Updated Duplex with Central
New
For Sale
$350,000
2029 Elbur Avenue, Lakewood, OH 44107
MULTI_FAMILY - Lakewood, OH
Property Size2,100 SF
Lot Size0.10 Acres
Price / SF$166.67
Days on Market1
Property Features for 2029 Elbur Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 3, Bedroom 2, Bathroom 1, Bedroom 4, Bedroom 1, Laundry Room, Bathroom 2
Parking features
Garage
Appliances
Dryer, Dishwasher, Microwave, Range, Refrigerator, Washer
Subdivision
Homesite Cos Elbur Heights Sub
Elementary school district
Lakewood CSD (Cuyahoga)- 1817
Middle school district
Lakewood CSD (Cuyahoga)- 1817
High school district
Lakewood CSD (Cuyahoga)- 1817
Directions
South off of Madison Ave
Standard status
Active
APN
315-16-057
Size
2,100 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
20 ELBURHTS 0217 ALL
Tax Annual Amount
4980
Legal Description
20 ELBURHTS 0217 ALL
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
Central A/C
hardwood floors
original woodwork
yard
Building Details
Year built
1923
Floors in Building
2
Building materials
Brick, Cedar, VinylSiding
Roof type
Fiberglass, Asphalt
Listing Agency:
Keller Williams Greater Metropolitan · Keller Williams Realty
(216) 839-5500
Listed By:
Jeremy P Ols · License #2008003468
(440) 263-8915
Added: Aug 14
Last Checked: Aug 14 at 3:06PM
MLS# 5235801
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.
Built in 1923, this 2,100-square-foot duplex contains two residential units with updated kitchens and bathrooms. Both units have central air, while original hardwood flooring and woodwork add period character. The property also includes a basement, laundry room, manageable yard, vinyl siding, and a garage. Appliances conveyed with the property include washers, dryers, dishwashers, microwaves, ranges, and refrigerators.
Located at 2029 Elbur Avenue in Lakewood, the home is near Angelo's Pizza, Birdtown Brewing, Rising Star Coffee, Roasted, and Mahall's. Public water and public sewer serve the property. Additional building features include brick and cedar construction, forced-air natural-gas heating, and an asphalt and fiberglass roof.
Located at 2029 Elbur Avenue in Lakewood, the home is near Angelo's Pizza, Birdtown Brewing, Rising Star Coffee, Roasted, and Mahall's. Public water and public sewer serve the property. Additional building features include brick and cedar construction, forced-air natural-gas heating, and an asphalt and fiberglass roof.
Key Highlights
- Two‑family duplex built in 1923
- 2,100 square feet with two residential units
- Updated kitchens and bathrooms in both units
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
884
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 - Two residential units offer refreshed kitchens and bathrooms, central air, included appliances, and a clean basement.
Where is this duplex located?
The property is located at 2029 Elbur Avenue 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: Two‑family duplex built in 1923; 2,100 square feet with two residential units; Updated kitchens and bathrooms in both units
