Brick Quadplex with
For Sale
$600,000
1497 Coutant Avenue, Lakewood, OH 44107
ResidentialIncome, Lakewood, OH
Property Size4,000 SF
Lot Size0.27 Acres
Price / SF$150
Days on Market53
Property Features for 1497 Coutant Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 8, Bedroom 3, Bathroom 4, Bathroom 1, Bathroom 2, Bathroom 3, Basement, Bedroom 7, Bedroom 6, Bedroom 2, Bedroom 4, Bedroom 1, Bedroom 5
Parking features
Garage
Subdivision
Hiram M & C B Townsends Allot
Elementary school district
Lakewood CSD (Cuyahoga)- 1817
Middle school district
Lakewood CSD (Cuyahoga)- 1817
High school district
Lakewood CSD (Cuyahoga)- 1817
Directions
Between Detroit Ave and Franklin Blvd
Standard status
Active
APN
315-14-040
Size
4,000 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
21 IRVINE TOWNSEND S/L 16 SWP & 16 SEC& 17 ALL BUT NWC 18 ALL0017 WP
Tax Annual Amount
9937
Legal Description
21 IRVINE TOWNSEND S/L 16 SWP & 16 SEC& 17 ALL BUT NWC 18 ALL0017 WP
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1916
Floors in Building
2
Building materials
Brick
Roof type
Flat
Listing Agency:
RE/MAX Above & Beyond · RE/MAX International
(440) 546-1313
Listed By:
Armani Adames · License #2020004334
(216) 370-8550
Added: Jul 17
Changed: Sep 2
Last Checked: Sep 7 at 6:06PM
MLS# 5227228
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 Lakewood multifamily property contains four two-bedroom, one-bathroom apartments within approximately 4,000 square feet. The brick building was constructed in 1916 and includes a basement, flat roof, central air conditioning, and forced-air heating. Each unit is occupied, and the property is being offered together with a second building on the combined parcels.
The additional building includes a four-car garage and unfinished upper-level space. Public water and sewer serve the property, while garage parking provides on-site vehicle storage. The property is located at 1497 Coutant Avenue in Lakewood, Ohio, with nearby shopping, restaurants, parks, and major highways identified in the listing information.
The additional building includes a four-car garage and unfinished upper-level space. Public water and sewer serve the property, while garage parking provides on-site vehicle storage. The property is located at 1497 Coutant Avenue in Lakewood, Ohio, with nearby shopping, restaurants, parks, and major highways identified in the listing information.
Key Highlights
- Four occupied 2‑bedroom, 1‑bathroom apartments
- Approximately 4,000 square feet on a 0.2672‑acre lot
- Second building includes a four‑car garage
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
$42,412
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
7.07%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully occupied multifamily property with brick construction, central air, forced-air heat, and public utilities.
Where is this quadplex located?
The property is located at 1497 Coutant Avenue 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 occupied 2‑bedroom, 1‑bathroom apartments; Approximately 4,000 square feet on a 0.2672‑acre lot; Second building includes a four‑car garage
