Renovated 2-Unit
For Sale
$429,900
1485 Orchard Grove Avenue, Lakewood, OH 44107
Two apartments provide separate bedroom and bath configurations, with leases extending through April 2027.
Property Size2,800 SF
Price / SF$153.54
Days on Market9
Property Features for 1485 Orchard Grove Avenue
General Information
Standard status
Active
Size
2,800 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/2BA
Multifamily Units
2
Additional Details
Gross Income
$40,200
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$5,278
Amenities
garage
Unfinished
true
3
5
2800
Estimated
Public
0.1102
false
Public Records
Asphalt,Detached,Garage,On Street
1
Building Details
Building Size
2,800 SF
Year Built
1917
Year Renovated
2019
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Keller Williams Living
(304) 501-5212
Listed By:
Karen Ullom
Source:
Karenullomrealty
Added: Oct 26
Changed: Oct 31
Last Checked: Oct 31 at 3:45AM
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 Living
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Investment Insights
Based on property information with market context.
This 2,800-square-foot duplex contains two apartments. The first-floor unit has 2 bedrooms and 1 full bath; the upper unit has 3 bedrooms and 2 full baths, with a finished third-floor primary suite. Renovations completed in 2018–2019 included HVAC, electrical, windows, and interior finishes. The property also has a newer detached garage and a new concrete driveway.
Both apartments are occupied, with leases scheduled to run through April 2027. The first-floor unit is rented for $1,325 per month and the upper unit for $2,025 per month.
Both apartments are occupied, with leases scheduled to run through April 2027. The first-floor unit is rented for $1,325 per month and the upper unit for $2,025 per month.
Key Highlights
- 2,800‑square‑foot duplex with two rental units
- First‑floor apartment: 2 bedrooms and 1 full bath
- Upper apartment: 3 bedrooms, 2 full baths, and a finished third‑floor primary suite
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,688
Cap Rate
6.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$593,760
$593.8K
Cap Rate 7%
$424,114
$424.1K
Cap Rate 9%
$329,867
$329.9K
Market Conditions
NOI Build-Up for 2,800 SF
Gross rent
$45.4K $16.20/SF
− Vacancy
−$2.9K −$1.05/SF
EGI
$42.4K $15.15/SF
− OpEx
−$12.7K −$4.54/SF
NOI
$29.7K $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%
$593,760
Cap Rate 7%
$424,114
Cap Rate 9%
$329,867
Alternative Uses
Best Use
Multifamily LT 5
$424.1K
$371.1K – $494.8K
NOI $29,688 @ 7.0% cap · market cap 6.91%
Second Best
Apartment 5plus
$395.4K
$346.0K – $461.3K
NOI $27,679 @ 7.0% cap · market cap 6.44%
Theoretical Best
Warehouse
$2.24M
$1.96M – $2.62M
NOI $157,044 @ 7.0% cap · market cap 36.53%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two apartments provide separate bedroom and bath configurations, with leases extending through April 2027.
Where is this duplex located?
The property is located at 1485 Orchard Grove Avenue Lakewood, OH.
What is the asking price?
The asking price for this property is $429,900.
What are key features of this property?
This property features: 2,800‑square‑foot duplex with two rental units; First‑floor apartment: 2 bedrooms and 1 full bath; Upper apartment: 3 bedrooms, 2 full baths, and a finished third‑floor primary suite
