Updated Two-Family
New
For Sale
$465,000
15611 Delaware Avenue, Lakewood, OH 44107
ResidentialIncome, Lakewood, OH
Property Size2,516 SF
Lot Size0.15 Acres
Price / SF$184.82
Days on Market2
Property Features for 15611 Delaware Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 5, Basement, Bedroom 6, Bedroom 4, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 1, Laundry Room
Parking features
Garage
Appliances
Dishwasher, Range, Refrigerator
Subdivision
Rockport Sec 19
Elementary school district
Lakewood CSD (Cuyahoga)- 1817
Middle school district
Lakewood CSD (Cuyahoga)- 1817
High school district
Lakewood CSD (Cuyahoga)- 1817
Directions
North On Alger, West on Delaware
Standard status
Active
APN
313-17-064
Size
2,516 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
19 EP 157.25 E OF DIXON SUB
Tax Annual Amount
7626
Legal Description
19 EP 157.25 E OF DIXON SUB
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1926
Floors in Building
2
Building materials
WoodSiding
Roof type
Asphalt, Fiberglass
Listing Agency:
Russell Real Estate Services
(440) 572-3100
Listed By:
Chris Kilbane · License #2013000956
(440) 915-8257
Added: Sep 23
Last Checked: Sep 24 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.
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 = 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
$26,677
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
5.74%
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%
$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
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
$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 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%
$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
Lease Details
2
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - 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
