Updated Duplex with Two-Car
For Sale
Under Contract
$420,000
1609 Westwood Avenue, Lakewood, OH 44107
ResidentialIncome, Lakewood, OH
Property Size2,248 SF
Lot Size0.10 Acres
Price / SF$186.83
Days on Market118
Property Features for 1609 Westwood Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 4, Bathroom 1, Bedroom 2, Basement, Laundry Room, Bedroom 3, Bedroom 1
Parking features
Open, Garage, Driveway
Appliances
Dryer, Dishwasher, Range, Refrigerator, Washer
Elementary school district
Lakewood CSD (Cuyahoga)- 1817
Middle school district
Lakewood CSD (Cuyahoga)- 1817
High school district
Lakewood CSD (Cuyahoga)- 1817
Directions
Six streets west of Warren, located between Detroit and Hilliard
Standard status
Active Under Contract
APN
313-27-087
Size
2,248 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
22 GROMBACHER 0053 ALL
Tax Annual Amount
7248
Legal Description
22 GROMBACHER 0053 ALL
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1920
Floors in Building
3
Building materials
WoodSiding
Roof type
Shingle, Asphalt
Listing Agency:
RE/MAX Above & Beyond · RE/MAX International
(440) 842-7200
Listed By:
Jacqueline L Hunter · License #2021000995
(440) 669-5198
Added: May 6
Changed: Aug 30
Last Checked: Aug 31 at 7:06PM
MLS# 5207905
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.
This 1920 duplex contains 2,248 square feet across two units, each arranged with 2 bedrooms, 1 full bathroom, and a sunlit bonus room suited to office or flex use. Interior improvements completed in 2019 include refreshed kitchens, hardwood flooring in select living areas, and updated electrical panels. The upper unit also includes a built-in bar and front balcony.
Additional space includes an unfinished third floor and an unfinished basement with two laundry hookup areas. Exterior and mechanical improvements include a 2019 roof, central air, and a detached 2-car garage. The property occupies 0.103 acres at 1609 Westwood Avenue in Lakewood, near the area between Detroit Avenue and Hilliard Road. Public water and sewer serve the property, with forced-air heating and asphalt shingle roofing.
Additional space includes an unfinished third floor and an unfinished basement with two laundry hookup areas. Exterior and mechanical improvements include a 2019 roof, central air, and a detached 2-car garage. The property occupies 0.103 acres at 1609 Westwood Avenue in Lakewood, near the area between Detroit Avenue and Hilliard Road. Public water and sewer serve the property, with forced-air heating and asphalt shingle roofing.
Key Highlights
- 2,248‑square‑foot duplex on 0.103 acres
- Each unit includes 2 bedrooms, 1 full bathroom, and a bonus office/flex space
- 2019 improvements include roof, central air, electrical panels, and detached 2‑car garage
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
5.68%
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 5.68%
Second Best
Apartment 5plus
$317.5K
$277.8K – $370.4K
NOI $22,222 @ 7.0% cap · market cap 5.29%
Theoretical Best
Warehouse
$1.80M
$1.58M – $2.10M
NOI $126,084 @ 7.0% cap · market cap 30.02%
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
1,848
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with flexible bonus areas, basement laundry hookups, and a detached garage.
Where is this duplex located?
The property is located at 1609 Westwood Avenue Lakewood, OH.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: 2,248‑square‑foot duplex on 0.103 acres; Each unit includes 2 bedrooms, 1 full bathroom, and a bonus office/flex space; 2019 improvements include roof, central air, electrical panels, and detached 2‑car garage
