorative fireplace, Juliet loft area, French doors, cove ceiling, tiled kitchen and bathroom floors, and updated bathrooms. The second-floor layout extends to two additional bedrooms and a full bathroom on the third floor, along with storage space.
Both units offer rear porches, laundry chutes, updated electrical panels, and access to a basement laundry area that can accommodate hookups for both residences. The property includes a three-car garage, adjacent parking, and room for vehicles to turn around. Appliances remain, including a washer, dryer, range, and refrigerator. Public water and sewer serve the property, with newer water and sewer infrastructure lines and a copper water line to the property.
The home is near schools, libraries, the Van Aken District, Rapid railway service to Downtown Cleveland, and Cleveland Hopkins Airport. The first-floor unit is rented, while the second-floor unit is occupied by the owner.
Both units offer rear porches, laundry chutes, updated electrical panels, and access to a basement laundry area that can accommodate hookups for both residences. The property includes a three-car garage, adjacent parking, and room for vehicles to turn around. Appliances remain, including a washer, dryer, range, and refrigerator. Public water and sewer serve the property, with newer water and sewer infrastructure lines and a copper water line to the property.
The home is near schools, libraries, the Van Aken District, Rapid railway service to Downtown Cleveland, and Cleveland Hopkins Airport. The first-floor unit is rented, while the second-floor unit is occupied by the owner.
Key Highlights
- 2,767‑square‑foot two‑family property built in 1920
- 0.1286‑acre lot with a three‑car garage and adjacent parking area
- First‑floor unit rented to a tenant with more than 3 years of occupancy
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
$29,338
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
7.62%
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%
$586,760
$586.8K
Cap Rate 7%
$419,114
$419.1K
Cap Rate 9%
$325,978
$326.0K
Market Conditions
NOI Build-Up for 2,767 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
$44.8K $16.20/SF
− Vacancy
−$2.9K −$1.05/SF
EGI
$41.9K $15.15/SF
− OpEx
−$12.6K −$4.54/SF
NOI
$29.3K $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%
$586,760
Cap Rate 7%
$419,114
Cap Rate 9%
$325,978
Alternative Uses
Best Use
Multifamily LT 5
$419.1K
$366.7K – $489.0K
NOI $29,338 @ 7.0% cap · market cap 7.62%
Second Best
Apartment 5plus
$390.8K
$341.9K – $455.9K
NOI $27,353 @ 7.0% cap · market cap 7.10%
Theoretical Best
Warehouse
$2.22M
$1.94M – $2.59M
NOI $155,193 @ 7.0% cap · market cap 40.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
572
Businesses Nearby
Explore this area
Business Placement
Demographics for 44122, OH
36,268
Population
17,795
Households
2
Avg Household Size
45
Median Age
62%
College-Educated
97%
High-School Grad
12.5 sq mi
ZIP Area
2,901
Density / Sq Mi
$97,469
Median Household Income
$58,334
Median Earnings
$1,509
Median Rent
$304,300
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 - Well-maintained duplex with updated bathrooms, rear porches, basement laundry space, and architectural details across both residences.
Where is this duplex located?
The property is located at 3646 Lynnfield Road Shaker Heights, OH.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: 2,767‑square‑foot two‑family property built in 1920; 0.1286‑acre lot with a three‑car garage and adjacent parking area; First‑floor unit rented to a tenant with more than 3 years of occupancy
