Updated Side-by-Side
For Sale
$364,900
1215 Marlowe Avenue, Lakewood, OH 44107
Two residential units combine flexible finished space, private basements, classic details, and updated major systems.
Property Size2,620 SF
Price / SF$139.27
Days on Market8
Property Features for 1215 Marlowe Avenue
General Information
Standard status
Active
Size
2,620 SF
Property subtype
Multi-Family
Building Details
Year Built
1911
Listing Agency:
Key Realty
Listed By:
Patrick Stracensky · License #2007000633
(216) 432-0444
Source:
Carletonrealty
Added: Sep 11
Changed: Sep 18
Last Checked: Sep 18 at 4:26AM
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 Key Realty
Investment Insights
Based on property information with market context.
This side-by-side duplex, built in 1911, includes two units with three bedrooms and one full bath apiece. Each unit also has a finished third floor that can serve as additional living space, plus a private basement with washer and dryer hookups. Interior details include large bay windows, decorative living-room fireplaces, formal dining rooms, updated kitchens, and enclosed second-floor porches. A shared vestibule provides separate entrances, while covered rear porches overlook the fenced backyard.
Recent property updates include the roof, windows, furnaces, and central A/C units. The property is located at 1215 Marlowe Avenue in Lakewood, within walking distance of Lakewood Park and Lake Erie. Shopping, restaurants, medical facilities, and downtown Cleveland are also nearby.
Recent property updates include the roof, windows, furnaces, and central A/C units. The property is located at 1215 Marlowe Avenue in Lakewood, within walking distance of Lakewood Park and Lake Erie. Shopping, restaurants, medical facilities, and downtown Cleveland are also nearby.
Key Highlights
- Two side‑by‑side residential units, each with 3 bedrooms and 1 full bath
- Finished third‑floor space in both units
- Private basement for each unit with washer and dryer hookups
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
$27,780
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
7.61%
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%
$555,600
$555.6K
Cap Rate 7%
$396,857
$396.9K
Cap Rate 9%
$308,667
$308.7K
Market Conditions
NOI Build-Up for 2,620 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
$42.4K $16.20/SF
− Vacancy
−$2.8K −$1.05/SF
EGI
$39.7K $15.15/SF
− OpEx
−$11.9K −$4.54/SF
NOI
$27.8K $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%
$555,600
Cap Rate 7%
$396,857
Cap Rate 9%
$308,667
Alternative Uses
Best Use
Multifamily LT 5
$396.9K
$347.3K – $463.0K
NOI $27,780 @ 7.0% cap · market cap 7.61%
Second Best
Apartment 5plus
$370.0K
$323.8K – $431.7K
NOI $25,900 @ 7.0% cap · market cap 7.10%
Theoretical Best
Warehouse
$2.10M
$1.84M – $2.45M
NOI $146,948 @ 7.0% cap · market cap 40.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,276
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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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 combine flexible finished space, private basements, classic details, and updated major systems.
Where is this duplex located?
The property is located at 1215 Marlowe Avenue Lakewood, OH.
What is the asking price?
The asking price for this property is $364,900.
What are key features of this property?
This property features: Two side‑by‑side residential units, each with 3 bedrooms and 1 full bath; Finished third‑floor space in both units; Private basement for each unit with washer and dryer hookups
