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    Lakewood Duplex: Investment Opportunity

    1604 Newman Avenue Lakewood, OH 44107

    1604 Newman Avenue, Lakewood, OH, 44107
    $275,000
    Pending
    For Sale
    Claim this Listing
    $275,000
    Pending

    MULTI_FAMILY - Lakewood, OH

    Property Size2,240 SF
    Lot Size0.16 Acres
    AddedApr 22
    Days on Market86
    Last RefreshJul 16 at 7:06 am

    Property Features for 1604 Newman Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    6
    Bathrooms
    2
    Rooms
    Bedroom 3, Bedroom 5, Bedroom 4, Bathroom 2, Bedroom 2, Bedroom 6, Bedroom 1, Bathroom 1
    Parking features
    Paved or Surfaced, Driveway, Garage
    Standard status
    Pending
    APN
    315-15-056
    Size
    2,240 SF
    Lot size
    0.16 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    21 NEWMAN 0065 ALL
    Tax Annual Amount
    7161

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air, Natural Gas
    Water source
    Public

    Building Details

    Year built
    1898
    Floors in Building
    2
    Building materials
    VinylSiding
    Roof type
    Asphalt, Fiberglass

    Listing agent Sylvia Incorvaia License #411497

    Listing office EXP Realty, LLC. 159 Crocker Park Blvd. #400, Dublin, OH

    Listing date Apr 22, 2026

    MLS# 5203363 Listing URL

    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.

    Located in the Birdtown neighborhood of Lakewood, this fully occupied duplex represents an investment opportunity. The property features two 3-bedroom, 1-bath units, each currently rented for $1,400 per month, generating a total monthly income of $2,800 and an annual income of $33,600. The property is situated in a location with strong rental demand. The left unit has undergone several improvements, including new windows, a complete kitchen remodel, a complete bathroom remodel, new flooring, fresh paint, and new drywall installed on the first floor. The property is suitable for investors seeking a cash-flowing asset with upside potential or looking to add to their portfolio. The property size is 2240 square feet and the lot size is 0.1644 acres.

    Key Highlights

    • Fully occupied duplex in Lakewood’s Birdtown neighborhood with both 3BD/1BA units currently rented
    • Each unit is rented for $1,400 per month, for $2,800 monthly income and $33,600 in annual gross income
    • Left unit updates include new windows, complete kitchen remodel, complete bathroom remodel, new flooring, fresh paint, and new drywall on the first floor

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $36.3k $16.20
    − Vacancy −$2.4k −$1.05
    EGI $33.9k $15.15
    − OpEx −$10.2k −$4.54
    NOI $23.8k $10.60
    2,240 SF · lease $16.20/SF/yr · vacancy 6.50% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $339.3K
    $296.9K – $395.8K (±1% cap)
    NOI $23,750 @ 7.0% cap · market cap 8.64%
    Second Best
    Apartment 5plus
    $316.3K
    $276.8K – $369.1K (±1% cap)
    NOI $22,143 @ 7.0% cap · market cap 8.05%
    Theoretical Best
    Warehouse
    $1.79M
    $1.57M – $2.09M (±1% cap)
    NOI $125,635 @ 7.0% cap · market cap 45.69%
    Zoning and permitted uses should be independently verified with local authorities.

    Property Analytics

    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Accounting Firm Parking Lot & Garage Dental Office Furniture & Home Goods Daycare Center Travel Agency Home Appliance Store Auto Parts Store

    Zoning and permitted uses should be independently verified with local authorities.

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    FAQs

    What type of property is this?
    Duplex - Fully occupied duplex in Lakewood's Birdtown neighborhood.
    Where is this duplex located?
    The property is located at 1604 Newman Avenue Lakewood, OH.
    What is the asking price?
    The asking price for this property is $275,000.
    What are key features of this property?
    This property features: Fully occupied duplex in Lakewood’s Birdtown neighborhood with both 3BD/1BA units currently rented; Each unit is rented for $1,400 per month, for $2,800 monthly income and $33,600 in annual gross income; Left unit updates include new windows, complete kitchen remodel, complete bathroom remodel, new flooring, fresh paint, and new drywall on the first floor
    Contact an agent
    (216) 316-1893
    We can help!
    Contact an agent
    Sylvia Incorvaia
    Real Estate License ID: 411497
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