Building Details

Year Built 1923

Buildings 1

Tenancy Single

Listing Agency: Ohio Broker Direct

Listed By: Joan Elflein · License #386319 Show Phone

Source: Theacclaimedrealty

Added: Aug 6 Changed: Oct 14 Last Checked: Oct 16 at 9:46AM

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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 Ohio Broker Direct

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Investment Insights

Based on property information with market context.

Built in 1923, this 2,244-square-foot duplex includes two residences on a corner lot in Lakewood. The upper unit is vacant and ready for occupancy or leasing, while the lower unit has an existing tenant. Both units include newer kitchen flooring, built-in features, and spacious front porches.

Property improvements include a new roof and gutters installed in March 2026, along with a newer furnace, updated electrical boxes, vinyl windows, and newer siding on the garage. The location provides access to downtown Cleveland, Lake Erie, local shops, and restaurants.

Key Highlights

• 2,244‑square‑foot duplex on a corner lot
• Upper unit is vacant; lower unit has an existing tenant
• New roof and gutters installed in March 2026

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$23,793

Cap Rate

6.80%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$475,860 $475.9K

Cap Rate 7%

$339,900 $339.9K

Cap Rate 9%

$264,367 $264.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,244 SF

Gross rent

$36.4K $16.20/SF

− Vacancy

−$2.4K −$1.05/SF

EGI

$34.0K $15.15/SF

− OpEx

−$10.2K −$4.54/SF

NOI

$23.8K $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 Rate 5%

$475,860

Cap Rate 7%

$339,900

Cap Rate 9%

$264,367

Alternative Uses

Best Use

Multifamily LT 5

$339.9K

$297.4K – $396.6K (±1% cap)

NOI $23,793 @ 7.0% cap · market cap 6.80%

Second Best

Apartment 5plus

$316.9K

$277.3K – $369.7K (±1% cap)

NOI $22,183 @ 7.0% cap · market cap 6.34%

Theoretical Best

Warehouse

$1.80M

$1.57M – $2.10M (±1% cap)

NOI $125,859 @ 7.0% cap · market cap 35.96%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Parking Lot & Garage Auto Parts Store (Bike/Boat/Book/etc) Store Food Market Home Appliance Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Single-tenant

Tenancy

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

651

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

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Two-unit property with one vacant residence, tenant occupancy below, and convenient access to downtown Cleveland and Lake Erie.

Where is this duplex located?

The property is located at 2110 Bunts Rd 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: 2,244‑square‑foot duplex on a corner lot; Upper unit is vacant; lower unit has an existing tenant; New roof and gutters installed in March 2026