Multifamily Property with Detached
New
For Sale
$415,000
1583 Northland Avenue, Lakewood, OH 44107
The property combines central air, forced-air heating, and a detached garage.
Property Size2,566 SF
Price / SF$161.73
Days on Market3
Property Features for 1583 Northland Avenue
General Information
Standard status
Active
Size
2,566 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$6,661
Amenities
Central Air
Forced Air
Dryer, Dishwasher, Microwave, Range, Refrigerator, Washer
Driveway, Detached, Garage
Building Details
Year Built
1917
Buildings
1
Stories
3
Listing Agency:
(419) 217-6628
Listed By:
Edward Haynes
(419) 217-6628
Source:
Evrealestate
Added: Aug 9
Changed: Aug 10
Last Checked: Aug 11 at 7:10AM
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 Edward Haynes
Investment Insights
Based on property information with market context.
Built in 1917, this 2,566-square-foot multifamily property includes central air and forced-air heating. The interior appliance package includes a dryer, dishwasher, microwave, range, refrigerator, and washer. Exterior improvements include a driveway and detached garage.
The property is located at 1583 Northland Avenue in Lakewood, Cuyahoga County, Ohio. Northland Avenue is accessible from Detroit Road when traveling south toward Madison Avenue.
The property is located at 1583 Northland Avenue in Lakewood, Cuyahoga County, Ohio. Northland Avenue is accessible from Detroit Road when traveling south toward Madison Avenue.
Key Highlights
- 2,566‑square‑foot multifamily property
- Built in 1917
- Central air and forced‑air heating
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
$25,366
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
6.11%
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%
$507,320
$507.3K
Cap Rate 7%
$362,371
$362.4K
Cap Rate 9%
$281,844
$281.8K
Market Conditions
NOI Build-Up for 2,566 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
$49.0K $19.08/SF
− Vacancy
−$2.8K −$1.11/SF
EGI
$46.1K $17.97/SF
− OpEx
−$20.8K −$8.09/SF
NOI
$25.4K $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 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%
$507,320
Cap Rate 7%
$362,371
Cap Rate 9%
$281,844
Alternative Uses
Best Use
Apartment 5plus
$362.4K
$317.1K – $422.8K
NOI $25,366 @ 7.0% cap · market cap 6.11%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.06M
$1.80M – $2.40M
NOI $143,919 @ 7.0% cap · market cap 34.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,565
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - The property combines central air, forced-air heating, and a detached garage.
Where is this multifamily property located?
The property is located at 1583 Northland Avenue Lakewood, OH.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: 2,566‑square‑foot multifamily property; Built in 1917; Central air and forced‑air heating
