Updated Duplex with
For Sale
$410,000
1609 Westwood Ave, Lakewood, OH 44107
Both residences include two bedrooms, a full bath, and a sunlit flex area.
Property Size2,248 SF
Price / SF$182.38
Days on Market76
Property Features for 1609 Westwood Ave
General Information
Standard status
Active
Size
2,248 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
balcony
Building Details
Year Built
1920
Year Renovated
2019
Buildings
1
Listing Agency:
RE/MAX Above & Beyond
Listed By:
Jacqueline L Hunter · License #2021000995
(440) 669-5198
Source:
Theacclaimedrealty
Added: Aug 1
Changed: Oct 11
Last Checked: Oct 7 at 1:14PM
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 Above & Beyond
Investment Insights
Based on property information with market context.
This Lakewood duplex contains two residential units, each arranged with two bedrooms, one full bathroom, and an additional bright flex area suitable for office or den use. The first floor combines original hardwood in the living and dining rooms with refreshed cabinetry and vinyl flooring in the kitchen. The upper residence adds hardwood in its primary living areas, updated cabinetry, a built-in bar, and access to a large front balcony.
The property sits on Westwood Ave between Detroit Ave and Hilliard Road, within Lakewood’s established shopping, dining, nightlife, and residential setting. Improvements completed in 2019 include the roof, central air system, electrical panels, and a detached two-car garage. An unfinished third floor provides additional interior area for future planning, while the unfinished basement includes two separate laundry hookup areas.
The property sits on Westwood Ave between Detroit Ave and Hilliard Road, within Lakewood’s established shopping, dining, nightlife, and residential setting. Improvements completed in 2019 include the roof, central air system, electrical panels, and a detached two-car garage. An unfinished third floor provides additional interior area for future planning, while the unfinished basement includes two separate laundry hookup areas.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 full bathroom per residence
- Bright bonus flex area in each unit
- Large front balcony on the upper unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,835
Cap Rate
5.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$476,700
$476.7K
Cap Rate 7%
$340,500
$340.5K
Cap Rate 9%
$264,833
$264.8K
Market Conditions
NOI Build-Up for 2,248 SF
Gross rent
$36.4K $16.20/SF
− Vacancy
−$2.4K −$1.05/SF
EGI
$34.1K $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%
$476,700
Cap Rate 7%
$340,500
Cap Rate 9%
$264,833
Alternative Uses
Best Use
Multifamily LT 5
$340.5K
$297.9K – $397.3K
NOI $23,835 @ 7.0% cap · market cap 5.81%
Second Best
Apartment 5plus
$317.5K
$277.8K – $370.4K
NOI $22,222 @ 7.0% cap · market cap 5.42%
Theoretical Best
Warehouse
$1.80M
$1.58M – $2.10M
NOI $126,084 @ 7.0% cap · market cap 30.75%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,777
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences include two bedrooms, a full bath, and a sunlit flex area.
Where is this duplex located?
The property is located at 1609 Westwood Ave Lakewood, OH.
What is the asking price?
The asking price for this property is $410,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 full bathroom per residence; Bright bonus flex area in each unit; Large front balcony on the upper unit
