Four-Unit Apartment Building with
For Sale
$600,000
1497 Coutant Ave, Lakewood, OH 44107
Fully occupied apartment property with a separate garage building and unfinished upper-level space.
Property Size4,000 SF
Price / SF$150
Days on Market75
Property Features for 1497 Coutant Ave
General Information
Standard status
Active
Size
4,000 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Gross Income
$60,300
Highway Access
Yes
Building Details
Year Built
1916
Buildings
2
Listing Agency:
RE/MAX Above & Beyond
Listed By:
Armani Adames · License #2020004334
(216) 370-8550
Source:
Thelindsayteam
Added: Aug 2
Changed: Oct 3
Last Checked: Oct 15 at 3:25AM
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 Above & Beyond
Investment Insights
Based on property information with market context.
This four-unit apartment property at 1497 Coutant Ave in Lakewood includes four two-bedroom, one-bath apartments within approximately 4,000 square feet. All units are occupied. Built in 1916, the property also includes a separate building with a four-car garage and unfinished space above, providing additional enclosed storage or future buildout area subject to applicable approvals.
The property is located in Lakewood, Ohio, near shopping, restaurants, parks, and major highways. The sale includes 11713 Nelson Ct because the two parcels have been combined.
The property is located in Lakewood, Ohio, near shopping, restaurants, parks, and major highways. The sale includes 11713 Nelson Ct because the two parcels have been combined.
Key Highlights
- Four two‑bedroom, one‑bath apartments
- All four units are occupied
- Approximately 4,000 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$42,412
Cap Rate
7.07%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$848,240
$848.2K
Cap Rate 7%
$605,886
$605.9K
Cap Rate 9%
$471,244
$471.2K
Market Conditions
NOI Build-Up for 4,000 SF
Gross rent
$64.8K $16.20/SF
− Vacancy
−$4.2K −$1.05/SF
EGI
$60.6K $15.15/SF
− OpEx
−$18.2K −$4.54/SF
NOI
$42.4K $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%
$848,240
Cap Rate 7%
$605,886
Cap Rate 9%
$471,244
Alternative Uses
Best Use
Multifamily LT 5
$605.9K
$530.2K – $706.9K
NOI $42,412 @ 7.0% cap · market cap 7.07%
Second Best
Apartment 5plus
$564.9K
$494.3K – $659.0K
NOI $39,541 @ 7.0% cap · market cap 6.59%
Theoretical Best
Warehouse
$3.20M
$2.80M – $3.74M
NOI $224,348 @ 7.0% cap · market cap 37.39%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,030
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully occupied apartment property with a separate garage building and unfinished upper-level space.
Where is this quadplex located?
The property is located at 1497 Coutant Ave Lakewood, OH.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Four two‑bedroom, one‑bath apartments; All four units are occupied; Approximately 4,000 square feet
