Six-Unit Apartment Building with
For Sale
$249,900
2109 Halstead Ave, Lakewood, OH 44107
Six-unit multifamily with off-street parking and electric baseboard heat in each unit, with owner-paid water/sewer.
Property Size2,232 SF
Price / SF$111.96
Days on Market102
Property Features for 2109 Halstead Ave
General Information
Standard status
Active
Size
2,232 SF
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
6
Building Details
Year Built
1901
Listing Agency:
RE/MAX Above & Beyond
Listed By:
Jeffrey J Cimbulich · License #2015005087
(216) 406-6275
Source:
Theacclaimedrealty
Added: Jul 9
Changed: Oct 5
Last Checked: Oct 7 at 4:59PM
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 RE/MAX Above & Beyond
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Investment Insights
Based on property information with market context.
This turnkey six-unit apartment building offers a straightforward rental setup with electric baseboard heat in each unit. Recent updates include fresh paint across most units, along with some additional updates completed when units were vacant. Off-street parking is provided for tenant convenience. For utilities, the owner covers water and sewer, while tenants pay their own electric.
At the time of listing, four units are currently leased, with two units vacant and available to view prior to an accepted offer.
The property is positioned across from an artist studio, gallery, and event space, with a short walk to restaurants, parks, and public transportation, and convenient highway access nearby.
At the time of listing, four units are currently leased, with two units vacant and available to view prior to an accepted offer.
The property is positioned across from an artist studio, gallery, and event space, with a short walk to restaurants, parks, and public transportation, and convenient highway access nearby.
Key Highlights
- Six‑unit multifamily property with electric baseboard heat in each unit
- 4 units currently leased for immediate cash flow; 2 units vacant and can be shown prior to an accepted offer
- Owner pays water/sewer; tenants pay their own electric bill
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,064
Cap Rate
8.83%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$441,280
$441.3K
Cap Rate 7%
$315,200
$315.2K
Cap Rate 9%
$245,156
$245.2K
Market Conditions
NOI Build-Up for 2,232 SF
Gross rent
$42.6K $19.08/SF
− Vacancy
−$2.5K −$1.11/SF
EGI
$40.1K $17.97/SF
− OpEx
−$18.1K −$8.09/SF
NOI
$22.1K $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%
$441,280
Cap Rate 7%
$315,200
Cap Rate 9%
$245,156
Alternative Uses
Best Use
Apartment 5plus
$315.2K
$275.8K – $367.7K
NOI $22,064 @ 7.0% cap · market cap 8.83%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.79M
$1.56M – $2.09M
NOI $125,186 @ 7.0% cap · market cap 50.09%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
6
Residential units
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
786
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
Frequently Asked Questions
What type of property is this?
Apartment building - Six-unit multifamily with off-street parking and electric baseboard heat in each unit, with owner-paid water/sewer.
Where is this apartment building located?
The property is located at 2109 Halstead Ave Lakewood, OH.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Six‑unit multifamily property with electric baseboard heat in each unit; 4 units currently leased for immediate cash flow; 2 units vacant and can be shown prior to an accepted offer; Owner pays water/sewer; tenants pay their own electric bill
