Renovated Duplex with Finished
For Sale
$420,000
1535 Lakewood Avenue, Lakewood, OH 44107
Updated two-unit property with flexible living space, fenced yard, and detached garage.
Property Size1,740 SF
Days on Market193
Property Features for 1535 Lakewood Avenue
General Information
Standard status
Active
Size
1,740 SF
Property subtype
Duplex
Amenities
Forced Air
Gas
Central Air
Dishwasher
Microwave
Range
Refrigerator
Slate
Building Details
Building Size
1,740 SF
Year Built
1911
Listing Agency:
Greater Cleveland
Listed By:
Terry Young · License #237938
(216) 374-8557
Source:
Kw
Added: Feb 21
Changed: Sep 2
Last Checked: Sep 1 at 3:01PM
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 Greater Cleveland
Investment Insights
Based on property information with market context.
This duplex combines refreshed interiors with practical layouts across both residences. The units have nearly matching floor plans, including open connections between the living, dining, and kitchen areas. Each main level contains two bedrooms and a full bathroom, while the second unit adds a finished third-floor attic with another full bathroom. That additional area can function as a private suite, office, guest space, or playroom.
The property underwent extensive refurbishment in 2025, followed by replacement of the refrigerator, dishwasher, and range/oven in 2026. Interior features include forced-air heating, gas service, central air, and slate exterior elements. A fenced backyard provides outdoor space, and the detached two-car garage offers parking and storage. The property is located at 1535 Lakewood Avenue in Lakewood, Ohio.
The property underwent extensive refurbishment in 2025, followed by replacement of the refrigerator, dishwasher, and range/oven in 2026. Interior features include forced-air heating, gas service, central air, and slate exterior elements. A fenced backyard provides outdoor space, and the detached two-car garage offers parking and storage. The property is located at 1535 Lakewood Avenue in Lakewood, Ohio.
Key Highlights
- Duplex at 1535 Lakewood Avenue, Lakewood, OH 44107
- Extensively refurbished in 2025
- Refrigerator, dishwasher, and range/oven replaced in 2026
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
$18,449
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
4.39%
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%
$368,980
$369.0K
Cap Rate 7%
$263,557
$263.6K
Cap Rate 9%
$204,989
$205.0K
Market Conditions
NOI Build-Up for 1,740 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
$28.2K $16.20/SF
− Vacancy
−$1.8K −$1.05/SF
EGI
$26.4K $15.15/SF
− OpEx
−$7.9K −$4.54/SF
NOI
$18.4K $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%
$368,980
Cap Rate 7%
$263,557
Cap Rate 9%
$204,989
Alternative Uses
Best Use
Multifamily LT 5
$263.6K
$230.6K – $307.5K
NOI $18,449 @ 7.0% cap · market cap 4.39%
Second Best
Apartment 5plus
$245.7K
$215.0K – $286.7K
NOI $17,201 @ 7.0% cap · market cap 4.10%
Theoretical Best
Warehouse
$1.39M
$1.22M – $1.63M
NOI $97,591 @ 7.0% cap · market cap 23.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,140
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 - Updated two-unit property with flexible living space, fenced yard, and detached garage.
Where is this duplex located?
The property is located at 1535 Lakewood Avenue Lakewood, OH.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: Duplex at 1535 Lakewood Avenue, Lakewood, OH 44107; Extensively refurbished in 2025; Refrigerator, dishwasher, and range/oven replaced in 2026
