Brick Duplex with Three-Car
New
For Sale
$369,900
18518 Newell Road, Shaker Heights, OH 44122
ResidentialIncome, Shaker Heights, OH
Property Size3,267 SF
Lot Size0.15 Acres
Price / SF$113.22
Days on Market2
Property Features for 18518 Newell Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bedroom 4, Bedroom 6, Basement, Bedroom 7, Bedroom 1, Bedroom 3, Bedroom 5, Bathroom 1, Bathroom 3, Bedroom 2
Parking features
Garage
Elementary school district
Shaker Heights CSD - 1827
Middle school district
Shaker Heights CSD - 1827
High school district
Shaker Heights CSD - 1827
Directions
From I-271, take the Chagrin Blvd exit and head west. Continue west on Chagrin Blvd, then turn right onto Lee Rd. Turn left onto Newell Rd and continue to 18518 Newell Rd, Shaker Heights, OH.
Standard status
Active
APN
736-20-020
Size
3,267 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9060
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Water front
1
Building Details
Year built
1927
Floors in Building
3
Building materials
Brick, Stone, Stucco
Roof type
Asphalt
Listing Agency:
Elite Sotheby's International Realty
(440) 290-4800
Listed By:
Alex Severyn · License #2024005022
(716) 359-1155
Added: Sep 17
Last Checked: Sep 18 at 11:06AM
MLS# 5245993
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 1927 duplex at 18518 Newell Road contains 3267 square feet on a 0.148-acre lot. The building features brick, stone, and stucco construction, asphalt roofing, natural gas forced-air heat, and public water and sewer service. Recent work includes plumbing improvements and updated kitchens equipped with stainless steel appliances. A three-car garage provides dedicated parking and additional utility.
The property is currently leased, with the units utilized by Beechmont Country Club. The asset is located in Shaker Heights, Ohio, within Cuyahoga County. Its residential configuration, existing lease status, upgraded kitchens, and substantial garage complement the physical improvements for an owner seeking an income-producing duplex.
The property is currently leased, with the units utilized by Beechmont Country Club. The asset is located in Shaker Heights, Ohio, within Cuyahoga County. Its residential configuration, existing lease status, upgraded kitchens, and substantial garage complement the physical improvements for an owner seeking an income-producing duplex.
Key Highlights
- 3267 square feet on a 0.148‑acre lot
- Currently leased with units utilized by Beechmont Country Club
- Three‑car garage provides dedicated parking
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
$32,295
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
8.73%
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%
$645,900
$645.9K
Cap Rate 7%
$461,357
$461.4K
Cap Rate 9%
$358,833
$358.8K
Market Conditions
NOI Build-Up for 3,267 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
$62.3K $19.08/SF
− Vacancy
−$3.6K −$1.11/SF
EGI
$58.7K $17.97/SF
− OpEx
−$26.4K −$8.09/SF
NOI
$32.3K $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%
$645,900
Cap Rate 7%
$461,357
Cap Rate 9%
$358,833
Alternative Uses
Best Use
Multifamily LT 5
$494.9K
$433.0K – $577.3K
NOI $34,640 @ 7.0% cap · market cap 9.36%
Second Best
Apartment 5plus
$461.4K
$403.7K – $538.3K
NOI $32,295 @ 7.0% cap · market cap 8.73%
Theoretical Best
Warehouse
$2.62M
$2.29M – $3.05M
NOI $183,236 @ 7.0% cap · market cap 49.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
340
Businesses Nearby
Explore this area
Business Placement
Demographics for 44122, OH
36,268
Population
17,795
Households
2
Avg Household Size
45
Median Age
62%
College-Educated
97%
High-School Grad
12.5 sq mi
ZIP Area
2,901
Density / Sq Mi
$97,469
Median Household Income
$58,334
Median Earnings
$1,509
Median Rent
$304,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Leased residential property with stainless steel appliances and recent bathroom plumbing upgrades.
Where is this duplex located?
The property is located at 18518 Newell Road Shaker Heights, OH.
What is the asking price?
The asking price for this property is $369,900.
What are key features of this property?
This property features: 3267 square feet on a 0.148‑acre lot; Currently leased with units utilized by Beechmont Country Club; Three‑car garage provides dedicated parking
