Duplex With Two-Car
New
For Sale
$369,000
14708 Leonard Avenue, Lakewood, OH 44107
ResidentialIncome, Lakewood, OH
Property Size2,240 SF
Lot Size0.12 Acres
Price / SF$164.73
Days on Market3
Property Features for 14708 Leonard Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bedroom 3, Laundry Room, Bedroom 4, Basement, Bedroom 2, Bathroom 1
Parking features
Garage
Exterior features
Balcony
Appliances
Dryer, Dishwasher, Range, Refrigerator, Washer
Subdivision
Warren Hurst
Lot features
Back Yard
Elementary school district
Lakewood CSD (Cuyahoga)- 1817
Middle school district
Lakewood CSD (Cuyahoga)- 1817
High school district
Lakewood CSD (Cuyahoga)- 1817
Directions
North side of Leonard between Warren Rd and Leonard
Standard status
Active
APN
314-18-069
Size
2,240 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7021
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1923
Floors in Building
2
Building materials
VinylSiding
Roof type
Asphalt, Fiberglass
Listing Agency:
RE/MAX Crossroads Properties · RE/MAX International
(440) 331-2870
Listed By:
Stacey A Burnett · License #2014001124
(216) 965-7824
Added: Aug 21
Changed: Aug 23
Last Checked: Aug 23 at 3:06PM
MLS# 5238461
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 2,240-square-foot duplex, built in 1923, contains two residential units with one currently vacant and the other occupied. The property includes a full attic, basement, balcony, laundry room, and a two-car garage. Interior equipment includes a range, refrigerator, dishwasher, washer, and dryer. Vinyl siding, asphalt and fiberglass roofing, natural-gas forced-air heat, public water, and public sewer serve the property.
Located at 14708 Leonard Avenue in Lakewood, Ohio, the property is near restaurants, shopping, parks, and entertainment. Freeway access provides connections toward downtown Cleveland and beyond. The 0.12-acre parcel is within ZIP Code 44107.
Located at 14708 Leonard Avenue in Lakewood, Ohio, the property is near restaurants, shopping, parks, and entertainment. Freeway access provides connections toward downtown Cleveland and beyond. The 0.12-acre parcel is within ZIP Code 44107.
Key Highlights
- Two‑unit duplex with 2,240 square feet of property size
- One unit vacant and one unit occupied
- Full attic, basement, balcony, and laundry room
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
$23,750
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
6.44%
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%
$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
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
$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 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%
$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 6.44%
Second Best
Apartment 5plus
$316.3K
$276.8K – $369.1K
NOI $22,143 @ 7.0% cap · market cap 6.00%
Theoretical Best
Warehouse
$1.79M
$1.57M – $2.09M
NOI $125,635 @ 7.0% cap · market cap 34.05%
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
878
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 - Two-unit property with one vacant residence, a full attic, balcony, and public utilities in Lakewood.
Where is this duplex located?
The property is located at 14708 Leonard Avenue Lakewood, OH.
What is the asking price?
The asking price for this property is $369,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,240 square feet of property size; One unit vacant and one unit occupied; Full attic, basement, balcony, and laundry room
