Renovated Duplex with Detached
1461 Newman Ave, Lakewood, OH 44107
For Sale
$299,999
Recent building and unit upgrades complement the property’s separate garage and backyard.
Property Size1,893 SF
Price / SF$158.48
Days on Market50
Property Features for 1461 Newman Ave
General Information
Standard status
Size
Property subtype
Building Details
Year Built
Listing Agency:
Key Realty
Listed By:
Joshua Janus · License OH #2021008169
(216) 284-6736
Source:
Greaterclevelandhomesforsale
Added: Sep 22
Changed: Nov 8
Last Checked: Nov 10 at 11:09AM
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
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Investment Insights
Based on property information with market context.
This 1,893-square-foot duplex has 4 bedrooms and 2 bathrooms, with a detached garage and backyard with a fire pit. Recent work includes a replacement roof and sheathing, refreshed gutters, exterior painting, front-porch improvements, two new furnaces, a new hot water tank, an updated electrical breaker box, and a new front door. The upstairs unit has a renovated kitchen and bathroom, along with fresh interior paint. Basement walls have been treated and finished.
At 1461 Newman Ave in Lakewood, the property is near restaurants, shopping, and parks. The building dates to 1893.
At 1461 Newman Ave in Lakewood, the property is near restaurants, shopping, and parks. The building dates to 1893.
Key Highlights
- 1,893 square feet with 4 bedrooms and 2 bathrooms
- Detached garage and backyard with a fire pit
- Two new furnaces and a new hot water tank
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,071
Cap Rate
6.69%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$401,420
$401.4K
Cap Rate 7%
$286,729
$286.7K
Cap Rate 9%
$223,011
$223.0K
Market Conditions
NOI Build-Up for 1,893 SF
Gross rent
$30.7K $16.20/SF
− Vacancy
−$2.0K −$1.05/SF
EGI
$28.7K $15.15/SF
− OpEx
−$8.6K −$4.54/SF
NOI
$20.1K $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%
$401,420
Cap Rate 7%
$286,729
Cap Rate 9%
$223,011
Alternative Uses
Best Use
Multifamily LT 5
$286.7K
$250.9K – $334.5K
NOI $20,071 @ 7.0% cap · market cap 6.69%
Second Best
Apartment 5plus
$267.3K
$233.9K – $311.9K
NOI $18,713 @ 7.0% cap · market cap 6.24%
Theoretical Best
Office A
$351.6K
$307.7K – $410.3K
NOI $24,615 @ 7.0% cap · market cap 8.21%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
950
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
$241,400
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Lakewood, OH
Properties on Market for Duplexes in Lakewood
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Recent building and unit upgrades complement the property’s separate garage and backyard.
Where is this duplex located?
The property is located at 1461 Newman Ave Lakewood, OH.
What is the asking price?
The asking price for this property is $299,999.
What are key features of this property?
This property features: 1,893 square feet with 4 bedrooms and 2 bathrooms; Detached garage and backyard with a fire pit; Two new furnaces and a new hot water tank
