Duplex with Two-Car
1583 Victoria Ave, Lakewood, OH 44107
For Sale
$370,000
Both residences offer two bedrooms, a full bath, living and dining rooms, and hardwood floors.
Property Size2,096 SF
Price / SF$176.53
Days on Market133
Property Features for 1583 Victoria Ave
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Units
Unit Mix
Multifamily Units
Building Details
Year Built
Buildings
Listing Agency:
Key Realty
Listed By:
Joshua Janus · License OH #2021008169
(216) 284-6736
Source:
Searchclevelandhouses
Added: Jul 1
Changed: Nov 10
Last Checked: Nov 10 at 2:23PM
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 Key Realty
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Investment Insights
Based on property information with market context.
Built in 1925, this duplex contains 2,096 square feet across two residences. Each unit has two bedrooms, one bathroom, a living room, and a dining room. Hardwood flooring runs throughout. The first-floor kitchen features granite counters, wood cabinetry, and a peninsula adjoining the dining area; updated bathrooms include tile floors, tiled backsplashes, and refreshed vanities and lighting.
Vinyl siding and vinyl windows complement the exterior. A long concrete driveway leads to a two-car garage. The full basement contains two updated hot water tanks, furnaces, and updated electrical wiring.
Vinyl siding and vinyl windows complement the exterior. A long concrete driveway leads to a two-car garage. The full basement contains two updated hot water tanks, furnaces, and updated electrical wiring.
Key Highlights
- Two units, each with 2 bedrooms and 1 bathroom
- 2,096 square feet; built in 1925
- Hardwood floors throughout both residences
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,224
Cap Rate
6.01%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$444,480
$444.5K
Cap Rate 7%
$317,486
$317.5K
Cap Rate 9%
$246,933
$246.9K
Market Conditions
NOI Build-Up for 2,096 SF
Gross rent
$34.0K $16.20/SF
− Vacancy
−$2.2K −$1.05/SF
EGI
$31.7K $15.15/SF
− OpEx
−$9.5K −$4.54/SF
NOI
$22.2K $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%
$444,480
Cap Rate 7%
$317,486
Cap Rate 9%
$246,933
Alternative Uses
Best Use
Multifamily LT 5
$317.5K
$277.8K – $370.4K
NOI $22,224 @ 7.0% cap · market cap 6.01%
Second Best
Apartment 5plus
$296.0K
$259.0K – $345.3K
NOI $20,720 @ 7.0% cap · market cap 5.60%
Theoretical Best
Office A
$389.4K
$340.7K – $454.3K
NOI $27,255 @ 7.0% cap · market cap 7.37%
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
1,766
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 - Both residences offer two bedrooms, a full bath, living and dining rooms, and hardwood floors.
Where is this duplex located?
The property is located at 1583 Victoria Ave Lakewood, OH.
What is the asking price?
The asking price for this property is $370,000.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 1 bathroom; 2,096 square feet; built in 1925; Hardwood floors throughout both residences
