Fully Renovated Duplex with
226 Lake Street Delaware, OH 43015
226 Lake Street, Delaware, OH, 43015
$275,000
For Sale
$275,000
Renovated duplex offers two private exterior entrances, in-unit washers and dryers, and a detached one-car garage.
Property Size1,832 SF
Price / SF$150.11
Days on Market85
Property Features for 226 Lake Street
General Information
- Standard status
- Active
- Size
- 1,832 SF
- Property subtype
- Multi-Family / Duplex
Building Details
- Year Built
- 1901
Listing agency
Red 1 Realty
(614) 560-5443
Listed by
Abigail E Swihart Valentine · License #2018002817
(614) 560-5443
Source
Compass
Added: Apr 29 Updated: Jul 21 at 7:24PM Checked: Jul 21 at 7:24PM
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 Red 1 Realty
Investment Insights
Based on property information with market context.
This fully renovated duplex includes updated electrical wiring, water and drain line updates, replacement windows, and numerous improvements made during renovations in 2014 and 2015. Each unit has its own private exterior entrance. The lower unit provides access from both the front and side of the home and includes a vaulted ceiling in the primary bedroom, along with soundproofing between the lower bedroom and the upper unit. Washers and dryers convey with the property.
A detached one-car garage is included and can be wired to either unit. Both units are currently occupied on month-to-month leases, supporting immediate rental income while retaining flexibility for future occupancy or rent adjustments.
The property is located near downtown Delaware, shopping, dining, parks, and major commuter routes.
A detached one-car garage is included and can be wired to either unit. Both units are currently occupied on month-to-month leases, supporting immediate rental income while retaining flexibility for future occupancy or rent adjustments.
The property is located near downtown Delaware, shopping, dining, parks, and major commuter routes.
Key Highlights
- Fully renovated duplex (year built 1901) with comprehensive updates completed in 2014 and 2015
- Renovation included updated electrical wiring, updated water and drain lines, and replacement windows
- Both units have private exterior entrances, with the lower unit accessible from the front and side
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $26.2k | $14.28 |
| − Vacancy | −$3.4k | −$1.86 |
| EGI | $22.8k | $12.42 |
| − OpEx | −$6.8k | −$3.73 |
| NOI | $15.9k | $8.70 |
1,832 SF · lease $14.28/SF/yr · vacancy 13.01% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$227.6K
$199.1K – $265.5K
NOI $15,930 @ 7.0% cap · market cap 5.79%
Second Best
Apartment 5plus
$208.7K
$182.6K – $243.5K
NOI $14,609 @ 7.0% cap · market cap 5.31%
Theoretical Best
Warehouse
$369.2K
$323.1K – $430.8K
NOI $25,847 @ 7.0% cap · market cap 9.40%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
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FAQs
What type of property is this?
Duplex - Renovated duplex offers two private exterior entrances, in-unit washers and dryers, and a detached one-car garage.
Where is this duplex located?
The property is located at 226 Lake Street Delaware, OH.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Fully renovated duplex (year built 1901) with comprehensive updates completed in 2014 and 2015; Renovation included updated electrical wiring, updated water and drain lines, and replacement windows; Both units have private exterior entrances, with the lower unit accessible from the front and side
