Triplex with Off-Street
For Sale
$479,000
1296 Cook Avenue, Lakewood, OH 44107
ResidentialIncome, Lakewood, OH
Property Size2,050 SF
Lot Size0.12 Acres
Price / SF$233.66
Days on Market94
Property Features for 1296 Cook Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 5, Bathroom 3, Laundry Room, Bedroom 1, Bathroom 1, Bedroom 3, Bedroom 2, Bathroom 2, Basement
Parking features
Off Street
Subdivision
Lakewood Park
Elementary school district
Lakewood CSD (Cuyahoga)- 1817
Middle school district
Lakewood CSD (Cuyahoga)- 1817
High school district
Lakewood CSD (Cuyahoga)- 1817
Directions
Head East to Cleveland, exit 164 to McKinley Ave, left onto McKinley, right onto Hilliard, left onto Elmwood Ave, right onto Detroit Ave, left onto Cook Ave, Destination on the left
Standard status
Active
APN
312-13-023
Size
2,050 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
22 LKPK 0066 ALL
Tax Annual Amount
5430
Legal Description
22 LKPK 0066 ALL
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1962
Floors in Building
3
Roof type
Slate
Listing Agency:
Keller Williams Greater Metropolitan · Keller Williams Realty
(216) 839-5500
Listed By:
Mathew P Chase · License #2013002819
(440) 452-2000
Added: May 22
Changed: Aug 20
Last Checked: Aug 23 at 9:06AM
MLS# 5211261
Copyright © 2026 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This triplex contains 2,050 square feet on a 0.1175-acre lot, with five bedrooms, three bathrooms, a basement, and a laundry room. The first-floor unit is currently rented. Building systems include natural gas forced-air heat, window-unit cooling, a slate roof, and off-street parking.
The property is located at 1296 Cook Avenue in Lakewood, Ohio, within Cuyahoga County and ZIP code 44107. Public water and public sewer serve the property. Constructed in 1962, the building offers a three-unit residential configuration in an established setting near restaurants, parks, schools, and entertainment.
The property is located at 1296 Cook Avenue in Lakewood, Ohio, within Cuyahoga County and ZIP code 44107. Public water and public sewer serve the property. Constructed in 1962, the building offers a three-unit residential configuration in an established setting near restaurants, parks, schools, and entertainment.
Key Highlights
- Triplex with 2,050 square feet of building area
- 0.1175‑acre lot at 1296 Cook Avenue, Lakewood, OH 44107
- First‑floor unit is currently rented
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
4.54%
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 4.54%
Second Best
Apartment 5plus
$289.5K
$253.3K – $337.8K
NOI $20,265 @ 7.0% cap · market cap 4.23%
Theoretical Best
Warehouse
$1.64M
$1.44M – $1.92M
NOI $114,978 @ 7.0% cap · market cap 24.00%
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
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Frequently Asked Questions
What type of property is this?
Triplex - Three residential units include a rented first-floor apartment and shared laundry space.
Where is this triplex located?
The property is located at 1296 Cook Avenue Lakewood, OH.
What is the asking price?
The asking price for this property is $479,000.
What are key features of this property?
This property features: Triplex with 2,050 square feet of building area; 0.1175‑acre lot at 1296 Cook Avenue, Lakewood, OH 44107; First‑floor unit is currently rented
