Updated 3-Unit
For Sale
$340,000
1279 Idlewood Ave, Lakewood, OH 44107
Updated triplex with one vacant unit and POS compliance.
Property Size3,108 SF
Price / SF$109.40
Days on Market34
Property Features for 1279 Idlewood Ave
General Information
Standard status
Active
Size
3,108 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BD/1BA, 1 x 1BD/1BA
Multifamily Units
3
Building Details
Year Built
1916
Listing Agency:
REAFCO
(614) 769-1555
Listed By:
Blake Park · License #2020007667
Source:
Thelindsayteam
Added: Jul 31
Changed: Aug 29
Last Checked: Sep 1 at 8:55PM
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 REAFCO
Investment Insights
Based on property information with market context.
This three-unit residential property contains 3,108 square feet and offers a five-bedroom, three-bathroom configuration. The layout includes two 2BD/1BA units and one 1BD/1BA unit. Improvements include new flooring, interior and exterior paint, living room and bedroom windows, and updated fixtures. Built in 1916, the property is delivered POS compliant.
One unit is vacant, while the other units provide an existing income-producing configuration. Tenants are responsible for gas and electric; ownership covers water, sewer, and trash. The property is near Lucky's Market, Edgewater Beach, and Starbucks in Lakewood.
One unit is vacant, while the other units provide an existing income-producing configuration. Tenants are responsible for gas and electric; ownership covers water, sewer, and trash. The property is near Lucky's Market, Edgewater Beach, and Starbucks in Lakewood.
Key Highlights
- Three‑unit layout with 5 bedrooms and 3 baths
- 3,108 sq ft triplex built in 1916
- Unit mix includes two 2BD/1BA units and one 1BD/1BA unit
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
$30,724
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
9.04%
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%
$614,480
$614.5K
Cap Rate 7%
$438,914
$438.9K
Cap Rate 9%
$341,378
$341.4K
Market Conditions
NOI Build-Up for 3,108 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
$59.3K $19.08/SF
− Vacancy
−$3.4K −$1.11/SF
EGI
$55.9K $17.97/SF
− OpEx
−$25.1K −$8.09/SF
NOI
$30.7K $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%
$614,480
Cap Rate 7%
$438,914
Cap Rate 9%
$341,378
Alternative Uses
Best Use
Multifamily LT 5
$470.8K
$411.9K – $549.2K
NOI $32,954 @ 7.0% cap · market cap 9.69%
Second Best
Apartment 5plus
$438.9K
$384.1K – $512.1K
NOI $30,724 @ 7.0% cap · market cap 9.04%
Theoretical Best
Warehouse
$2.49M
$2.18M – $2.91M
NOI $174,319 @ 7.0% cap · market cap 51.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,777
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?
Triplex - Updated triplex with one vacant unit and POS compliance.
Where is this triplex located?
The property is located at 1279 Idlewood Ave Lakewood, OH.
What is the asking price?
The asking price for this property is $340,000.
What are key features of this property?
This property features: Three‑unit layout with 5 bedrooms and 3 baths; 3,108 sq ft triplex built in 1916; Unit mix includes two 2BD/1BA units and one 1BD/1BA unit
