Side-by-Side Duplex with
New
For Sale
$399,900
1350 Thoreau Rd, Lakewood, OH 44107
Two residential units offer private basements, separate attics, bonus areas, and flexible enclosed sunrooms.
Property Size3,178 SF
Price / SF$125.83
Days on Market2
Property Features for 1350 Thoreau Rd
General Information
Standard status
Active
Size
3,178 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1908
Buildings
1
Listing Agency:
Keller Williams Citywide
Listed By:
Corey Zucker · License #2018000952
(440) 463-5253
Source:
Thelindsayteam
Added: Sep 6
Last Checked: Sep 6 at 3:05PM
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 Citywide
Investment Insights
Based on property information with market context.
Built in 1908, this 3,178-square-foot side-by-side duplex includes one 4-bedroom unit and one 3-bedroom unit. Both residences feature original architectural details, bright living and dining rooms, enclosed front sunrooms, large kitchens, and bonus areas adjoining the kitchens with backyard access. Each unit has a private basement and separate attic for storage and utility.
Recent improvements include a new front door, replacement windows, updated flooring, cosmetic updates, newer cabinetry in the 4-bedroom unit, and a new tub surround in the 3-bedroom unit. The 4-bedroom residence includes a finished third-floor bedroom with a closet, while the third floor of the 3-bedroom residence remains unfinished. The backyard has no rear residential neighbors and directly backs to Garfield Middle School. The property is near parks, schools, shopping, restaurants, Lake Erie, and Downtown Cleveland.
Recent improvements include a new front door, replacement windows, updated flooring, cosmetic updates, newer cabinetry in the 4-bedroom unit, and a new tub surround in the 3-bedroom unit. The 4-bedroom residence includes a finished third-floor bedroom with a closet, while the third floor of the 3-bedroom residence remains unfinished. The backyard has no rear residential neighbors and directly backs to Garfield Middle School. The property is near parks, schools, shopping, restaurants, Lake Erie, and Downtown Cleveland.
Key Highlights
- 3,178 SF side‑by‑side duplex built in 1908
- Unit mix includes 4 bedrooms and 3 bedrooms
- Each unit has a private basement and separate attic
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
$33,696
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
8.43%
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%
$673,920
$673.9K
Cap Rate 7%
$481,371
$481.4K
Cap Rate 9%
$374,400
$374.4K
Market Conditions
NOI Build-Up for 3,178 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
$51.5K $16.20/SF
− Vacancy
−$3.3K −$1.05/SF
EGI
$48.1K $15.15/SF
− OpEx
−$14.4K −$4.54/SF
NOI
$33.7K $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%
$673,920
Cap Rate 7%
$481,371
Cap Rate 9%
$374,400
Alternative Uses
Best Use
Multifamily LT 5
$481.4K
$421.2K – $561.6K
NOI $33,696 @ 7.0% cap · market cap 8.43%
Second Best
Apartment 5plus
$448.8K
$392.7K – $523.6K
NOI $31,416 @ 7.0% cap · market cap 7.86%
Theoretical Best
Warehouse
$2.55M
$2.23M – $2.97M
NOI $178,245 @ 7.0% cap · market cap 44.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
771
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?
Duplex - Two residential units offer private basements, separate attics, bonus areas, and flexible enclosed sunrooms.
Where is this duplex located?
The property is located at 1350 Thoreau Rd Lakewood, OH.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 3,178 SF side‑by‑side duplex built in 1908; Unit mix includes 4 bedrooms and 3 bedrooms; Each unit has a private basement and separate attic
