Duplex with Full
New
For Sale
$369,000
14708 Leonard Avenue Lakewood OH 44107, Lakewood, OH 44107
One unit is vacant while the other is occupied, supporting owner-occupancy or continued rental use.
Property Size2,240 SF
Price / SF$164.73
Days on Market7
Property Features for 14708 Leonard Avenue Lakewood OH 44107
General Information
Standard status
Active
Size
2,240 SF
Property subtype
ResidentialIncome
Building Details
Year Built
1923
Listing Agency:
RE/MAX Crossroads Properties
Listed By:
Stacey A Burnett · License #2014001124
(216) 965-7824
Source:
Search.reafcorealestate
Added: Aug 29
Changed: Aug 31
Last Checked: Sep 4 at 2:32AM
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
Investment Insights
Based on property information with market context.
This Lakewood duplex contains two units within 2,240 square feet. One unit is vacant, while the second is occupied, giving an owner-occupant or landlord flexibility in how the property is used. A full attic provides additional storage and may accommodate living space or home office uses, subject to applicable requirements. The property also includes a two-car garage.
Located at 14708 Leonard Ave in Lakewood, OH, the duplex is near restaurants, shopping, parks, and entertainment. The property also offers access to nearby freeways for travel toward downtown Cleveland and other destinations.
Located at 14708 Leonard Ave in Lakewood, OH, the duplex is near restaurants, shopping, parks, and entertainment. The property also offers access to nearby freeways for travel toward downtown Cleveland and other destinations.
Key Highlights
- Two‑unit duplex with 2,240 square feet
- One unit vacant and one unit occupied
- Full attic for storage or potential additional use
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
Location Intelligence
Trade Area within ½ mile
1,777
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
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Frequently Asked Questions
What type of property is this?
Duplex - One unit is vacant while the other is occupied, supporting owner-occupancy or continued rental use.
Where is this duplex located?
The property is located at 14708 Leonard Avenue Lakewood OH 44107 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; One unit vacant and one unit occupied; Full attic for storage or potential additional use
