Three-Unit Triplex with
New
For Sale
$449,990
2203 Bunts Road, Lakewood, OH 44107
ResidentialIncome, Lakewood, OH
Property Size2,930 SF
Lot Size0.13 Acres
Price / SF$153.58
Days on Market1
Property Features for 2203 Bunts Road
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Laundry Room, Bedroom 3, Bedroom 6, Bedroom 1, Bedroom 2, Bathroom 1, Bathroom 3, Basement, Bedroom 5, Bedroom 4
Parking features
Garage
Appliances
Dishwasher, Microwave, Range, Refrigerator
Subdivision
E G Gilberts 01
Elementary school district
Lakewood CSD (Cuyahoga)- 1817
Middle school district
Lakewood CSD (Cuyahoga)- 1817
High school district
Lakewood CSD (Cuyahoga)- 1817
Directions
between madison and lakewood heights
Standard status
Active
APN
314-25-099
Size
2,930 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
20 BUNTSMAD 0163 EP
Tax Annual Amount
8810
Legal Description
20 BUNTSMAD 0163 EP
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1920
Floors in Building
3
Building materials
VinylSiding
Roof type
Fiberglass, Asphalt
Listing Agency:
EXP Realty, LLC.
(866) 212-4991
Listed By:
George Vujadinovic · License #2021003089
(440) 502-9128
Added: Oct 22
Last Checked: Oct 22 at 7:06PM
MLS# 5255189
Copyright © 2026 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This legally grandfathered triplex has 2,930 square feet across three apartments: a three-bedroom, one-bath unit; a two-bedroom, one-bath unit; and a one-bedroom, one-bath unit. The upper apartment includes a sunroom. Each residence has its own kitchen, and the units have received updates to kitchens, flooring, countertops, and trim within the last 10 years. The property was built in 1920 and sits on a 0.1332-acre lot. Central air, forced-air natural gas heat, a garage, and public water and sewer serve the property.
The building is on Bunts Road in Lakewood, near Rising Star Coffee Roasters, Angelo’s Pizza, parks, schools, shopping, restaurants, and entertainment. The city’s Bunts Road project includes roadway and utility work, sidewalk and curb improvements, a multipurpose path, decorative lighting, and buried electrical lines. Downtown Cleveland is described as readily accessible.
The building is on Bunts Road in Lakewood, near Rising Star Coffee Roasters, Angelo’s Pizza, parks, schools, shopping, restaurants, and entertainment. The city’s Bunts Road project includes roadway and utility work, sidewalk and curb improvements, a multipurpose path, decorative lighting, and buried electrical lines. Downtown Cleveland is described as readily accessible.
Key Highlights
- Legally grandfathered triplex with three occupied apartments
- Three‑bedroom, two‑bedroom, and one‑bedroom unit mix; each has one full bath
- 2,930 square feet on a 0.1332‑acre lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,066
Cap Rate
6.90%
Suggested Prices Based on Cap Rates
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
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 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 6.90%
Second Best
Apartment 5plus
$413.8K
$362.1K – $482.7K
NOI $28,964 @ 7.0% cap · market cap 6.44%
Theoretical Best
Warehouse
$2.35M
$2.05M – $2.74M
NOI $164,335 @ 7.0% cap · market cap 36.52%
Zoning and permitted uses should be independently verified with authorities.
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - All three apartments are occupied, with separate kitchens and a mix of one-, two-, and three-bedroom layouts.
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 $449,990.
What are key features of this property?
This property features: Legally grandfathered triplex with three occupied apartments; Three‑bedroom, two‑bedroom, and one‑bedroom unit mix; each has one full bath; 2,930 square feet on a 0.1332‑acre lot
