Duplex With Two-Car
For Sale
$359,000
14708 Leonard Ave, Lakewood, OH 44107
Two-unit property with one vacant apartment, one occupied apartment, and a full unfinished attic.
Property Size2,240 SF
Price / SF$160.27
Days on Market68
Property Features for 14708 Leonard Ave
General Information
Standard status
Active
Size
2,240 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1923
Listing Agency:
RE/MAX Crossroads Properties
Listed By:
Stacey A Burnett · License #2014001124
(216) 965-7824
Source:
Thelindsayteam
Added: Aug 22
Changed: Oct 26
Last Checked: Oct 28 at 2:23PM
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 RE/MAX Crossroads Properties
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Investment Insights
Based on property information with market context.
This Lakewood duplex contains 2,240 square feet across two residential units. One apartment is vacant, while the second is occupied, creating flexibility for an owner-occupant or continued rental use. The property also includes a full unfinished attic, a full basement, forced-air gas heating, and a two-car garage. Built in 1923, the home has a balcony and an existing range, refrigerator, dishwasher, washer, and dryer.
Located at 14708 Leonard Avenue, the property is near restaurants, shopping, parks, and entertainment. Freeway access supports travel to downtown Cleveland and other destinations. The unfinished attic provides additional storage or space for future planning, subject to applicable requirements.
Located at 14708 Leonard Avenue, the property is near restaurants, shopping, parks, and entertainment. Freeway access supports travel to downtown Cleveland and other destinations. The unfinished attic provides additional storage or space for future planning, subject to applicable requirements.
Key Highlights
- 2,240‑square‑foot duplex with two residential units
- One unit is vacant; the other is occupied
- Full unfinished attic and full basement
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,750
Cap Rate
6.62%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$475,000
$475.0K
Cap Rate 7%
$339,286
$339.3K
Cap Rate 9%
$263,889
$263.9K
Market Conditions
NOI Build-Up for 2,240 SF
Gross rent
$36.3K $16.20/SF
− Vacancy
−$2.4K −$1.05/SF
EGI
$33.9K $15.15/SF
− OpEx
−$10.2K −$4.54/SF
NOI
$23.8K $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 Rate 5%
$475,000
Cap Rate 7%
$339,286
Cap Rate 9%
$263,889
Alternative Uses
Best Use
Multifamily LT 5
$339.3K
$296.9K – $395.8K
NOI $23,750 @ 7.0% cap · market cap 6.62%
Second Best
Apartment 5plus
$316.3K
$276.8K – $369.1K
NOI $22,143 @ 7.0% cap · market cap 6.17%
Theoretical Best
Warehouse
$1.79M
$1.57M – $2.09M
NOI $125,635 @ 7.0% cap · market cap 35.00%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,777
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
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with one vacant apartment, one occupied apartment, and a full unfinished attic.
Where is this duplex located?
The property is located at 14708 Leonard Ave Lakewood, OH.
What is the asking price?
The asking price for this property is $359,000.
What are key features of this property?
This property features: 2,240‑square‑foot duplex with two residential units; One unit is vacant; the other is occupied; Full unfinished attic and full basement
