Duplex with Front
New
For Sale
$228,888
1346 Cove Avenue Lakewood OH 44107, Lakewood, OH 44107
Two occupied residences offer month-to-month tenancy and off-street parking in Lakewood.
Property Size1,828 SF
Price / SF$125.21
Days on Market4
Property Features for 1346 Cove Avenue Lakewood OH 44107
General Information
Standard status
Active
Size
1,828 SF
Property subtype
ResidentialIncome
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Additional Details
Public Transit
Yes
Tenant in Place
Yes
Building Details
Year Built
1898
Buildings
1
Tenancy
Multi
Listing Agency:
81West Realty
Listed By:
Dion P Hocking · License #2012001516
(440) 476-2132
Source:
Search.reafcorealestate
Added: Oct 30
Changed: Nov 2
Last Checked: Nov 1 at 2:17AM
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 81West Realty
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Investment Insights
Based on property information with market context.
This 1,828-square-foot duplex contains two 2-bedroom residences, each with a front porch. Both units are occupied by long-term tenants under month-to-month arrangements. The exterior is finished with low-maintenance siding, and off-street parking is available.
Restaurants, shopping, grocery stores, medical facilities, public transportation, and Lake Erie are within walking distance. Downtown Cleveland is a short drive away.
Restaurants, shopping, grocery stores, medical facilities, public transportation, and Lake Erie are within walking distance. Downtown Cleveland is a short drive away.
Key Highlights
- Two 2‑bedroom units within a 1,828‑square‑foot duplex
- Each residence has a front porch
- Both units are occupied by long‑term tenants on month‑to‑month arrangements
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,382
Cap Rate
8.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$387,640
$387.6K
Cap Rate 7%
$276,886
$276.9K
Cap Rate 9%
$215,356
$215.4K
Market Conditions
NOI Build-Up for 1,828 SF
Gross rent
$29.6K $16.20/SF
− Vacancy
−$1.9K −$1.05/SF
EGI
$27.7K $15.15/SF
− OpEx
−$8.3K −$4.54/SF
NOI
$19.4K $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%
$387,640
Cap Rate 7%
$276,886
Cap Rate 9%
$215,356
Alternative Uses
Best Use
Multifamily LT 5
$276.9K
$242.3K – $323.0K
NOI $19,382 @ 7.0% cap · market cap 8.47%
Second Best
Apartment 5plus
$258.1K
$225.9K – $301.2K
NOI $18,070 @ 7.0% cap · market cap 7.89%
Theoretical Best
Warehouse
$1.46M
$1.28M – $1.71M
NOI $102,527 @ 7.0% cap · market cap 44.79%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
846
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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two occupied residences offer month-to-month tenancy and off-street parking in Lakewood.
Where is this duplex located?
The property is located at 1346 Cove Avenue Lakewood OH 44107 Lakewood, OH.
What is the asking price?
The asking price for this property is $228,888.
What are key features of this property?
This property features: Two 2‑bedroom units within a 1,828‑square‑foot duplex; Each residence has a front porch; Both units are occupied by long‑term tenants on month‑to‑month arrangements
