Duplex with Finished Attic
New
For Sale
$325,000
1296 Fry Ave, Lakewood, OH 44107
Each residence includes separate living, dining, and kitchen areas, with added private attic space.
Property Size2,371 SF
Price / SF$137.07
Days on Market4
Property Features for 1296 Fry Ave
General Information
Standard status
Active
Size
2,371 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1917
Buildings
1
Stories
3
Listing Agency:
Berkshire Hathaway HomeServices Stouffer Realty
Listed By:
Cassandra Karkan · License #2019004440
(216) 337-8105
Source:
Thelindsayteam
Added: Sep 13
Last Checked: Sep 16 at 1:05AM
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 Berkshire Hathaway HomeServices Stouffer Realty
Investment Insights
Based on property information with market context.
This 1917 duplex at 1296 Fry Ave in Lakewood, Ohio, contains 2,371 square feet and offers two residences with matching two-bedroom, one-bath layouts. Both units include dedicated living, dining, and kitchen areas. The lower residence has a private third-floor attic area for storage, while the upper residence includes a finished third-floor room that can serve as studio, playroom, office, workout area, or storage space. The upper unit also features an open front porch.
Property updates include replacement of almost every window, new siding and front exterior paint near the balcony, a new hot water tank installed in 2025, and a full interior repaint of the second floor. The duplex retains original wood trim and combines period character with these documented improvements.
Property updates include replacement of almost every window, new siding and front exterior paint near the balcony, a new hot water tank installed in 2025, and a full interior repaint of the second floor. The duplex retains original wood trim and combines period character with these documented improvements.
Key Highlights
- Two‑unit duplex with matching 2‑bedroom, 1‑bath layouts
- 2,371 square feet built in 1917
- Upper residence includes an open front porch
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
$25,139
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
7.74%
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%
$502,780
$502.8K
Cap Rate 7%
$359,129
$359.1K
Cap Rate 9%
$279,322
$279.3K
Market Conditions
NOI Build-Up for 2,371 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
$38.4K $16.20/SF
− Vacancy
−$2.5K −$1.05/SF
EGI
$35.9K $15.15/SF
− OpEx
−$10.8K −$4.54/SF
NOI
$25.1K $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 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%
$502,780
Cap Rate 7%
$359,129
Cap Rate 9%
$279,322
Alternative Uses
Best Use
Multifamily LT 5
$359.1K
$314.2K – $419.0K
NOI $25,139 @ 7.0% cap · market cap 7.74%
Second Best
Apartment 5plus
$334.8K
$293.0K – $390.6K
NOI $23,438 @ 7.0% cap · market cap 7.21%
Theoretical Best
Warehouse
$1.90M
$1.66M – $2.22M
NOI $132,982 @ 7.0% cap · market cap 40.92%
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
851
Businesses Nearby
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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 - Each residence includes separate living, dining, and kitchen areas, with added private attic space.
Where is this duplex located?
The property is located at 1296 Fry Ave Lakewood, OH.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Two‑unit duplex with matching 2‑bedroom, 1‑bath layouts; 2,371 square feet built in 1917; Upper residence includes an open front porch
