Updated Duplex With
For Sale
$374,000
1479 Hopkins Avenue, Lakewood, OH 44107
MULTI_FAMILY - Lakewood, OH
Property Size2,450 SF
Lot Size0.10 Acres
Price / SF$152.65
Days on Market55
Property Features for 1479 Hopkins Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 2, Bathroom 1, Basement, Laundry Room, Bedroom 3, Bedroom 4, Bathroom 2, Bedroom 5
Parking features
Garage
Interior features
CeilingFans, GraniteCounters
Exterior features
Balcony
Appliances
Dryer, Dishwasher, Range, Refrigerator, Washer
Subdivision
Henry
Elementary school district
Lakewood CSD (Cuyahoga)- 1817
Middle school district
Lakewood CSD (Cuyahoga)- 1817
High school district
Lakewood CSD (Cuyahoga)- 1817
Directions
West of 117th, south of Detroit
Standard status
Active
APN
315-13-031
Size
2,450 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
21 HENRY 0078 ALL
Tax Annual Amount
7028
Legal Description
21 HENRY 0078 ALL
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Ceiling Fan(s), Central Air
Water source
Public
Amenities
central a/c
fenced in back yard
Building Details
Year built
1912
Floors in Building
3
Building materials
VinylSiding
Roof type
Asphalt, Fiberglass
Listing Agency:
Keller Williams Citywide · Keller Williams Realty
(440) 892-2211
Listed By:
Bill Calabrase · License #2016003197
(440) 823-8657
Added: Jun 19
Changed: Aug 11
Last Checked: Aug 12 at 3:06PM
MLS# 5215906
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 2,450-square-foot duplex, built in 1912, contains five bedrooms across two residential units. Both units are rented and feature recently updated kitchens and bathrooms, with granite or quartz countertops, soft-close cabinetry, stainless steel appliances, and contemporary lighting. Central air, forced-air heating, newer vinyl windows, and ceiling fans support year-round comfort. The upper unit includes a large third-floor bedroom.
The property occupies 0.0983 acres and includes a newer two-car garage, driveway, fenced backyard, and balcony. Furnaces were installed in 2016, while the water heaters date to 2020 and 2025. Public water and public sewer serve the property. Located near Detroit Avenue in Lakewood, the duplex is positioned close to area conveniences and is POS compliant.
The property occupies 0.0983 acres and includes a newer two-car garage, driveway, fenced backyard, and balcony. Furnaces were installed in 2016, while the water heaters date to 2020 and 2025. Public water and public sewer serve the property. Located near Detroit Avenue in Lakewood, the duplex is positioned close to area conveniences and is POS compliant.
Key Highlights
- 2,450‑square‑foot duplex with five bedrooms across two units
- Both units are rented
- Updated kitchens and baths with granite or quartz counters and stainless steel appliances
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
Multi-tenant
Tenancy
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 rented units offer updated kitchens and baths, central air, and a newer two-car garage.
Where is this duplex located?
The property is located at 1479 Hopkins Avenue 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 five bedrooms across two units; Both units are rented; Updated kitchens and baths with granite or quartz counters and stainless steel appliances
