Updated Two-Unit
For Sale
$350,000
2029 Elbur Ave, Lakewood, OH 44107
Both residences feature refreshed kitchens and bathrooms, central air conditioning, and included appliances.
Property Size2,100 SF
Price / SF$166.67
Days on Market18
Property Features for 2029 Elbur Ave
General Information
Standard status
Active
Size
2,100 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,980
Amenities
central air conditioning
Building Details
Buildings
1
Listing Agency:
Keller Williams Greater Metropolitan
(440) 263-8915
Listed By:
Jeremy P Ols · License #2008003468
(440) 263-8915
Source:
Exprealty
Added: Aug 14
Changed: Aug 29
Last Checked: Aug 30 at 6:33PM
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 Keller Williams Greater Metropolitan
Investment Insights
Based on property information with market context.
This two-family residence at 2029 Elbur Ave includes 2,100 square feet across two units. Each residence has an updated kitchen and bathroom along with central A/C, while the property also offers a clean basement and a manageable yard. Vinyl siding supports straightforward exterior upkeep, and hardwood floors with original woodwork retain the home’s period character. Appliances are included.
The property is in Lakewood, Ohio, with Angelo’s Pizza, Birdtown Brewing, Rising Star and Roasted, Coffee, and Mahall’s located steps away. Bars, shops, and restaurants are also nearby, providing a walkable setting for residents.
The property is in Lakewood, Ohio, with Angelo’s Pizza, Birdtown Brewing, Rising Star and Roasted, Coffee, and Mahall’s located steps away. Bars, shops, and restaurants are also nearby, providing a walkable setting for residents.
Key Highlights
- 2,100‑square‑foot two‑family property at 2029 Elbur Ave
- Updated kitchens and bathrooms in both units
- Central A/C serving both residences
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
$22,266
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
6.36%
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%
$445,320
$445.3K
Cap Rate 7%
$318,086
$318.1K
Cap Rate 9%
$247,400
$247.4K
Market Conditions
NOI Build-Up for 2,100 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
$34.0K $16.20/SF
− Vacancy
−$2.2K −$1.05/SF
EGI
$31.8K $15.15/SF
− OpEx
−$9.5K −$4.54/SF
NOI
$22.3K $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%
$445,320
Cap Rate 7%
$318,086
Cap Rate 9%
$247,400
Alternative Uses
Best Use
Multifamily LT 5
$318.1K
$278.3K – $371.1K
NOI $22,266 @ 7.0% cap · market cap 6.36%
Second Best
Apartment 5plus
$296.6K
$259.5K – $346.0K
NOI $20,759 @ 7.0% cap · market cap 5.93%
Theoretical Best
Warehouse
$1.68M
$1.47M – $1.96M
NOI $117,783 @ 7.0% cap · market cap 33.65%
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
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
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 feature refreshed kitchens and bathrooms, central air conditioning, and included appliances.
Where is this duplex located?
The property is located at 2029 Elbur Ave Lakewood, OH.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 2,100‑square‑foot two‑family property at 2029 Elbur Ave; Updated kitchens and bathrooms in both units; Central A/C serving both residences
