Updated Two-Family
15611 Delaware Avenue, Lakewood, OH 44107
For Sale
$465,000
Pending
ResidentialIncome, Lakewood, OH
Property Size2,516 SF
Lot Size0.15 Acres
Days on Market49
Property Features for 15611 Delaware Avenue
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking features
Appliances
Subdivision
Elementary school district
Middle school district
High school district
Directions
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Sewer type
Heating system
Water source
Building Details
Year built
Floors in Building
Building materials
Roof type
Listing Agency:
Russell Real Estate Services
(440) 572-3100
Listed By:
Chris Kilbane · License OH #2013000956
(440) 915-8257
Added: Sep 23
Changed: Oct 23
Last Checked: Nov 10 at 8:06PM
MLS# 5242175
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.
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Investment Insights
Based on property information with market context.
This 1926 duplex contains 2,516 square feet across two fully remodeled residences, with each unit offering three bedrooms and an open living arrangement. Interior improvements include refinished hardwood flooring, granite kitchen surfaces, breakfast bars, stainless steel appliances, updated lighting, porcelain tile, and renovated bathrooms with granite vanities and new tub and shower enclosures. Built-in china cabinets, glass block windows, replacement windows, and additional hallway space further serve both units.
The property occupies 0.146 acres in Lakewood, Ohio, and includes a two-car garage for off-street parking and storage. Major systems, including the furnaces, water heaters, electrical service, plumbing, doors, and energy-efficient windows, were updated in 2018. The roof was replaced in 2018, while the porches were rebuilt in 2026. Public water and public sewer serve the property, with natural-gas forced-air heating.
The property occupies 0.146 acres in Lakewood, Ohio, and includes a two-car garage for off-street parking and storage. Major systems, including the furnaces, water heaters, electrical service, plumbing, doors, and energy-efficient windows, were updated in 2018. The roof was replaced in 2018, while the porches were rebuilt in 2026. Public water and public sewer serve the property, with natural-gas forced-air heating.
Key Highlights
- Two‑unit duplex with 2,516 square feet
- Each residence includes 3 bedrooms
- 0.146‑acre lot in Lakewood, OH
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
Office A
$467.4K
$409.0K – $545.3K
NOI $32,716 @ 7.0% cap · market cap 7.04%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
687
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
$241,400
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Lakewood, OH
Properties on Market for Duplexes in Lakewood
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two remodeled three-bedroom residences with modern kitchens, renovated baths, and a detached two-car garage.
Where is this duplex located?
The property is located at 15611 Delaware Avenue 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‑unit duplex with 2,516 square feet; Each residence includes 3 bedrooms; 0.146‑acre lot in Lakewood, OH
