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

    1234 E 61St St Cleveland, OH 44103

    Sponsored
    For Sale
    $149,000

    MULTI_FAMILY - Cleveland, OH

    Property size:
    2,036 SF
    Lot size:
    0.17 Acres
    Days on Market:
    219
    Last Refresh:
    Jan 21 at 11:06 pm

    Property Features for 1234 E 61St St

    General Information

    Special listing conditions
    Standard
    Property type
    Residential Multi Family
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active
    Rooms
    Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 5, Bedroom 3, Basement, Bathroom 1, Bedroom 1
    Bedrooms
    5
    Bathrooms
    2
    APN
    104-15-107
    Size
    2,036 SF
    Lot size
    0.17 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Water source
    Public

    Building Details

    Year built
    1880
    Floors in Building
    2
    Building materials
    Frame
    Roof type
    Shingle, Asphalt

    We can help!

    Listing Contact
    Tal Tamir

    Russell Real Estate Services (440) 268-9491 [email protected]

    Listing agent Tal Tamir (216) 870-8687 License #2018001908

    Listing date Jun 17, 2025

    MLS# 5131051 Listing URL

    Copyright © 2025 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

    Cash-Flowing Duplex with Recent Updates

    This Cleveland duplex presents an opportunity for investment, featuring recent updates and income potential. The property has new windows, updated electrical and plumbing systems, two new hot water tanks, and one new furnace. The downstairs unit is a renovated three-bedroom, one-bath apartment with new flooring, paint, a modern kitchen and bathroom, and stainless steel appliances. This unit is currently rented for $1,100 per month through March 31, 2026. The upstairs unit, a two-bedroom, one-bath apartment, has been refreshed with new paint, flooring, and kitchen upgrades and is being marketed for $800 per month. Tenants are responsible for their own electric and gas utilities. The property is located in Cleveland, OH 44103, Cuyahoga County, and has a lot size of 0.1662 acres with a living area of 2036 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.647821
    Latitude
    41.519957

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    FAQs

    What type of property is this?
    Duplex - Updated Cleveland duplex with immediate income and tenant-paid utilities.
    Where is this duplex located?
    The property is located at 1234 E 61St St Cleveland, OH.
    What is the asking price?
    The asking price for this property is $149,000.
    What are key features of this property?
    This property features: - Cash-flowing duplex with immediate income potential.; - **Downstairs unit fully renovated with modern kitchen and bathroom, stainless steel appliances, and rented for $1,100/month through March 31, 2026.**; - **Major updates completed: new windows, updated electrical and plumbing, two new hot water tanks, and one new furnace.**
    (216) 870-8687
    Request Owner's contact information
    1234 E 61St St Cleveland, OH 44103
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    Cleveland, OH 44103
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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
    1234 E 61St St Cleveland, OH 44103
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    We can help!
    Listing Contact
    Tal Tamir
    Real Estate License ID: 2018001908
    (216) 870-8687
    Learn more
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