Remodeled Duplex with Separate
For Sale
$319,900
1559 Hopkins Ave, Lakewood, OH 44107
Two updated units offer flexible owner-occupant or rental use with separate gas and electric metering.
Property Size2,884 SF
Price / SF$110.92
Days on Market63
Property Features for 1559 Hopkins Ave
General Information
Standard status
Active
Size
2,884 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1903
Buildings
1
Tenancy
Single
Listing Agency:
Coldwell Banker Schmidt Realty
Listed By:
Christopher A Frederick, Michele L Frederick
Source:
Thelindsayteam
Added: Aug 14
Changed: Oct 2
Last Checked: Oct 15 at 2:48AM
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 Coldwell Banker Schmidt Realty
Investment Insights
Based on property information with market context.
This 2,884-square-foot duplex, built in 1903, includes two residential units with bright open living areas and updated vinyl windows. The first-floor apartment has two bedrooms and is vacant. The upper unit includes two bedrooms plus finished third-floor space and is occupied under a month-to-month lease. Both kitchens have been refreshed with quartz or granite countertops, updated cabinetry, and contemporary finishes.
Property improvements include basement work completed in 2009, electrical service updated in 2008, hot water tanks installed in 2014 and 2015, furnaces approximately 4–6 years old, and a PVC sewer line replacement completed in 2020. Separate gas and electric meters serve the units, and the washer and dryer remain with the property. Located at 1559 Hopkins Ave in Lakewood, Ohio.
Property improvements include basement work completed in 2009, electrical service updated in 2008, hot water tanks installed in 2014 and 2015, furnaces approximately 4–6 years old, and a PVC sewer line replacement completed in 2020. Separate gas and electric meters serve the units, and the washer and dryer remain with the property. Located at 1559 Hopkins Ave in Lakewood, Ohio.
Key Highlights
- 2,884‑square‑foot duplex built in 1903
- Vacant first‑floor 2‑bedroom unit
- Upper unit has 2 bedrooms plus finished third‑floor space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,509
Cap Rate
8.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$570,180
$570.2K
Cap Rate 7%
$407,271
$407.3K
Cap Rate 9%
$316,767
$316.8K
Market Conditions
NOI Build-Up for 2,884 SF
Gross rent
$55.0K $19.08/SF
− Vacancy
−$3.2K −$1.11/SF
EGI
$51.8K $17.97/SF
− OpEx
−$23.3K −$8.09/SF
NOI
$28.5K $9.89/SF
Area
Cuyahoga County, OH
Vacancy
5.80%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$570,180
Cap Rate 7%
$407,271
Cap Rate 9%
$316,767
Alternative Uses
Best Use
Multifamily LT 5
$436.8K
$382.2K – $509.7K
NOI $30,579 @ 7.0% cap · market cap 9.56%
Second Best
Apartment 5plus
$407.3K
$356.4K – $475.2K
NOI $28,509 @ 7.0% cap · market cap 8.91%
Theoretical Best
Warehouse
$2.31M
$2.02M – $2.70M
NOI $161,755 @ 7.0% cap · market cap 50.56%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,059
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?
Duplex - Two updated units offer flexible owner-occupant or rental use with separate gas and electric metering.
Where is this duplex located?
The property is located at 1559 Hopkins Ave Lakewood, OH.
What is the asking price?
The asking price for this property is $319,900.
What are key features of this property?
This property features: 2,884‑square‑foot duplex built in 1903; Vacant first‑floor 2‑bedroom unit; Upper unit has 2 bedrooms plus finished third‑floor space
