Renovated Lakewood Duplex with Rental
1631 Waterbury Road, Lakewood, OH 44107
New
MULTI_FAMILY - Lakewood, OH
Property size:
3,347 SFLot size:
0.16 AcresPrice / SF:
$134/SF- Added:
- May 30, 2026
- Days on Market:
- 1
- Last Refresh:
- May 30 at 5:06 pm
Property Features for 1631 Waterbury Road
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 7
- Bathrooms
- 2
- Rooms
- Bathroom 1, Bedroom 7, Bedroom 3, Bedroom 5, Bedroom 4, Bedroom 2, Bedroom 6, Bedroom 1, Bathroom 2, Laundry Room, Basement
- Parking features
- Garage
- Interior features
- CeilingFans, CrownMolding, GraniteCounters, NaturalWoodwork
- Exterior features
- Balcony
- Appliances
- Dishwasher, Microwave, Range, Refrigerator
- Standard status
- Active
- APN
- 315-06-156
- Size
- 3,347 SF
- Lot size
- 0.16 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Description
- 21 WATBHTS 0020 ALL
- Tax Annual Amount
- 5927
Utilities
- Sewer type
- Public Sewer
- Heating system
- Forced Air
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1919
- Floors in Building
- 3
- Building materials
- AluminumSiding
- Roof type
- Asphalt, Fiberglass
Listing agent Michael L Magno License #2016003542 (216) 236-8849
Listing office Keller Williams Living 32875 Solon Road, Suite 100, Solon, OH (440) 318-1620
Listing date May 30, 2026
MLS# 5193425
Listing URL
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.
HighLights
- Fully renovated in 2022, offering updated finishes throughout.
- Large duplex with over 3,300 sq ft of living space and two units (3 bed/4‑5 bed).
- Vacant upper unit provides immediate flexibility for owner‑occupancy or increased rental income.
- Located in a highly desirable Lakewood rental market with access to amenities and Downtown Cleveland.
- Point of Sale compliant, minimizing immediate maintenance concerns.
- Updated HVAC systems installed in 2018/2019.
Overview
This fully renovated Lakewood duplex presents a rare opportunity, offering over 3,300 square feet of living space and exceptional rental potential. Renovated in 2022, the property features updated finishes throughout, including granite countertops, stainless steel appliances, and modern tile showers. Mechanical improvements have also been made. The first-floor unit, with 3 bedrooms, is currently occupied on a month-to-month basis at $1,400 per month. The expansive upper unit encompasses the second and third floors, offering 4 to 5 bedrooms. It was previously rented for $2,100 per month, with potential for increased rental income. The vacant upper unit provides immediate flexibility for owner-occupancy or maximizing cash flow. Updated HVAC systems were installed in 2018 and 2019. The property is Point of Sale compliant. Located in a sought-after rental market, residents have easy access to Lakewood's restaurant scene, shopping, parks, nightlife, and Downtown Cleveland. The property sits on a 0.155-acre lot. This large-format duplex is ideal for investors seeking strong rental demand or owner-occupants looking to offset their mortgage with rental income.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $54.2k | $16.20 |
| − Vacancy | −$3.5k | −$1.05 |
| EGI | $50.7k | $15.15 |
| − OpEx | −$15.2k | −$4.54 |
| NOI | $35.5k | $10.60 |
3,347 SF · lease $16.20/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$507.0K
$443.6K – $591.5K
NOI $35,488 @ 7.0% cap · market cap 7.89%
Second Best
Apartment 5plus
$472.7K
$413.6K – $551.4K
NOI $33,086 @ 7.0% cap · market cap 7.35%
Theoretical Best
Warehouse
$2.68M
$2.35M – $3.13M
NOI $187,723 @ 7.0% cap · market cap 41.72%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Location Insight
- Map
- Local Demand
- City
- Lakewood
- County
- Cuyahoga
- State
- Ohio
- Longitude
- -81.78258
- Latitude
- 41.478421
Nearby Similar for Sale
FAQs
What type of property is this?
Duplex - Fully renovated duplex in prime location with strong rental income.
Where is this duplex located?
The property is located at 1631 Waterbury Road Lakewood, OH.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Fully renovated in 2022, offering updated finishes throughout.; Large duplex with **over 3,300 sq ft of living space** and two units (3 bed/4‑5 bed).; **Vacant upper unit** provides immediate flexibility for owner‑occupancy or increased rental income.
