Side-by-Side Duplex with
New
For Sale
$399,900
1350 Thoreau Road, Lakewood, OH 44107
ResidentialIncome, Lakewood, OH
Property Size3,178 SF
Lot Size0.10 Acres
Price / SF$125.83
Days on Market1
Property Features for 1350 Thoreau Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
7
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 7, Basement, Bathroom 2, Laundry Room, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 6, Bathroom 1, Bedroom 5
Parking features
On Street
Appliances
Range, Refrigerator
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
South of Clifton and North of Detroit
Standard status
Active
APN
312-31-071
Size
3,178 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
21 SAAL 0010 ALL
Tax Annual Amount
5770
Legal Description
21 SAAL 0010 ALL
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Window Unit(s), Ceiling Fan(s)
Water source
Public
Building Details
Year built
1908
Floors in Building
3
Building materials
WoodSiding
Roof type
Asphalt, Fiberglass, Slate
Listing Agency:
Keller Williams Citywide · Keller Williams Realty
(440) 892-2211
Listed By:
Corey Zucker · License #2018000952
(440) 463-5253
Added: Sep 4
Last Checked: Sep 4 at 3:06PM
MLS# 5242114
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 side-by-side duplex contains a 4-bedroom residence and a 3-bedroom residence within a 3,178-square-foot property built in 1908. Both units include living and dining rooms, enclosed front sunrooms, large kitchens, bonus areas adjacent to the kitchens, private basements, and separate attics. The 4-bedroom unit has a finished third-floor bedroom, while the third floor in the 3-bedroom unit remains unfinished. Improvements include replacement windows, updated flooring, a newer front entry door, refreshed cabinetry in the larger unit, and a new tub surround in the 3-bedroom unit.
The 0.1038-acre parcel backs directly to Garfield Middle School and has no rear residential neighbors. The property is served by public water and public sewer, with forced-air heating and window-unit and ceiling-fan cooling. On-street parking is available. Parks, schools, shopping, restaurants, Lake Erie, and Downtown Cleveland are identified nearby, placing the duplex within an established Lakewood setting.
The 0.1038-acre parcel backs directly to Garfield Middle School and has no rear residential neighbors. The property is served by public water and public sewer, with forced-air heating and window-unit and ceiling-fan cooling. On-street parking is available. Parks, schools, shopping, restaurants, Lake Erie, and Downtown Cleveland are identified nearby, placing the duplex within an established Lakewood setting.
Key Highlights
- Two‑unit layout with 4‑bedroom and 3‑bedroom residences
- 3,178 square feet on a 0.1038‑acre parcel
- Finished third‑floor bedroom in the 4‑bedroom 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
$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 separate residences combine flexible layouts, private basements, attic storage, and direct backyard access.
Where is this duplex located?
The property is located at 1350 Thoreau Road 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: Two‑unit layout with 4‑bedroom and 3‑bedroom residences; 3,178 square feet on a 0.1038‑acre parcel; Finished third‑floor bedroom in the 4‑bedroom unit
