Two-Unit Duplex with Finished
For Sale
$289,900
Pending
2219 Chesterland Ave, Lakewood, OH 44107
Fully occupied duplex with distinct layouts, including a finished attic connected to the upper apartment.
Property Size2,648 SF
Days on Market53
Property Features for 2219 Chesterland Ave
General Information
Standard status
Pending
Size
2,648 SF
Property subtype
Residential Income
Occupancy
100%
Property Condition
Severity
Repairs Needed
Evidence
a little TLC
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,177
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
JAMM Real Estate Co.
(216) 409-2888
Listed By:
Michael L Anter · License #2013004435
(216) 409-2888
Source:
Exprealty
Added: Jul 10
Changed: Aug 26
Last Checked: Aug 29 at 11:35AM
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 JAMM Real Estate Co.
Investment Insights
Based on property information with market context.
This 2,648-square-foot duplex contains two separate residential units with different configurations. The lower apartment includes two bedrooms, one bathroom, a living room, and a dining room. The upper residence provides three bedrooms, two full bathrooms, and finished attic living space that expands its usable layout.
Both apartments are occupied under separate rental arrangements. The first-floor tenancy is month-to-month, while the second-floor lease runs through September 30th. The property is located at 2219 Chesterland Ave in Lakewood, Ohio.
Both apartments are occupied under separate rental arrangements. The first-floor tenancy is month-to-month, while the second-floor lease runs through September 30th. The property is located at 2219 Chesterland Ave in Lakewood, Ohio.
Key Highlights
- 2,648‑square‑foot duplex with two separate apartments
- First‑floor unit includes 2 bedrooms, 1 bath, living room, and dining room
- Second‑floor unit offers 3 bedrooms and 2 full 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
$26,176
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
9.03%
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%
$523,520
$523.5K
Cap Rate 7%
$373,943
$373.9K
Cap Rate 9%
$290,844
$290.8K
Market Conditions
NOI Build-Up for 2,648 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
$50.5K $19.08/SF
− Vacancy
−$2.9K −$1.11/SF
EGI
$47.6K $17.97/SF
− OpEx
−$21.4K −$8.09/SF
NOI
$26.2K $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%
$523,520
Cap Rate 7%
$373,943
Cap Rate 9%
$290,844
Alternative Uses
Best Use
Multifamily LT 5
$401.1K
$351.0K – $467.9K
NOI $28,076 @ 7.0% cap · market cap 9.68%
Second Best
Apartment 5plus
$373.9K
$327.2K – $436.3K
NOI $26,176 @ 7.0% cap · market cap 9.03%
Theoretical Best
Warehouse
$2.12M
$1.86M – $2.48M
NOI $148,518 @ 7.0% cap · market cap 51.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
724
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 - Fully occupied duplex with distinct layouts, including a finished attic connected to the upper apartment.
Where is this duplex located?
The property is located at 2219 Chesterland Ave Lakewood, OH.
What is the asking price?
The asking price for this property is $289,900.
What are key features of this property?
This property features: 2,648‑square‑foot duplex with two separate apartments; First‑floor unit includes 2 bedrooms, 1 bath, living room, and dining room; Second‑floor unit offers 3 bedrooms and 2 full bathrooms
