Two-Unit
For Sale
$289,900
Pending
2219 Chesterland Avenue, Lakewood, OH 44107
ResidentialIncome, Lakewood, OH
Property Size2,648 SF
Lot Size0.11 Acres
Days on Market53
Property Features for 2219 Chesterland Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 2, Bathroom 2, Bathroom 3, Bedroom 3, Basement, Bedroom 1, Bedroom 5, Bathroom 1
Parking features
Garage
Elementary school district
Lakewood CSD (Cuyahoga)- 1817
Middle school district
Lakewood CSD (Cuyahoga)- 1817
High school district
Lakewood CSD (Cuyahoga)- 1817
Directions
South of Madison
Standard status
Pending
APN
315-19-087
Size
2,648 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4177
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1923
Floors in Building
3
Building materials
AluminumSiding
Roof type
Fiberglass, Asphalt
Listing Agency:
JAMM Real Estate Co.
(440) 838-1111
Listed By:
Michael L Anter · License #2013004435
(216) 409-2888
Added: Jul 10
Changed: Aug 26
Last Checked: Aug 31 at 4:06PM
MLS# 5225832
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.
Investment Insights
Based on property information with market context.
This 2,648-square-foot duplex contains two separate apartments within a 1923-built residential structure. The first-floor unit includes two bedrooms, one bathroom, a living room, and a dining room. The upper unit provides three bedrooms, two full bathrooms, and finished attic living space. Both apartments are currently leased; the first is rented month-to-month, while the second lease runs through September 30th.
The property occupies 0.11 acres in Lakewood, Ohio, at 2219 Chesterland Avenue. Building features include aluminum siding, asphalt and fiberglass roofing, forced-air natural gas heat, and garage parking. Public water and public sewer serve the property.
The property occupies 0.11 acres in Lakewood, Ohio, at 2219 Chesterland Avenue. Building features include aluminum siding, asphalt and fiberglass roofing, forced-air natural gas heat, and garage parking. Public water and public sewer serve the property.
Key Highlights
- 2,648 square feet on 0.11 acres
- Two occupied apartments with separate leases
- First‑floor unit has 2 bedrooms, 1 bathroom, living room, and dining room
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 - Occupied residential property with separate apartments, a garage, and public water and sewer service.
Where is this duplex located?
The property is located at 2219 Chesterland Avenue 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 feet on 0.11 acres; Two occupied apartments with separate leases; First‑floor unit has 2 bedrooms, 1 bathroom, living room, and dining room
