Lakewood Duplex: Investment
For Sale
Contact for pricing
Pending
12511 Plover St, Lakewood, OH 44107
Well-maintained Lakewood duplex with updated units and reliable income.
Property Size2,244 SF
Days on Market198
Property Features for 12511 Plover St
General Information
Standard status
Pending
Size
2,244 SF
Property subtype
Multifamily
Building Details
Year Built
1903
Stories
2
Listing Agency:
Howard Hanna
(440) 320-6700
Listed By:
DOUG GEORGE · License #OHIO 2012002401
Source:
Crexi
Added: Feb 6
Changed: Aug 8
Last Checked: Jul 24 at 5:28PM
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 Howard Hanna
Investment Insights
Based on property information with market context.
This well-maintained duplex in Lakewood presents an investment opportunity. The property features two units. The lower unit includes 2 bedrooms and 1 bath, with an updated kitchen and bath featuring laminate flooring. It also has private access to the basement for storage and laundry. The upper unit offers 2 bedrooms and 1 bath, along with a finished third-floor bonus room suitable for use as a bedroom, office, or flexible living space. The property benefits from a newer concrete driveway and a newer roof. The location provides easy access to shops, dining, parks, and public transit. One lease extends through May 31, 2026, and the other through September 30, 2026. The property size is 2244 square feet.
Key Highlights
- Reliable income‑generating duplex in desirable Lakewood location.
- Both units are currently leased through 2026, ensuring immediate rental income.
- Lower unit features updated kitchen and bath with private basement access and laundry.
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
$22,183
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
9.02%
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%
$443,660
$443.7K
Cap Rate 7%
$316,900
$316.9K
Cap Rate 9%
$246,478
$246.5K
Market Conditions
NOI Build-Up for 2,244 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
$42.8K $19.08/SF
− Vacancy
−$2.5K −$1.11/SF
EGI
$40.3K $17.97/SF
− OpEx
−$18.1K −$8.09/SF
NOI
$22.2K $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%
$443,660
Cap Rate 7%
$316,900
Cap Rate 9%
$246,478
Alternative Uses
Best Use
Multifamily LT 5
$339.9K
$297.4K – $396.6K
NOI $23,793 @ 7.0% cap · market cap 9.67%
Second Best
Apartment 5plus
$316.9K
$277.3K – $369.7K
NOI $22,183 @ 7.0% cap · market cap 9.02%
Theoretical Best
Warehouse
$1.80M
$1.57M – $2.10M
NOI $125,859 @ 7.0% cap · market cap 51.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
834
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 - Well-maintained Lakewood duplex with updated units and reliable income.
Where is this duplex located?
The property is located at 12511 Plover St Lakewood, OH.
What is the asking price?
The asking price for this property is $246,000.
What are key features of this property?
This property features: Reliable income‑generating duplex in desirable Lakewood location.; Both units are currently leased through 2026, ensuring immediate rental income.; Lower unit features **updated kitchen and bath with private basement access and laundry.**
