Remodeled
For Sale
$465,000
15611 Delaware Ave, Lakewood, OH 44107
Both residences offer three bedrooms, updated kitchens and baths, and refinished hardwood floors.
Property Size2,516 SF
Price / SF$184.82
Days on Market11
Property Features for 15611 Delaware Ave
General Information
Standard status
Active
Size
2,516 SF
Property subtype
Multi-Family
Building Details
Year Built
1926
Listing Agency:
Russell Real Estate Services
Listed By:
Chris Kilbane · License #2013000956
(440) 915-8257
Source:
Theacclaimedrealty
Added: Sep 30
Changed: Oct 10
Last Checked: Oct 7 at 4:38PM
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 Russell Real Estate Services
Investment Insights
Based on property information with market context.
This 2,516-square-foot duplex at 15611 Delaware Ave in Lakewood contains two three-bedroom residences. Interior updates include refinished hardwood floors, granite-counter kitchens with breakfast bars and stainless steel appliances, and renovated bathrooms. Built-in china cabinets and glass block windows add to the interior features. A two-car garage provides off-street parking and storage, with additional space in the back hallway beside each unit.
The home dates to 1926. The roof, doors, energy-efficient windows, mechanical systems, electrical service, and plumbing were updated in 2018. The porches were rebuilt in 2026.
The home dates to 1926. The roof, doors, energy-efficient windows, mechanical systems, electrical service, and plumbing were updated in 2018. The porches were rebuilt in 2026.
Key Highlights
- Two residences, each with three bedrooms
- 2,516 square feet; built in 1926
- Granite‑counter kitchens with breakfast bars and stainless steel appliances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,677
Cap Rate
5.74%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$533,540
$533.5K
Cap Rate 7%
$381,100
$381.1K
Cap Rate 9%
$296,411
$296.4K
Market Conditions
NOI Build-Up for 2,516 SF
Gross rent
$40.8K $16.20/SF
− Vacancy
−$2.6K −$1.05/SF
EGI
$38.1K $15.15/SF
− OpEx
−$11.4K −$4.54/SF
NOI
$26.7K $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%
$533,540
Cap Rate 7%
$381,100
Cap Rate 9%
$296,411
Alternative Uses
Best Use
Multifamily LT 5
$381.1K
$333.5K – $444.6K
NOI $26,677 @ 7.0% cap · market cap 5.74%
Second Best
Apartment 5plus
$355.3K
$310.9K – $414.5K
NOI $24,872 @ 7.0% cap · market cap 5.35%
Theoretical Best
Warehouse
$2.02M
$1.76M – $2.35M
NOI $141,115 @ 7.0% cap · market cap 30.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
687
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 - Both residences offer three bedrooms, updated kitchens and baths, and refinished hardwood floors.
Where is this duplex located?
The property is located at 15611 Delaware Ave Lakewood, OH.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Two residences, each with three bedrooms; 2,516 square feet; built in 1926; Granite‑counter kitchens with breakfast bars and stainless steel appliances
