Two-Unit Duplex with Parking
For Sale
$330,000
1363 Cranford Avenue, Lakewood, OH 44107
ResidentialIncome, Lakewood, OH
Property Size2,885 SF
Lot Size0.11 Acres
Price / SF$114.38
Days on Market152
Property Features for 1363 Cranford Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 1, Bedroom 5, Bedroom 2, Bathroom 1, Bathroom 2, Bedroom 3
Appliances
Range, Refrigerator
Subdivision
Delmar
Elementary school district
Lakewood CSD (Cuyahoga)- 1817
Middle school district
Lakewood CSD (Cuyahoga)- 1817
High school district
Lakewood CSD (Cuyahoga)- 1817
Directions
Off Detroit
Standard status
Active
APN
311-33-033
Size
2,885 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
22 DELMAR 0131 ALL
Tax Annual Amount
6470
Legal Description
22 DELMAR 0131 ALL
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1908
Floors in Building
2
Building materials
VinylSiding
Roof type
Fiberglass, Asphalt
Listing Agency:
Keller Williams Greater Metropolitan · Keller Williams Realty
(216) 839-5500
Listed By:
Lori Dague · License #2018002168
(440) 796-0301
Added: Apr 2
Changed: Aug 28
Last Checked: Aug 31 at 3:06AM
MLS# 5198434
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 2,885-square-foot duplex, built in 1908, contains two residential units. The lower residence offers three bedrooms, one bathroom, a living room, and a formal dining room. The upper residence includes two bedrooms, one bathroom, a living room, and a formal dining room. Range and refrigerator appliances are included, with forced-air heating, vinyl siding, and an asphalt and fiberglass roof.
A large rear parking pad provides space for both residences. The property occupies 0.1102 acres and is served by public water and public sewer. Its Lakewood setting offers walkable access to shops and restaurants, along with connections to downtown Cleveland, Edgewater Park, and major highways.
A large rear parking pad provides space for both residences. The property occupies 0.1102 acres and is served by public water and public sewer. Its Lakewood setting offers walkable access to shops and restaurants, along with connections to downtown Cleveland, Edgewater Park, and major highways.
Key Highlights
- Two‑unit duplex totaling 2,885 square feet
- Lower unit includes 3 bedrooms and 1 bathroom; upper unit has 2 bedrooms and 1 bathroom
- Large rear parking pad serves both units
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
$28,519
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
8.64%
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%
$570,380
$570.4K
Cap Rate 7%
$407,414
$407.4K
Cap Rate 9%
$316,878
$316.9K
Market Conditions
NOI Build-Up for 2,885 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
$55.0K $19.08/SF
− Vacancy
−$3.2K −$1.11/SF
EGI
$51.9K $17.97/SF
− OpEx
−$23.3K −$8.09/SF
NOI
$28.5K $9.89/SF
Area
Cuyahoga County, OH
Vacancy
5.80%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
45.00%
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%
$570,380
Cap Rate 7%
$407,414
Cap Rate 9%
$316,878
Alternative Uses
Best Use
Multifamily LT 5
$437.0K
$382.4K – $509.8K
NOI $30,589 @ 7.0% cap · market cap 9.27%
Second Best
Apartment 5plus
$407.4K
$356.5K – $475.3K
NOI $28,519 @ 7.0% cap · market cap 8.64%
Theoretical Best
Warehouse
$2.31M
$2.02M – $2.70M
NOI $161,811 @ 7.0% cap · market cap 49.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,355
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Lakewood duplex with separate residences, public utilities, and convenient access to shopping, dining, downtown Cleveland, and major highways.
Where is this duplex located?
The property is located at 1363 Cranford Avenue Lakewood, OH.
What is the asking price?
The asking price for this property is $330,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,885 square feet; Lower unit includes 3 bedrooms and 1 bathroom; upper unit has 2 bedrooms and 1 bathroom; Large rear parking pad serves both units
