Two-Unit Duplex with Finished
New
For Sale
$325,000
1296 Fry Avenue, Lakewood, OH 44107
ResidentialIncome, Lakewood, OH
Property Size2,371 SF
Lot Size0.09 Acres
Price / SF$137.07
Days on Market3
Property Features for 1296 Fry Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Basement, Bedroom 4, Bedroom 2, Laundry Room, Bedroom 3, Bedroom 5, Bathroom 1
Parking features
Driveway
Exterior features
Balcony
Appliances
Dryer, Range, Refrigerator, Washer
Subdivision
Rockport Sec 21
Elementary school district
Lakewood CSD (Cuyahoga)- 1817
Middle school district
Lakewood CSD (Cuyahoga)- 1817
High school district
Lakewood CSD (Cuyahoga)- 1817
Directions
Heading North on W 117th, make a left on to Detroit, and a Right on to Fry. The home is on the left hand side
Standard status
Active
APN
312-29-049
Size
2,371 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
21 RYMER 0010 ALL
Tax Annual Amount
5663
Legal Description
21 RYMER 0010 ALL
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1917
Floors in Building
3
Building materials
Asphalt, Block, WoodSiding
Roof type
Asphalt, Fiberglass
Listing Agency:
Berkshire Hathaway HomeServices Stouffer Realty
(330) 835-4900
Listed By:
Cassandra Karkan · License #2019004440
(216) 337-8105
Added: Sep 10
Changed: Sep 12
Last Checked: Sep 12 at 3:06AM
MLS# 5243561
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.
Built in 1917, this two-unit duplex contains 2,371 square feet on a 0.0891-acre lot. Both apartments offer two bedrooms, one bathroom, a living room, dining room, and kitchen. The lower residence includes a private third-floor attic for storage, while the upper unit has its own finished third-floor area that can serve as an office, studio, playroom, workout room, or additional storage. An open front porch adds outdoor space to the second-floor unit.
Recent improvements include replacement of almost every window, new front siding and paint near the balcony, a new hot water tank in 2025, and a complete repaint of the second-floor interior. The property also includes a driveway, washer, dryer, range, refrigerator, forced-air natural gas heat, public water, and public sewer. Located at 1296 Fry Avenue in Lakewood, OH 44107.
Recent improvements include replacement of almost every window, new front siding and paint near the balcony, a new hot water tank in 2025, and a complete repaint of the second-floor interior. The property also includes a driveway, washer, dryer, range, refrigerator, forced-air natural gas heat, public water, and public sewer. Located at 1296 Fry Avenue in Lakewood, OH 44107.
Key Highlights
- 2,371‑square‑foot duplex on a 0.0891‑acre lot
- Each unit has 2 bedrooms, 1 bathroom, living room, dining room, and kitchen
- Finished private third‑floor area serves the upper 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
$25,139
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
7.74%
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%
$502,780
$502.8K
Cap Rate 7%
$359,129
$359.1K
Cap Rate 9%
$279,322
$279.3K
Market Conditions
NOI Build-Up for 2,371 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
$38.4K $16.20/SF
− Vacancy
−$2.5K −$1.05/SF
EGI
$35.9K $15.15/SF
− OpEx
−$10.8K −$4.54/SF
NOI
$25.1K $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%
$502,780
Cap Rate 7%
$359,129
Cap Rate 9%
$279,322
Alternative Uses
Best Use
Multifamily LT 5
$359.1K
$314.2K – $419.0K
NOI $25,139 @ 7.0% cap · market cap 7.74%
Second Best
Apartment 5plus
$334.8K
$293.0K – $390.6K
NOI $23,438 @ 7.0% cap · market cap 7.21%
Theoretical Best
Warehouse
$1.90M
$1.66M – $2.22M
NOI $132,982 @ 7.0% cap · market cap 40.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
851
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?
Duplex - Two-unit residence with private attic areas, an open front porch, and updated windows, siding, paint, and hot water equipment.
Where is this duplex located?
The property is located at 1296 Fry Avenue Lakewood, OH.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 2,371‑square‑foot duplex on a 0.0891‑acre lot; Each unit has 2 bedrooms, 1 bathroom, living room, dining room, and kitchen; Finished private third‑floor area serves the upper unit
