$320,000
$55K PRICE DROP

1557 Newman Ave Lakewood, OH 44107

Estimated payment $2,148/month

Total Views 51,893
5 Beds
2.5 Baths
1,980 Sq Ft
$162 Price per Sq Ft

About This Home

Welcome to 1557 Newman Ave — a fully renovated duplex offering incredible income potential and flexibility. With the lower unit previously rented at $1,300/month and the upper unit projected to earn $1,800+/month, this property easily fits the criteria for investors seeking strong returns. It’s also perfect for owner-occupants looking to offset a mortgage with rental income, or those wanting to convert it into a spacious single-family home.

The property features 5 bedrooms and 3 full baths in total: a 2-bed/1-bath unit on the first floor and a large 3-bed/2-bath unit spanning the second and third floors. The upper unit includes an updated kitchen and a brand-new third-floor bathroom with new stairs.

Recent upgrades (2023–2024) include:

All new appliances

New flooring throughout both units

New front porch and upper balcony

Fresh exterior paint

New gutters and entry doors

Majority of windows replaced

Located in a desirable, walkable Lakewood neighborhood near parks, dining, and RTA transit, this turnkey property requires minimal maintenance and is poised for immediate cash flow.

Listing Agent

Michael Jones

RE/MAX Traditions Brokerage Email: michaelpajones@gmail.com 440-714-5755 License #2020005455 Listed on: 04/10/2025

RE/MAX Traditions

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $4,516

Year Built

  • Built in 1908 | Remodeled

Lot Details

  • 3,049 Sq Ft Lot

Parking

  • On-Street Parking

Home Design

  • Fiberglass Roof
  • Asphalt Roof
  • Vinyl Siding

Interior Spaces

  • 1,980 Sq Ft Home
  • 3-Story Property
  • Unfinished Basement

Kitchen

  • Range
  • Microwave

Bedrooms and Bathrooms

  • 5 Bedrooms

Laundry

  • Dryer
  • Washer

Utilities

  • No Cooling
  • Forced Air Heating System

Community Details

  • Newman Subdivision

Listing and Financial Details

  • Assessor Parcel Number 315-14-068

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$4,516

Year Built

Built in 1908 | Remodeled

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Property Subtype: Duplex
  • Year Built: 1908
  • Attribution Contact: michaelpajones@gmail.com 440-714-5755
  • ResoSpecialListingConditions: Standard
  • Subdivision Name: Newman
  • Above Grade Finished Sq Ft: 1980.0
  • Carport Y N: No
  • Garage Yn: No
  • Unit Levels: Three Or More
  • Reso Property Condition: Updated/Remodeled
  • Tax Year: 2024
  • Property Sub Type Additional: Duplex
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Basement: Unfinished
  • Basement: Yes
  • Appliances: Dryer, Microwave, Range, Refrigerator, Washer
  • Full Bathrooms: 2
  • Half Bathrooms: 1
  • Total Bedrooms: 5

Exterior Features

  • Roof: Asphalt, Fiberglass
  • Acres: 0.07
  • Pool Private: No
  • Waterfront: No
  • Home Warranty: No
  • Construction Type: Vinyl Siding

Garage/Parking

  • Attached Garage: No
  • Parking Features: On Street

Utilities

  • Cooling: None
  • Cooling Y N: No
  • Heating: Forced Air
  • HeatingYN: Yes
  • Water Source: Public

Schools

  • Junior High Dist: Lakewood CSD (Cuyahoga)- 1817

Lot Info

  • Lot Size Units: Acres
  • Parcel Number: 315-14-068

Tax Info

  • Tax Annual Amount: 4516.2

Map

Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
07/16/2025 07/16/25 Price Changed $320,000 -1.5% $162 / Sq Ft
06/23/2025 06/23/25 Price Changed $325,000 -1.5% $164 / Sq Ft
06/17/2025 06/17/25 Price Changed $330,000 -2.8% $167 / Sq Ft
05/05/2025 05/05/25 Price Changed $339,500 -3.0% $171 / Sq Ft
04/26/2025 04/26/25 Price Changed $349,900 -2.8% $177 / Sq Ft
04/18/2025 04/18/25 Price Changed $359,900 -4.0% $182 / Sq Ft
04/10/2025 04/10/25 For Sale $375,000 +88.4% $189 / Sq Ft
11/17/2023 11/17/23 Sold $199,000 -0.5% $101 / Sq Ft
10/12/2023 10/12/23 Pending -- -- --
10/10/2023 10/10/23 For Sale $199,900 -- $101 / Sq Ft
Source: MLS Now

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Source: MLS Now

MLS Number: 5113652

MLS Now

APN: 315-14-068

Ohio Cuyahoga County Lakewood 44107

1557 Newman Ave, Lakewood, OH

This home is located at 1557 Newman Ave, Lakewood, OH 44107 and is currently priced at $320,000, approximately $161 per square foot. This property was built in 1908. 1557 Newman Ave is a home located in Cuyahoga County with nearby schools including Harrison Elementary School, Garfield Middle School, and Lakewood High School.

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Michael Jones
Listing Agent
Michael Jones
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RE/MAX Traditions
(216) 369-6569