Updated Four-Unit
For Sale
$635,000
1323 Beach Ave, Lakewood, OH 44107
Four residential units feature renovated kitchens and baths, hardwood floors, bonus rooms, and shared coin-operated laundry.
Property Size4,235 SF
Price / SF$149.94
Days on Market33
Property Features for 1323 Beach Ave
General Information
Standard status
Active
Size
4,235 SF
Total Parking Spaces
5
Property subtype
Multi-Family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Amenities
decorative fireplaces
hardwood floors
renovated kitchens
renovated baths
stainless-steel appliances
two-story front porch
coin-operated laundry
Building Details
Year Built
1905
Buildings
1
Listing Agency:
LPT Realty
(310) 995-6847
Listed By:
Alexander Castrey · License #2025005142
Source:
Thelindsayteam
Added: Jul 29
Changed: Aug 29
Last Checked: Aug 29 at 2:06PM
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 LPT Realty
Investment Insights
Based on property information with market context.
This 4,235-square-foot quadplex, built in 1905, contains four 2-bedroom, 1-bath apartments, with several units offering bonus rooms. Interior features include formal dining areas, decorative fireplaces, hardwood flooring, stainless-steel appliances, and updated kitchens and bathrooms. One apartment is vacant, while the other three are occupied.
Recent property work includes a new two-story rear porch, refreshed front porch columns and flooring, three newer water heaters, two new furnaces, upgraded electrical panels, and re-piping as needed. The building also provides five rear off-street parking spaces and shared basement laundry with coin-operated machines.
Located at 1323 Beach Ave in Lakewood, the property is surrounded by restaurants, grocery options, and other local amenities.
Recent property work includes a new two-story rear porch, refreshed front porch columns and flooring, three newer water heaters, two new furnaces, upgraded electrical panels, and re-piping as needed. The building also provides five rear off-street parking spaces and shared basement laundry with coin-operated machines.
Located at 1323 Beach Ave in Lakewood, the property is surrounded by restaurants, grocery options, and other local amenities.
Key Highlights
- Four 2‑bedroom, 1‑bath apartments in a 4,235‑square‑foot quadplex
- One unit vacant; three units occupied
- Renovated kitchens and baths with stainless‑steel appliances
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
$44,903
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
7.07%
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%
$898,060
$898.1K
Cap Rate 7%
$641,471
$641.5K
Cap Rate 9%
$498,922
$498.9K
Market Conditions
NOI Build-Up for 4,235 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
$68.6K $16.20/SF
− Vacancy
−$4.5K −$1.05/SF
EGI
$64.1K $15.15/SF
− OpEx
−$19.2K −$4.54/SF
NOI
$44.9K $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%
$898,060
Cap Rate 7%
$641,471
Cap Rate 9%
$498,922
Alternative Uses
Best Use
Multifamily LT 5
$641.5K
$561.3K – $748.4K
NOI $44,903 @ 7.0% cap · market cap 7.07%
Second Best
Apartment 5plus
$598.1K
$523.3K – $697.7K
NOI $41,864 @ 7.0% cap · market cap 6.59%
Theoretical Best
Warehouse
$3.39M
$2.97M – $3.96M
NOI $237,529 @ 7.0% cap · market cap 37.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units feature renovated kitchens and baths, hardwood floors, bonus rooms, and shared coin-operated laundry.
Where is this quadplex located?
The property is located at 1323 Beach Ave Lakewood, OH.
What is the asking price?
The asking price for this property is $635,000.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bath apartments in a 4,235‑square‑foot quadplex; One unit vacant; three units occupied; Renovated kitchens and baths with stainless‑steel appliances
