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    The Largest CRE Database in the US with Over 1 Million Listings

    12322 Fairport Ave Cleveland, OH 44118

    Sponsored
    For Sale
    Pending
    $148,500

    MULTI_FAMILY - Cleveland, OH

    Property size:
    2,736 SF
    Lot size:
    0.11 Acres
    Days on Market:
    10
    Last Refresh:
    Feb 4 at 4:06 pm

    Property Features for 12322 Fairport Ave

    General Information

    Special listing conditions
    Standard
    Property type
    Residential Multi Family
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Pending
    Rooms
    Basement, Bedroom 7, Bedroom 6, Bedroom 2, Bedroom 4, Bathroom 2, Bathroom 3, Bedroom 1, Bathroom 1, Laundry Room, Bedroom 5, Bedroom 3
    Bedrooms
    7
    Bathrooms
    3
    APN
    110-22-073
    Parking features
    Garage, Driveway
    Appliances
    Range, Refrigerator
    Size
    2,736 SF
    Lot size
    0.11 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Water source
    Public

    Building Details

    Year built
    1900
    Floors in Building
    3
    Roof type
    Fiberglass, Asphalt

    We can help!

    Listing Contact
    Leilani M Bowersock

    Coldwell Banker Schmidt Realty (440) 572-0220

    Listing agent Leilani M Bowersock (440) 570-9514 License #2005015619

    Listing date Jan 26, 2026

    MLS# 5172003 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Renovated Tenant-Occupied Cleveland Triplex

    This is a fully renovated triplex property. The main level provides a front enclosed patio area open for tenant use, as well as private front and side entrances to all units. The first and second levels feature a similar layout, including a large living room with a gas fireplace, three bedrooms, a dining room with built-in shelves and cabinets, a full kitchen, a full bathroom, and ample closet space. The third level is a fully renovated unit with one bedroom, a living room, an open layout kitchen, a full bathroom, and plenty of closet space. The property is fully tenant-occupied, generating a gross monthly rent of $2085. Unit one rents for $795 per month, with the tenant paying their own gas and electric. Unit two rents for $695 per month, and unit three rents for $595 per month. Updates include interior paint, light fixtures, redone ceilings, new carpet, flooring, or tile throughout each unit, renovated kitchens with new cabinets, sinks, countertops and flooring, appliances for all units, renovated bathrooms with flooring, vanity, toilet, tub, and tilework, carpet for stairwell to units, all plumbing, some newer windows, newer full concrete driveway, flowerbed area, utility outlets for all units, second floor balcony repairs, newer hot water tanks, maintenance on furnaces, enclosed front patio paint, and vinyl siding. The property includes a two-car garage, not currently in use, and a fenced-in backyard. The property is situated on a 0.1056-acre lot. The property is City of Cleveland Lead Paint certified and compliant. It is located close to parks, restaurants, shopping, freeway access, and within close distance to downtown and hospitals. The property includes a huge lot to the right of the property owned by Cleveland Land Bank, new owner can acquire that large parcel for pennies by being the owner of this property. The property size is 2736 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.600828
    Latitude
    41.531339

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    FAQs

    What type of property is this?
    Triplex - Fully renovated triplex with tenants, generating $2085 monthly gross rent.
    Where is this triplex located?
    The property is located at 12322 Fairport Ave Cleveland, OH.
    What is the asking price?
    The asking price for this property is $148,500.
    What are key features of this property?
    This property features: - Fully tenant-occupied triplex generating $2085/month gross rent; - **Completely renovated units with updated kitchens and bathrooms**; - Opportunity to acquire a large adjacent lot from the Cleveland Land Bank for minimal cost
    (440) 570-9514
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    12322 Fairport Ave Cleveland, OH 44118
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    We can help!
    Listing Contact
    Leilani M Bowersock
    Real Estate License ID: 2005015619
    (440) 570-9514
    Learn more
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