Grandfathered Triplex with Remodeled
For Sale
$475,000
2203 Bunts Road, Lakewood, OH 44107
Three occupied apartments provide one-, two-, and three-bedroom layouts with separate kitchens and tenant-paid utilities.
Property Size2,930 SF
Days on Market22
Property Features for 2203 Bunts Road
General Information
Standard status
Active
Size
2,930 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$8,810
Building Details
Building Size
2,930 SF
Year Built
1920
Buildings
1
Tenancy
Multi
Listing Agency:
EXP Realty, LLC.
(440) 502-9128
Listed By:
George Vujadinovic · License #2021003089
(440) 502-9128
Source:
Carolgoffrealestate
Added: Aug 9
Changed: Aug 29
Last Checked: Aug 29 at 9:05AM
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 EXP Realty, LLC.
Investment Insights
Based on property information with market context.
Built in 1920, this legally grandfathered triplex contains three occupied apartments with distinct layouts. The first-floor residence offers three bedrooms and one full bathroom, while the second-floor unit includes two bedrooms, one full bathroom, and a sunroom or reading room. The third-floor apartment has one bedroom, one full bathroom, and its own kitchen.
All three units have received remodeling work within the last 10 years, including updated kitchens, flooring, countertops, and trim. Tenants are responsible for their own utilities. Current occupancy includes leases extending through 04/01/2028 and 03/01/2027, along with a month-to-month tenancy.
The property is located at 2203 Bunts Road in Lakewood, near coffee, restaurants, parks, schools, shopping, and entertainment, with access to Downtown Cleveland. Bunts Road rehabilitation work includes roadway, sidewalk, curb, water, sewer, lighting, electrical, and multipurpose path improvements.
All three units have received remodeling work within the last 10 years, including updated kitchens, flooring, countertops, and trim. Tenants are responsible for their own utilities. Current occupancy includes leases extending through 04/01/2028 and 03/01/2027, along with a month-to-month tenancy.
The property is located at 2203 Bunts Road in Lakewood, near coffee, restaurants, parks, schools, shopping, and entertainment, with access to Downtown Cleveland. Bunts Road rehabilitation work includes roadway, sidewalk, curb, water, sewer, lighting, electrical, and multipurpose path improvements.
Key Highlights
- Legally grandfathered triplex with 3 residential units
- Unit mix includes 3‑bedroom, 2‑bedroom, and 1‑bedroom apartments
- All 3 units remodeled within the last 10 years
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
$31,066
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
6.54%
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%
$621,320
$621.3K
Cap Rate 7%
$443,800
$443.8K
Cap Rate 9%
$345,178
$345.2K
Market Conditions
NOI Build-Up for 2,930 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
$47.5K $16.20/SF
− Vacancy
−$3.1K −$1.05/SF
EGI
$44.4K $15.15/SF
− OpEx
−$13.3K −$4.54/SF
NOI
$31.1K $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%
$621,320
Cap Rate 7%
$443,800
Cap Rate 9%
$345,178
Alternative Uses
Best Use
Multifamily LT 5
$443.8K
$388.3K – $517.8K
NOI $31,066 @ 7.0% cap · market cap 6.54%
Second Best
Apartment 5plus
$413.8K
$362.1K – $482.7K
NOI $28,964 @ 7.0% cap · market cap 6.10%
Theoretical Best
Warehouse
$2.35M
$2.05M – $2.74M
NOI $164,335 @ 7.0% cap · market cap 34.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
659
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?
Triplex - Three occupied apartments provide one-, two-, and three-bedroom layouts with separate kitchens and tenant-paid utilities.
Where is this triplex located?
The property is located at 2203 Bunts Road Lakewood, OH.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Legally grandfathered triplex with 3 residential units; Unit mix includes 3‑bedroom, 2‑bedroom, and 1‑bedroom apartments; All 3 units remodeled within the last 10 years
