3-Unit Residential
New
For Sale
$450,000
1183 Andrews Ave, Lakewood, OH 44107
All three residences are occupied, with shared basement laundry and storage, rear parking, and a detached garage.
Property Size2,876 SF
Price / SF$156.47
Days on Market5
Property Features for 1183 Andrews Ave
General Information
Standard status
Active
Size
2,876 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$4,702
Listing Agency:
EXP Realty, LLC.
(866) 212-4991
Listed By:
Joe Vaccaro · License #2006003875
(216) 503-7007
Source:
Exprealty
Added: Oct 29
Changed: Nov 2
Last Checked: Nov 1 at 4:01PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of EXP Realty, LLC.
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Investment Insights
Based on property information with market context.
This three-unit property at 1183 Andrews Ave in Lakewood includes two residences on the first and second floors and a third-floor apartment with vaulted ceilings, a kitchen island, one bedroom, and a full bathroom. The first- and second-floor layouts include living and formal dining rooms, kitchens, two bedrooms, and a full bathroom. Hardwood flooring, built-in cabinetry, and decorative fireplace details are among the interior features. Each residence has basement access, where laundry and storage areas are located. Rear parking and a detached two-car garage serve the property.
The property is fully occupied and is near Lakewood restaurants, shops, and Lakewood Park, with downtown Cleveland also nearby. Recent work includes rebuilt porch floors on the first and second floors, porch roof repairs, and new metal garage doors. The roof was replaced in 2023, along with installation of 6-inch gutters. Furnace and AC ages vary by floor: one year on the first floor, 10 years on the second, and three years on the third.
The property is fully occupied and is near Lakewood restaurants, shops, and Lakewood Park, with downtown Cleveland also nearby. Recent work includes rebuilt porch floors on the first and second floors, porch roof repairs, and new metal garage doors. The roof was replaced in 2023, along with installation of 6-inch gutters. Furnace and AC ages vary by floor: one year on the first floor, 10 years on the second, and three years on the third.
Key Highlights
- Fully occupied three‑unit property in Lakewood
- Detached two‑car garage and rear parking
- Shared basement access with laundry and storage for all three residences
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,494
Cap Rate
6.78%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$609,880
$609.9K
Cap Rate 7%
$435,629
$435.6K
Cap Rate 9%
$338,822
$338.8K
Market Conditions
NOI Build-Up for 2,876 SF
Gross rent
$46.6K $16.20/SF
− Vacancy
−$3.0K −$1.05/SF
EGI
$43.6K $15.15/SF
− OpEx
−$13.1K −$4.54/SF
NOI
$30.5K $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 Rate 5%
$609,880
Cap Rate 7%
$435,629
Cap Rate 9%
$338,822
Alternative Uses
Best Use
Multifamily LT 5
$435.6K
$381.2K – $508.2K
NOI $30,494 @ 7.0% cap · market cap 6.78%
Second Best
Apartment 5plus
$406.1K
$355.4K – $473.8K
NOI $28,430 @ 7.0% cap · market cap 6.32%
Theoretical Best
Warehouse
$2.30M
$2.02M – $2.69M
NOI $161,306 @ 7.0% cap · market cap 35.85%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
1,304
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - All three residences are occupied, with shared basement laundry and storage, rear parking, and a detached garage.
Where is this triplex located?
The property is located at 1183 Andrews Ave Lakewood, OH.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Fully occupied three‑unit property in Lakewood; Detached two‑car garage and rear parking; Shared basement access with laundry and storage for all three residences
