Short-Term Rental with
For Sale
$499,000
2066 Bunts Rd, Lakewood, OH 44107
An established rental operation includes furnishings, scheduled bookings, and an outdoor entertaining area.
Property Size3,600 SF
Price / SF$138.61
Days on Market23
Property Features for 2066 Bunts Rd
General Information
Standard status
Active
Size
3,600 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$5,354
Amenities
heated soundproof garage
private backyard oasis
custom rough-sawn cedar pergola
cedar privacy fence
fire ring
waterfall feature
outdoor entertaining space
central air
Listing Agency:
Real of Ohio
(330) 807-1303
Listed By:
Jacob L. Hamilton · License #2022003788
(216) 704-4960
Source:
Exprealty
Added: Sep 23
Changed: Oct 13
Last Checked: Oct 12 at 8:40PM
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 Real of Ohio
Investment Insights
Based on property information with market context.
This 3,600-square-foot property is configured for short-term rental use and has a rental track record exceeding five years. It can be acquired as a multifamily property or with the operating rental business, which includes furnishings and bookings. Improvements include a 2011 roof; 2016 windows, siding, electrical panel, and heated soundproof garage; and 2017 furnaces, central air, and plumbing. The driveway was updated in 2022, and the property also has new drywall and granite countertops.
Outdoor features include a cedar pergola with metal roofing, a cedar privacy fence, a waterfall, and an entertaining area with a grill, outdoor refrigerator, and keg fridge. A fire ring is built over a concrete foundation and has a dedicated hose connection and built-in tank storage. The owners are willing to continue managing the rental operation for a new owner.
Outdoor features include a cedar pergola with metal roofing, a cedar privacy fence, a waterfall, and an entertaining area with a grill, outdoor refrigerator, and keg fridge. A fire ring is built over a concrete foundation and has a dedicated hose connection and built-in tank storage. The owners are willing to continue managing the rental operation for a new owner.
Key Highlights
- 3,600‑square‑foot property with more than 5 years of short‑term rental history
- Rental operation may be purchased with the property and includes furnishings and bookings
- Roof dates to 2011; windows, siding, electrical panel, and heated soundproof garage were updated in 2016
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$35,587
Cap Rate
7.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$711,740
$711.7K
Cap Rate 7%
$508,386
$508.4K
Cap Rate 9%
$395,411
$395.4K
Market Conditions
NOI Build-Up for 3,600 SF
Gross rent
$68.7K $19.08/SF
− Vacancy
−$4.0K −$1.11/SF
EGI
$64.7K $17.97/SF
− OpEx
−$29.1K −$8.09/SF
NOI
$35.6K $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 Rate 5%
$711,740
Cap Rate 7%
$508,386
Cap Rate 9%
$395,411
Alternative Uses
Best Use
Apartment 5plus
$508.4K
$444.8K – $593.1K
NOI $35,587 @ 7.0% cap · market cap 7.13%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.88M
$2.52M – $3.37M
NOI $201,913 @ 7.0% cap · market cap 40.46%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Location Intelligence
Trade Area within ½ mile
840
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
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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?
Short term rental property - An established rental operation includes furnishings, scheduled bookings, and an outdoor entertaining area.
Where is this short term rental property located?
The property is located at 2066 Bunts Rd Lakewood, OH.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 3,600‑square‑foot property with more than 5 years of short‑term rental history; Rental operation may be purchased with the property and includes furnishings and bookings; Roof dates to 2011; windows, siding, electrical panel, and heated soundproof garage were updated in 2016
