Duplex with Historic
For Sale
$409,900
2200-2202 WYANDOTTE AVENUE 2202, Lakewood, OH 44107
LAKEWOOD, OH
Property Size3,133 SF
Price / SF$130.83
Days on Market19
Property Features for 2200-2202 WYANDOTTE AVENUE 2202
General Information
Property type
Residential Multi Family
Property subtype
Single Family Attached
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 2, Bedroom 6, Bedroom 3, Bedroom 1, Bedroom 5
Subdivision
WYANDOTTE PARK
Standard status
Active
Size
3,133 SF
Building Details
Year built
1922
Listing Agency:
Schmidt Realty · Coldwell Banker Real Estate
(440) 777-8500
Listed By:
Carol Paulenske · License #2020005872
(440) 263-4074
Added: Aug 13
Changed: Aug 29
Last Checked: Aug 31 at 6:06AM
MLS# 5219361
Copyright © 2026 Coldwell Banker Schmidt REALTORS. 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 3,133-square-foot duplex, built in 1922, was arranged as two separate residential units. The first floor includes 2 bedrooms and 1 bathroom, while the second- and third-floor residence provides 3 bedrooms and 2 bathrooms. The upper level also has ductwork and a private entrance, with the third floor identified as a candidate for conversion into a 1-bedroom, 1-bathroom suite.
Original details include hardwood floors, fireplaces, and built-in dining room cabinetry. Recent improvements include new flooring, new appliances, and a new garage roof. The property is located near restaurants, shops, and parks, all described as within a short walk.
Original details include hardwood floors, fireplaces, and built-in dining room cabinetry. Recent improvements include new flooring, new appliances, and a new garage roof. The property is located near restaurants, shops, and parks, all described as within a short walk.
Key Highlights
- 3,133 square feet; built in 1922
- Two‑unit layout with a 2‑bedroom, 1‑bath first‑floor residence
- Second- and third‑floor unit includes 3 bedrooms and 2 bathrooms
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
$33,219
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
8.10%
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%
$664,380
$664.4K
Cap Rate 7%
$474,557
$474.6K
Cap Rate 9%
$369,100
$369.1K
Market Conditions
NOI Build-Up for 3,133 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
$50.8K $16.20/SF
− Vacancy
−$3.3K −$1.05/SF
EGI
$47.5K $15.15/SF
− OpEx
−$14.2K −$4.54/SF
NOI
$33.2K $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%
$664,380
Cap Rate 7%
$474,557
Cap Rate 9%
$369,100
Alternative Uses
Best Use
Multifamily LT 5
$474.6K
$415.2K – $553.7K
NOI $33,219 @ 7.0% cap · market cap 8.10%
Second Best
Apartment 5plus
$442.4K
$387.1K – $516.2K
NOI $30,971 @ 7.0% cap · market cap 7.56%
Theoretical Best
Warehouse
$2.51M
$2.20M – $2.93M
NOI $175,721 @ 7.0% cap · market cap 42.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
680
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer distinct bedroom and bath configurations across the first through third floors.
Where is this duplex located?
The property is located at 2200-2202 WYANDOTTE AVENUE 2202 Lakewood, OH.
What is the asking price?
The asking price for this property is $409,900.
What are key features of this property?
This property features: 3,133 square feet; built in 1922; Two‑unit layout with a 2‑bedroom, 1‑bath first‑floor residence; Second- and third‑floor unit includes 3 bedrooms and 2 bathrooms
