Updated Duplex with Heated
New
For Sale
$499,000
2066 Bunts Road, Lakewood, OH 44107
ResidentialIncome, Lakewood, OH
Property Size3,600 SF
Lot Size0.13 Acres
Price / SF$138.61
Days on Market2
Property Features for 2066 Bunts Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Half bathrooms
1
Rooms
Bedroom 1, Bedroom 4, Bedroom 6, Bathroom 2, Basement, Bathroom 3, Bathroom 1, Bedroom 2, Bedroom 3, Bedroom 7, Bedroom 5
Parking features
Garage, Driveway
Subdivision
N C Cotabishs Bunts Madison P
Elementary school district
Lakewood CSD (Cuyahoga)- 1817
Middle school district
Lakewood CSD (Cuyahoga)- 1817
High school district
Lakewood CSD (Cuyahoga)- 1817
Directions
Turn off of Madison Ave onto Bunts
Standard status
Active
APN
314-24-076
Size
3,600 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
19 BUNTSMAD SP 700 FTS OF MADISON 0018 ALL
Tax Annual Amount
5354
Legal Description
19 BUNTSMAD SP 700 FTS OF MADISON 0018 ALL
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
heated soundproof garage
private backyard oasis
cedar pergola
cedar privacy fence
fire ring
waterfall feature
outdoor entertaining space
grill
keg fridge
outdoor refrigerator
Building Details
Year built
1923
Floors in Building
3
Building materials
Brick, VinylSiding
Roof type
Shingle, Asphalt
Listing Agency:
Real of Ohio
(330) 807-1303
Listed By:
Jacob L. Hamilton · License #2022003788
(216) 704-4960
Added: Sep 23
Changed: Sep 24
Last Checked: Sep 24 at 8:06PM
MLS# 5247586
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 duplex spans 3,600 square feet on a 0.1332-acre lot and was built in 1923. The property includes seven bedrooms, three bathrooms, a basement, brick and vinyl siding, shingle and asphalt roofing, natural-gas forced-air heat, and central air conditioning. Public water and sewer serve the property, while parking is provided by a garage and driveway.
Major updates include the roof in 2011; windows, siding, and electrical panel in 2016; furnaces, central air, and plumbing in 2017; and the driveway in 2022. Additional improvements include a heated soundproof garage, new drywall, granite countertops, and a furnished outdoor entertaining area with a cedar pergola, privacy fence, fire ring, waterfall feature, outdoor refrigerator, keg fridge, grill, and snowblower.
The property has also operated as a short-term rental for more than 5 years, with furnishings, bookings, and operating history available as part of the business offering. It can alternatively be purchased as a traditional multifamily property or owner-occupant residence, subject to independent verification of applicable requirements.
Major updates include the roof in 2011; windows, siding, and electrical panel in 2016; furnaces, central air, and plumbing in 2017; and the driveway in 2022. Additional improvements include a heated soundproof garage, new drywall, granite countertops, and a furnished outdoor entertaining area with a cedar pergola, privacy fence, fire ring, waterfall feature, outdoor refrigerator, keg fridge, grill, and snowblower.
The property has also operated as a short-term rental for more than 5 years, with furnishings, bookings, and operating history available as part of the business offering. It can alternatively be purchased as a traditional multifamily property or owner-occupant residence, subject to independent verification of applicable requirements.
Key Highlights
- 3,600‑square‑foot duplex on a 0.1332‑acre lot
- Seven bedrooms, three bathrooms, and a basement
- Heated soundproof garage with driveway 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
$38,170
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
7.65%
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%
$763,400
$763.4K
Cap Rate 7%
$545,286
$545.3K
Cap Rate 9%
$424,111
$424.1K
Market Conditions
NOI Build-Up for 3,600 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
$58.3K $16.20/SF
− Vacancy
−$3.8K −$1.05/SF
EGI
$54.5K $15.15/SF
− OpEx
−$16.4K −$4.54/SF
NOI
$38.2K $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%
$763,400
Cap Rate 7%
$545,286
Cap Rate 9%
$424,111
Alternative Uses
Best Use
Multifamily LT 5
$545.3K
$477.1K – $636.2K
NOI $38,170 @ 7.0% cap · market cap 7.65%
Second Best
Apartment 5plus
$508.4K
$444.8K – $593.1K
NOI $35,587 @ 7.0% cap · market cap 7.13%
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.
Property Analytics
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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
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 - Brick construction offers central air, public utilities, and both garage and driveway parking.
Where is this duplex located?
The property is located at 2066 Bunts Road 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 duplex on a 0.1332‑acre lot; Seven bedrooms, three bathrooms, and a basement; Heated soundproof garage with driveway parking
