Updated Corner-Lot
For Sale
$350,000
2110 Bunts Rd, Lakewood, OH 44107
Two-unit property with one vacant residence, tenant occupancy below, and convenient access to downtown Cleveland and Lake Erie.
Property Size2,244 SF
Price / SF$155.97
Days on Market26
Property Features for 2110 Bunts Rd
General Information
Standard status
Active
Size
2,244 SF
Property subtype
Multi-Family
Additional Details
Road Access
Yes
Multifamily Units
2
Amenities
front porches
Building Details
Year Built
1923
Buildings
1
Tenancy
Single
Listing Agency:
Ohio Broker Direct
(614) 989-7215
Listed By:
Joan Elflein · License #386319
Source:
Theacclaimedrealty
Added: Aug 6
Changed: Aug 30
Last Checked: Aug 31 at 7:25PM
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
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.
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 = 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
$23,793
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
6.80%
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%
$475,860
$475.9K
Cap Rate 7%
$339,900
$339.9K
Cap Rate 9%
$264,367
$264.4K
Market Conditions
NOI Build-Up for 2,244 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
$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 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%
$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
NOI $23,793 @ 7.0% cap · market cap 6.80%
Second Best
Apartment 5plus
$316.9K
$277.3K – $369.7K
NOI $22,183 @ 7.0% cap · market cap 6.34%
Theoretical Best
Warehouse
$1.80M
$1.57M – $2.10M
NOI $125,859 @ 7.0% cap · market cap 35.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
