Updated Duplex with Finished
New
For Sale
$349,900
2021 Lewis Drive, Lakewood, OH 44107
ResidentialIncome, Lakewood, OH
Property Size2,556 SF
Lot Size0.11 Acres
Price / SF$136.89
Days on Market3
Property Features for 2021 Lewis Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Basement, Bathroom 1, Bedroom 2, Bedroom 3, Laundry Room, Bathroom 2, Bedroom 4
Parking features
Garage, Driveway
Interior features
BuiltInFeatures, CeilingFans, EatInKitchen
Exterior features
Balcony
Appliances
Dryer, Microwave, Range, Refrigerator, Washer
Subdivision
Land & Home Companys 01
Elementary school district
Lakewood CSD (Cuyahoga)- 1817
Middle school district
Lakewood CSD (Cuyahoga)- 1817
High school district
Lakewood CSD (Cuyahoga)- 1817
Directions
South of Detroit Ave on Lewis Dr
Standard status
Active
APN
315-18-161
Size
2,556 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
20 L&HCO#1 0109 ALL
Tax Annual Amount
4397
Legal Description
20 L&HCO#1 0109 ALL
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1922
Floors in Building
3
Building materials
WoodSiding
Roof type
Shingle
Listing Agency:
Real of Ohio
(330) 807-1303
Listed By:
Olivia M Riedel · License #2023003250
(440) 602-2592
Added: Sep 22
Changed: Sep 24
Last Checked: Sep 24 at 9:06PM
MLS# 5247052
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 1922 duplex offers 2,556 square feet with a second-floor open layout and a finished attic that adds flexible usable space. The property includes an enclosed yard, rear porch, repaved rear drive, garage, and driveway parking. Interior features include an eat-in kitchen, built-in elements, ceiling fans, and a laundry room. Public water and public sewer serve the property, with forced-air heat and central air conditioning.
Located at 2021 Lewis Drive in Lakewood, the property sits on a 0.1102-acre lot. Coffee shops, restaurants, the library, and parks are within walking distance. Recent work includes interior paint in 2026, exterior paint in 2025, an upstairs oven and refrigerator installed in 2025, central air added in 2019, and furnace and electrical panel updates completed in 2018.
Located at 2021 Lewis Drive in Lakewood, the property sits on a 0.1102-acre lot. Coffee shops, restaurants, the library, and parks are within walking distance. Recent work includes interior paint in 2026, exterior paint in 2025, an upstairs oven and refrigerator installed in 2025, central air added in 2019, and furnace and electrical panel updates completed in 2018.
Key Highlights
- 2,556‑square‑foot duplex on a 0.1102‑acre lot
- Finished attic and open second‑floor layout
- Central air added in 2019
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
$27,101
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
7.75%
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%
$542,020
$542.0K
Cap Rate 7%
$387,157
$387.2K
Cap Rate 9%
$301,122
$301.1K
Market Conditions
NOI Build-Up for 2,556 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
$41.4K $16.20/SF
− Vacancy
−$2.7K −$1.05/SF
EGI
$38.7K $15.15/SF
− OpEx
−$11.6K −$4.54/SF
NOI
$27.1K $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%
$542,020
Cap Rate 7%
$387,157
Cap Rate 9%
$301,122
Alternative Uses
Best Use
Multifamily LT 5
$387.2K
$338.8K – $451.7K
NOI $27,101 @ 7.0% cap · market cap 7.75%
Second Best
Apartment 5plus
$361.0K
$315.8K – $421.1K
NOI $25,267 @ 7.0% cap · market cap 7.22%
Theoretical Best
Warehouse
$2.05M
$1.79M – $2.39M
NOI $143,358 @ 7.0% cap · market cap 40.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
785
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
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
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Frequently Asked Questions
What type of property is this?
Duplex - Maintained duplex with central air, updated mechanical systems, and enclosed outdoor space.
Where is this duplex located?
The property is located at 2021 Lewis Drive Lakewood, OH.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: 2,556‑square‑foot duplex on a 0.1102‑acre lot; Finished attic and open second‑floor layout; Central air added in 2019
