Updated Two-Unit
For Sale
$379,000
14537 Bayes Ave, Lakewood, OH 44107
Two residential units offer separate laundry, central air, and private outdoor spaces.
Property Size2,428 SF
Price / SF$156.10
Days on Market18
Property Features for 14537 Bayes Ave
General Information
Standard status
Active
Size
2,428 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,134
Amenities
enclosed front porch
open-air front porch
separate laundry
central air conditioning
balcony
garage
Listing Agency:
Russell Real Estate Services
(440) 327-6511
Listed By:
Alessandra Johnson · License #2025003668
(239) 243-6621
Source:
Exprealty
Added: Sep 14
Changed: Sep 29
Last Checked: Oct 1 at 1:18PM
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 Russell Real Estate Services
Investment Insights
Based on property information with market context.
This 2428 SF duplex at 14537 Bayes Ave includes two residential units, each with 2 bedrooms and 1 full bath. Both units feature separate laundry, individual central air conditioning, newer mechanicals, and wood detailing. The upper residence has a newly remodeled bathroom and enclosed front porch, while the lower residence includes an open-air front porch. Each level also has a balcony overlooking the yard.
A newly built garage with electric service adds storage and functional utility. The property is located in Lakewood, OH, and offers a two-unit layout suitable for an owner-occupant or investor seeking residential income property.
A newly built garage with electric service adds storage and functional utility. The property is located in Lakewood, OH, and offers a two-unit layout suitable for an owner-occupant or investor seeking residential income property.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 full bath in each unit
- 2428 SF property with wood detailing throughout
- Separate laundry and individual central air conditioning for 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
$25,744
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
6.79%
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%
$514,880
$514.9K
Cap Rate 7%
$367,771
$367.8K
Cap Rate 9%
$286,044
$286.0K
Market Conditions
NOI Build-Up for 2,428 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
$39.3K $16.20/SF
− Vacancy
−$2.6K −$1.05/SF
EGI
$36.8K $15.15/SF
− OpEx
−$11.0K −$4.54/SF
NOI
$25.7K $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%
$514,880
Cap Rate 7%
$367,771
Cap Rate 9%
$286,044
Alternative Uses
Best Use
Multifamily LT 5
$367.8K
$321.8K – $429.1K
NOI $25,744 @ 7.0% cap · market cap 6.79%
Second Best
Apartment 5plus
$342.9K
$300.0K – $400.0K
NOI $24,002 @ 7.0% cap · market cap 6.33%
Theoretical Best
Warehouse
$1.95M
$1.70M – $2.27M
NOI $136,179 @ 7.0% cap · market cap 35.93%
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
642
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 - Two residential units offer separate laundry, central air, and private outdoor spaces.
Where is this duplex located?
The property is located at 14537 Bayes Ave Lakewood, OH.
What is the asking price?
The asking price for this property is $379,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 full bath in each unit; 2428 SF property with wood detailing throughout; Separate laundry and individual central air conditioning for both units
