Updated Duplex with
For Sale
$374,000
1479 Hopkins Ave, Lakewood, OH 44107
Two leased units offer refreshed kitchens and baths, central air conditioning, and a fenced backyard.
Property Size2,450 SF
Price / SF$152.65
Days on Market19
Property Features for 1479 Hopkins Ave
General Information
Standard status
Active
Size
2,450 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
2
Amenities
central a/c
fenced backyard
Building Details
Year Built
1912
Listing Agency:
Keller Williams Citywide
(440) 823-8657
Listed By:
Bill Calabrase · License #2016003197
Source:
Theacclaimedrealty
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 30 at 8:54PM
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 Keller Williams Citywide
Investment Insights
Based on property information with market context.
Built in 1912, this 2,450-square-foot duplex contains a combined five bedrooms across two units, both currently rented. Recent improvements include updated kitchens and bathrooms, with granite or quartz countertops, soft-close cabinetry, stainless steel appliances, and contemporary lighting. The upper residence adds a large bedroom on the third floor, while central air conditioning serves the property.
Additional features include newer vinyl windows, furnaces installed in 2016, and water heaters from 2020 and 2025. The property also provides a newer 2-car garage, driveway parking, and a fenced backyard. Located near Detroit Ave, it is close to area conveniences and is POS compliant.
Additional features include newer vinyl windows, furnaces installed in 2016, and water heaters from 2020 and 2025. The property also provides a newer 2-car garage, driveway parking, and a fenced backyard. Located near Detroit Ave, it is close to area conveniences and is POS compliant.
Key Highlights
- 2,450‑square‑foot duplex with 5 bedrooms across two rented units
- Updated kitchens and baths with granite or quartz counters and stainless steel appliances
- Upper unit includes a large third‑floor bedroom
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
$25,977
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
6.95%
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%
$519,540
$519.5K
Cap Rate 7%
$371,100
$371.1K
Cap Rate 9%
$288,633
$288.6K
Market Conditions
NOI Build-Up for 2,450 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
$39.7K $16.20/SF
− Vacancy
−$2.6K −$1.05/SF
EGI
$37.1K $15.15/SF
− OpEx
−$11.1K −$4.54/SF
NOI
$26.0K $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%
$519,540
Cap Rate 7%
$371,100
Cap Rate 9%
$288,633
Alternative Uses
Best Use
Multifamily LT 5
$371.1K
$324.7K – $433.0K
NOI $25,977 @ 7.0% cap · market cap 6.95%
Second Best
Apartment 5plus
$346.0K
$302.7K – $403.7K
NOI $24,219 @ 7.0% cap · market cap 6.48%
Theoretical Best
Warehouse
$1.96M
$1.72M – $2.29M
NOI $137,413 @ 7.0% cap · market cap 36.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,110
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 - Two leased units offer refreshed kitchens and baths, central air conditioning, and a fenced backyard.
Where is this duplex located?
The property is located at 1479 Hopkins Ave Lakewood, OH.
What is the asking price?
The asking price for this property is $374,000.
What are key features of this property?
This property features: 2,450‑square‑foot duplex with 5 bedrooms across two rented units; Updated kitchens and baths with granite or quartz counters and stainless steel appliances; Upper unit includes a large third‑floor bedroom
