Three-Unit Multifamily
For Sale
$489,000
1296 Cook Ave, Lakewood, OH 44107
Well-maintained triplex with a rented first-floor unit and flexible owner-occupant potential.
Property Size2,050 SF
Price / SF$238.54
Days on Market83
Property Features for 1296 Cook Ave
General Information
Standard status
Active
Size
2,050 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,430
Listing Agency:
Keller Williams Greater Metropolitan
(440) 452-2000
Listed By:
Mathew P Chase · License #2013002819
(440) 452-2000
Source:
Exprealty
Added: May 22
Changed: Aug 12
Last Checked: Aug 12 at 4:36AM
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 Keller Williams Greater Metropolitan
Investment Insights
Based on property information with market context.
This 2,050-square-foot triplex includes three residential units and has been well maintained. The first-floor residence is currently rented, providing an established income component for the property. The remaining configuration offers flexibility for an owner-occupant or additional leasing arrangements, as supported by the three-unit layout.
Located at 1296 Cook Ave in Lakewood, Ohio, the property is near restaurants, parks, schools, and entertainment. Its residential scale and existing rental occupancy provide a practical setup for buyers seeking a multifamily property with both income and occupancy options.
Located at 1296 Cook Ave in Lakewood, Ohio, the property is near restaurants, parks, schools, and entertainment. Its residential scale and existing rental occupancy provide a practical setup for buyers seeking a multifamily property with both income and occupancy options.
Key Highlights
- Three‑unit multifamily property totaling 2,050 square feet
- First‑floor unit is currently rented
- Well‑maintained residential property
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
$21,736
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
4.44%
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%
$434,720
$434.7K
Cap Rate 7%
$310,514
$310.5K
Cap Rate 9%
$241,511
$241.5K
Market Conditions
NOI Build-Up for 2,050 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
$33.2K $16.20/SF
− Vacancy
−$2.2K −$1.05/SF
EGI
$31.1K $15.15/SF
− OpEx
−$9.3K −$4.54/SF
NOI
$21.7K $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%
$434,720
Cap Rate 7%
$310,514
Cap Rate 9%
$241,511
Alternative Uses
Best Use
Multifamily LT 5
$310.5K
$271.7K – $362.3K
NOI $21,736 @ 7.0% cap · market cap 4.44%
Second Best
Apartment 5plus
$289.5K
$253.3K – $337.8K
NOI $20,265 @ 7.0% cap · market cap 4.14%
Theoretical Best
Warehouse
$1.64M
$1.44M – $1.92M
NOI $114,978 @ 7.0% cap · market cap 23.51%
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
1,336
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Well-maintained triplex with a rented first-floor unit and flexible owner-occupant potential.
Where is this triplex located?
The property is located at 1296 Cook Ave Lakewood, OH.
What is the asking price?
The asking price for this property is $489,000.
What are key features of this property?
This property features: Three‑unit multifamily property totaling 2,050 square feet; First‑floor unit is currently rented; Well‑maintained residential property
