Duplex With Two-Car
1606 Cordova Ave 1604, Lakewood, OH 44107
For Sale
$365,000
Pending
Remodeled kitchens and basement laundry serve the two-unit property.
Property Size2,240 SF
Days on Market51
Property Features for 1606 Cordova Ave 1604
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Additional Details
Multifamily Units
Amenities
front porch
laundry in basement
Building Details
Year Built
Buildings
Listing Agency:
RE/MAX Results
Listed By:
Sara B DiFranco · License OH #2004003836
(440) 478-7034
Source:
Mynexthomeonline
Added: Sep 21
Changed: Nov 8
Last Checked: Nov 10 at 11:12AM
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 RE/MAX Results
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Investment Insights
Based on property information with market context.
This 2,240-square-foot duplex, built in 1916, contains two remodeled units. The upper residence has two bedrooms and a finished third-floor bedroom with its own heating unit. Interior details include refinished wood floors, natural woodwork, newer carpet, and a claw-foot tub. Updated kitchens are equipped with newer microwaves, stoves, refrigerators, and disposals. Newer windows are installed throughout much of the property.
The building includes a front porch, basement laundry, and a two-car garage. Located at 1606 Cordova Ave and 1604 in Lakewood, Ohio, the property combines the two-unit layout with these interior and exterior features.
The building includes a front porch, basement laundry, and a two-car garage. Located at 1606 Cordova Ave and 1604 in Lakewood, Ohio, the property combines the two-unit layout with these interior and exterior features.
Key Highlights
- 2,240‑square‑foot duplex built in 1916
- Two remodeled units with updated kitchens and newer appliances
- Upper unit has two bedrooms plus a finished third‑floor bedroom with a separate heating unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,750
Cap Rate
6.51%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$475,000
$475.0K
Cap Rate 7%
$339,286
$339.3K
Cap Rate 9%
$263,889
$263.9K
Market Conditions
NOI Build-Up for 2,240 SF
Gross rent
$36.3K $16.20/SF
− Vacancy
−$2.4K −$1.05/SF
EGI
$33.9K $15.15/SF
− OpEx
−$10.2K −$4.54/SF
NOI
$23.8K $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%
$475,000
Cap Rate 7%
$339,286
Cap Rate 9%
$263,889
Alternative Uses
Best Use
Multifamily LT 5
$339.3K
$296.9K – $395.8K
NOI $23,750 @ 7.0% cap · market cap 6.51%
Second Best
Apartment 5plus
$316.3K
$276.8K – $369.1K
NOI $22,143 @ 7.0% cap · market cap 6.07%
Theoretical Best
Office A
$416.1K
$364.1K – $485.5K
NOI $29,127 @ 7.0% cap · market cap 7.98%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
951
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
$241,400
Median Home Value
Market
Average Price Trend$/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 - Remodeled kitchens and basement laundry serve the two-unit property.
Where is this duplex located?
The property is located at 1606 Cordova Ave 1604 Lakewood, OH.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: 2,240‑square‑foot duplex built in 1916; Two remodeled units with updated kitchens and newer appliances; Upper unit has two bedrooms plus a finished third‑floor bedroom with a separate heating unit
