Two-Unit Duplex with Expansion
For Sale
$285,000
3544 Lynnfield Rd, Shaker Heights, OH 44122
Both units offer two bedrooms, a full bathroom, and separate living, dining, and kitchen areas.
Property Size2,520 SF
Price / SF$113.10
Days on Market17
Property Features for 3544 Lynnfield Rd
General Information
Standard status
Active
Size
2,520 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$6,818
Listing Agency:
Keller Williams Greater Metropolitan
(216) 255-7377
Listed By:
Shoshana Socher · License #2006000982
(216) 255-7377
Source:
Exprealty
Added: Aug 5
Changed: Aug 20
Last Checked: Aug 21 at 10:21AM
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 Keller Williams Greater Metropolitan
Investment Insights
Based on property information with market context.
This Shaker Heights duplex includes two residential units, each arranged with a kitchen, living room, dining room, two bedrooms, and one full bathroom. Additional unfinished areas include a third floor and a full basement, providing substantial space beyond the finished unit layouts.
The property is located at 3544 Lynnfield Rd, within walking distance of the Van Aken District and the Rapid. Larchmere, the main hospital campuses, University Circle, Little Italy, and downtown Cleveland are also identified as nearby destinations. The duplex configuration and existing room arrangement support separate occupancy of both units, while the unfinished upper and lower levels add flexible space within the building.
The property is located at 3544 Lynnfield Rd, within walking distance of the Van Aken District and the Rapid. Larchmere, the main hospital campuses, University Circle, Little Italy, and downtown Cleveland are also identified as nearby destinations. The duplex configuration and existing room arrangement support separate occupancy of both units, while the unfinished upper and lower levels add flexible space within the building.
Key Highlights
- Two‑unit duplex at 3544 Lynnfield Rd in Shaker Heights
- Each unit includes a kitchen, living room, dining room, 2 bedrooms, and 1 full bathroom
- Vast unfinished 3rd floor provides additional interior space
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
$24,911
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
8.74%
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%
$498,220
$498.2K
Cap Rate 7%
$355,871
$355.9K
Cap Rate 9%
$276,789
$276.8K
Market Conditions
NOI Build-Up for 2,520 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
$48.1K $19.08/SF
− Vacancy
−$2.8K −$1.11/SF
EGI
$45.3K $17.97/SF
− OpEx
−$20.4K −$8.09/SF
NOI
$24.9K $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%
$498,220
Cap Rate 7%
$355,871
Cap Rate 9%
$276,789
Alternative Uses
Best Use
Multifamily LT 5
$381.7K
$334.0K – $445.3K
NOI $26,719 @ 7.0% cap · market cap 9.38%
Second Best
Apartment 5plus
$355.9K
$311.4K – $415.2K
NOI $24,911 @ 7.0% cap · market cap 8.74%
Theoretical Best
Warehouse
$2.02M
$1.77M – $2.36M
NOI $141,339 @ 7.0% cap · market cap 49.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
603
Businesses Nearby
Explore this area
Business Placement
Demographics for 44122, OH
36,268
Population
17,795
Households
2
Avg Household Size
45
Median Age
62%
College-Educated
97%
High-School Grad
12.5 sq mi
ZIP Area
2,901
Density / Sq Mi
$97,469
Median Household Income
$58,334
Median Earnings
$1,509
Median Rent
$304,300
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 - Both units offer two bedrooms, a full bathroom, and separate living, dining, and kitchen areas.
Where is this duplex located?
The property is located at 3544 Lynnfield Rd Shaker Heights, OH.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Two‑unit duplex at 3544 Lynnfield Rd in Shaker Heights; Each unit includes a kitchen, living room, dining room, 2 bedrooms, and 1 full bathroom; Vast unfinished 3rd floor provides additional interior space
