Three-Unit Multifamily
For Sale
$474,000
1296 Cook Avenue Lakewood OH 44107, Lakewood, OH 44107
Well-maintained triplex with a rented first-floor unit and flexible owner-occupant potential.
Property Size2,050 SF
Price / SF$231.22
Days on Market66
Property Features for 1296 Cook Avenue Lakewood OH 44107
General Information
Standard status
Active
Size
2,050 SF
Property subtype
ResidentialIncome
Additional Details
Multifamily Units
3
Building Details
Year Built
1962
Listing Agency:
Keller Williams Greater Metropolitan
Listed By:
Mathew P Chase · License #2013002819
(440) 452-2000
Source:
Search.reafcorealestate
Added: Aug 11
Changed: Oct 5
Last Checked: Oct 14 at 8:02PM
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 / Yr
$21,736
Cap Rate
4.59%
Suggested Prices Based on Cap Rates
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
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 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 4.59%
Second Best
Apartment 5plus
$289.5K
$253.3K – $337.8K
NOI $20,265 @ 7.0% cap · market cap 4.28%
Theoretical Best
Warehouse
$1.64M
$1.44M – $1.92M
NOI $114,978 @ 7.0% cap · market cap 24.26%
Zoning and permitted uses should be independently verified with authorities.
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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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 Avenue Lakewood OH 44107 Lakewood, OH.
What is the asking price?
The asking price for this property is $474,000.
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
