Remodeled Duplex with Rental
For Sale
$319,900
Pending
1559 HOPKINS AVENUE, Lakewood, OH 44107
LAKEWOOD, OH
Property Size2,884 SF
Days on Market63
Property Features for 1559 HOPKINS AVENUE
General Information
Property type
Residential Multi Family
Property subtype
Single Family Attached
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 4, Bedroom 2, Bedroom 3, Bedroom 5
Subdivision
HENRY BEACH
Standard status
Pending
Size
2,884 SF
Building Details
Year built
1903
Listing Agency:
Schmidt Realty · Coldwell Banker Real Estate
(440) 777-8500
Listed By:
Christopher Frederick · License #426983
(216) 210-7653
Added: Aug 14
Changed: Sep 12
Last Checked: Oct 15 at 8:06PM
MLS# 5224574
Copyright © 2026 Coldwell Banker Schmidt REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 2,884-square-foot duplex in Lakewood, Ohio, was built in 1903 and includes two residential units with distinct layouts. The first-floor residence has two bedrooms and is vacant, while the upper unit includes two bedrooms plus a finished third-floor bedroom and flexible studio space. Both units feature open living areas, updated vinyl windows, and kitchens finished with quartz or granite countertops and updated cabinetry.
The property has received significant mechanical and infrastructure work, including electrical service updates in 2008, basement improvements in 2009, hot water tanks replaced in 2014 and 2015, furnaces approximately 4–6 years old, and a PVC sewer line installed from the house to the street in 2020. Separate gas and electric meters serve the units, and a washer and dryer are included. The second-floor residence is occupied under a month-to-month lease, while the first-floor unit is available for showings.
The property has received significant mechanical and infrastructure work, including electrical service updates in 2008, basement improvements in 2009, hot water tanks replaced in 2014 and 2015, furnaces approximately 4–6 years old, and a PVC sewer line installed from the house to the street in 2020. Separate gas and electric meters serve the units, and a washer and dryer are included. The second-floor residence is occupied under a month-to-month lease, while the first-floor unit is available for showings.
Key Highlights
- 2,884 SF duplex in Lakewood, OH
- Built in 1903 with two residential units
- First‑floor unit has 2 bedrooms and is vacant
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
Location Intelligence
Trade Area within ½ mile
1,059
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with updated interiors, separate utilities, and one vacant residence available for occupancy.
Where is this duplex located?
The property is located at 1559 HOPKINS AVENUE 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 SF duplex in Lakewood, OH; Built in 1903 with two residential units; First‑floor unit has 2 bedrooms and is vacant
