Two-Unit Duplex with
For Sale
$360,000
13519 Merl Ave, Lakewood, OH 44107
Two residential units offer separate living areas, with shared laundry and storage in the basement.
Property Size2,082 SF
Price / SF$172.91
Days on Market8
Property Features for 13519 Merl Ave
General Information
Standard status
Active
Size
2,082 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
laundry facilities
Building Details
Year Built
1922
Buildings
1
Listing Agency:
Worth Clark
Listed By:
Benjamin West
(440) 578-8058
Source:
Theacclaimedrealty
Added: Oct 1
Changed: Oct 2
Last Checked: Oct 7 at 4:52PM
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 Worth Clark
Investment Insights
Based on property information with market context.
Built in 1922, this 2,082-square-foot duplex contains two units, each with two bedrooms and one full bathroom. The property has four bedrooms and two full bathrooms in total. Both units feature living and dining areas, kitchens with updated cabinetry and counters, and bathrooms with updated fixtures. Original woodwork remains in the building. A full basement provides laundry facilities and storage, and off-street parking is available.
The property is on Merl Avenue in Lakewood, near schools, parks, dining, and shopping. The surrounding street is tree-lined.
The property is on Merl Avenue in Lakewood, near schools, parks, dining, and shopping. The surrounding street is tree-lined.
Key Highlights
- 2,082‑square‑foot duplex built in 1922
- Two units, each with 2 bedrooms and 1 full bathroom
- Updated kitchen cabinetry and counters, plus updated bathroom fixtures
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,075
Cap Rate
6.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$441,500
$441.5K
Cap Rate 7%
$315,357
$315.4K
Cap Rate 9%
$245,278
$245.3K
Market Conditions
NOI Build-Up for 2,082 SF
Gross rent
$33.7K $16.20/SF
− Vacancy
−$2.2K −$1.05/SF
EGI
$31.5K $15.15/SF
− OpEx
−$9.5K −$4.54/SF
NOI
$22.1K $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 Rate 5%
$441,500
Cap Rate 7%
$315,357
Cap Rate 9%
$245,278
Alternative Uses
Best Use
Multifamily LT 5
$315.4K
$275.9K – $367.9K
NOI $22,075 @ 7.0% cap · market cap 6.13%
Second Best
Apartment 5plus
$294.0K
$257.3K – $343.0K
NOI $20,581 @ 7.0% cap · market cap 5.72%
Theoretical Best
Warehouse
$1.67M
$1.46M – $1.95M
NOI $116,773 @ 7.0% cap · market cap 32.44%
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
823
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
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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 residential units offer separate living areas, with shared laundry and storage in the basement.
Where is this duplex located?
The property is located at 13519 Merl Ave Lakewood, OH.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: 2,082‑square‑foot duplex built in 1922; Two units, each with 2 bedrooms and 1 full bathroom; Updated kitchen cabinetry and counters, plus updated bathroom fixtures
