Renovated Two-Unit
New
For Sale
$429,900
1485 Orchard Grove Avenue, Lakewood, OH 44107
ResidentialIncome, Lakewood, OH
Property Size2,800 SF
Lot Size0.11 Acres
Price / SF$153.54
Days on Market2
Property Features for 1485 Orchard Grove Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 1, Bathroom 1, Bedroom 5, Bedroom 2, Bathroom 2, Bedroom 4, Basement, Bathroom 3
Parking features
Garage, On Street
Subdivision
Orchard Grove
Elementary school district
Lakewood CSD (Cuyahoga)- 1817
Middle school district
Lakewood CSD (Cuyahoga)- 1817
High school district
Lakewood CSD (Cuyahoga)- 1817
Directions
Madison to Orchard Grove
Standard status
Active
APN
313-25-032
Size
2,800 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
22 ORCHGR 0072 ALL
Tax Annual Amount
5278
Legal Description
22 ORCHGR 0072 ALL
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1917
Floors in Building
3
Building materials
VinylSiding
Roof type
Asphalt
Listing Agency:
Keller Williams Living · Keller Williams Realty
(440) 318-1620
Listed By:
Michael L Magno · License #2016003542
(216) 236-8849
Added: Sep 30
Last Checked: Oct 1 at 6:06PM
MLS# 5249131
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 2,800-square-foot duplex contains two apartments: a first-floor unit with two bedrooms and one full bath, and an upper unit with three bedrooms and two full baths. The upper apartment includes a finished third-floor primary suite. Renovations in 2018–2019 covered HVAC, electrical systems, windows, and interior finishes; the property also has a newer garage and a concrete driveway. Forced-air heat and central air are installed. The building dates to 1917 and occupies a 0.1102-acre parcel.
Both apartments are leased, with the leases scheduled to continue through April 2027. The first-floor residence has a 2-bedroom, 1-bath configuration, while the upper residence provides 3 bedrooms and 2 full baths.
Both apartments are leased, with the leases scheduled to continue through April 2027. The first-floor residence has a 2-bedroom, 1-bath configuration, while the upper residence provides 3 bedrooms and 2 full baths.
Key Highlights
- 2,800‑square‑foot duplex on a 0.1102‑acre parcel
- First‑floor apartment has 2 bedrooms and 1 full bath
- Upper apartment has 3 bedrooms, 2 full baths, and a finished third‑floor primary suite
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
$29,688
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
6.91%
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%
$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
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
$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 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%
$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.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,565
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
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two distinct apartment layouts include a third-floor primary suite in the upper residence.
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 on a 0.1102‑acre parcel; First‑floor apartment has 2 bedrooms and 1 full bath; Upper apartment has 3 bedrooms, 2 full baths, and a finished third‑floor primary suite
