Residential Income Property with
For Sale
$309,900
Pending
1606 Larchmont Avenue, Lakewood, OH 44107
The property features forced-air heating, window units, fireplaces, and a full unfinished basement.
Property Size2,069 SF
Days on Market24
Property Features for 1606 Larchmont Avenue
General Information
Standard status
Pending
Size
2,069 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$6,232
Amenities
None, Window Unit(s)
Natural Gas, Forced Air, Fireplace(s)
Full, Unfinished
Dryer, Microwave, Range, Refrigerator
Garage
Building Details
Year Built
1919
Buildings
1
Stories
2
Listing Agency:
Berkshire Hathaway HomeServices Professional Realty Mentor
Listed By:
Michael Kaim · License #430767
(440) 796-0425
Source:
Evrealestate
Added: Aug 13
Changed: Sep 2
Last Checked: Sep 5 at 5:13AM
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 Berkshire Hathaway HomeServices Professional Realty Mentor
Investment Insights
Based on property information with market context.
This residential income property was built in 1919 and includes a garage, full unfinished basement, and fireplace(s). Interior systems include natural gas forced-air heating and window unit(s) for cooling. The property also has a range, refrigerator, microwave, and dryer.
Located at 1606 Larchmont Avenue in Lakewood, Ohio, the property sits on the east side of Larchmont Avenue, south of Detroit Avenue. The address is in Cuyahoga County.
Located at 1606 Larchmont Avenue in Lakewood, Ohio, the property sits on the east side of Larchmont Avenue, south of Detroit Avenue. The address is in Cuyahoga County.
Key Highlights
- 1919 construction
- Garage included
- Full unfinished basement
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
$20,453
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
6.60%
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%
$409,060
$409.1K
Cap Rate 7%
$292,186
$292.2K
Cap Rate 9%
$227,256
$227.3K
Market Conditions
NOI Build-Up for 2,069 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
$39.5K $19.08/SF
− Vacancy
−$2.3K −$1.11/SF
EGI
$37.2K $17.97/SF
− OpEx
−$16.7K −$8.09/SF
NOI
$20.5K $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%
$409,060
Cap Rate 7%
$292,186
Cap Rate 9%
$227,256
Alternative Uses
Best Use
Apartment 5plus
$292.2K
$255.7K – $340.9K
NOI $20,453 @ 7.0% cap · market cap 6.60%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.66M
$1.45M – $1.93M
NOI $116,044 @ 7.0% cap · market cap 37.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - The property features forced-air heating, window units, fireplaces, and a full unfinished basement.
Where is this residential income property located?
The property is located at 1606 Larchmont Avenue Lakewood, OH.
What is the asking price?
The asking price for this property is $309,900.
What are key features of this property?
This property features: 1919 construction; Garage included; Full unfinished basement
