Updated Duplex with
For Sale
$425,000
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$189.06
Days on Market31
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
(440) 669-5198
Listed By:
Jacqueline L Hunter · License #2021000995
Source:
Theacclaimedrealty
Added: Aug 1
Changed: Aug 29
Last Checked: Aug 29 at 2:09PM
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 = 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
$23,835
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
5.61%
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%
$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
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
$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 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%
$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 5.61%
Second Best
Apartment 5plus
$317.5K
$277.8K – $370.4K
NOI $22,222 @ 7.0% cap · market cap 5.23%
Theoretical Best
Warehouse
$1.80M
$1.58M – $2.10M
NOI $126,084 @ 7.0% cap · market cap 29.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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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 $425,000.
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
