Multifamily Property with Detached
For Sale
$414,900
2200-2202 Wyandotte Avenue 2202, Lakewood, OH 44107
The property includes forced-air heating, natural gas service, a balcony, and a detached garage.
Property Size3,133 SF
Price / SF$132.43
Days on Market27
Property Features for 2200-2202 Wyandotte Avenue 2202
General Information
Standard status
Active
Size
3,133 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$1,403
Amenities
Other
Natural Gas, Forced Air
Unfinished
Range, Refrigerator
Detached, Garage
Balcony
Building Details
Year Built
1922
Buildings
1
Stories
3
Listing Agency:
Coldwell Banker Schmidt Realty
(440) 263-4074
Listed By:
Carol Paulenske · License #2020005872
(440) 263-4074
Source:
Evrealestate
Added: Jul 17
Changed: Aug 9
Last Checked: Aug 12 at 6:02AM
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 Coldwell Banker Schmidt Realty
Investment Insights
Based on property information with market context.
This multifamily property at 2200-2202 Wyandotte Avenue in Lakewood includes 3,133 square feet and was built in 1922. Interior features include natural gas service, forced-air heating, an unfinished area, and a range and refrigerator. Exterior improvements include a detached garage and balcony.
The property is located in Cuyahoga County, with access off Wyandotte. Its existing combination of multifamily use, residential appliances, heating infrastructure, and accessory garage provides a defined physical foundation for continued residential income use.
The property is located in Cuyahoga County, with access off Wyandotte. Its existing combination of multifamily use, residential appliances, heating infrastructure, and accessory garage provides a defined physical foundation for continued residential income use.
Key Highlights
- 3,133‑square‑foot multifamily property built in 1922
- Detached garage and balcony included
- Natural gas service with forced‑air heating
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
$30,971
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
7.46%
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%
$619,420
$619.4K
Cap Rate 7%
$442,443
$442.4K
Cap Rate 9%
$344,122
$344.1K
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
$59.8K $19.08/SF
− Vacancy
−$3.5K −$1.11/SF
EGI
$56.3K $17.97/SF
− OpEx
−$25.3K −$8.09/SF
NOI
$31.0K $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 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%
$619,420
Cap Rate 7%
$442,443
Cap Rate 9%
$344,122
Alternative Uses
Best Use
Apartment 5plus
$442.4K
$387.1K – $516.2K
NOI $30,971 @ 7.0% cap · market cap 7.46%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.51M
$2.20M – $2.93M
NOI $175,721 @ 7.0% cap · market cap 42.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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?
Multifamily property - The property includes forced-air heating, natural gas service, a balcony, and a detached garage.
Where is this multifamily property 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 $414,900.
What are key features of this property?
This property features: 3,133‑square‑foot multifamily property built in 1922; Detached garage and balcony included; Natural gas service with forced‑air heating
