Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Remodeled Triplex Near Cleveland Heights Title is generated by Realmo AI

    1602 Hillcrest Road, East Cleveland, OH 44118

    View on Map
    Claim this Listing
    For Sale
    $145,000

    MULTI_FAMILY - East Cleveland, OH

    Property size:
    4,529 SF
    Lot size:
    0.11 Acres
    Price / SF:
    $32/SF
    Added:
    Oct 16, 2025
    Days on Market:
    231
    Last Refresh:
    Jun 3 at 1:06 pm

    Property Features for 1602 Hillcrest Road

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    5
    Bathrooms
    3
    Rooms
    Bedroom 3, Bedroom 4, Bathroom 2, Bedroom 5, Laundry Room, Bedroom 1, Bathroom 3, Bedroom 2, Bathroom 1, Basement
    Parking features
    Off Street, Garage
    Exterior features
    PrivateYard
    Standard status
    Active
    APN
    672-27-044
    Size
    4,529 SF
    Lot size
    0.11 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    2126

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Water source
    Public

    Building Details

    Year built
    1919
    Floors in Building
    3
    Building materials
    Frame, WoodSiding
    Roof type
    Asphalt, Fiberglass

    We can help!

    Listing Contact
    Daniel A Perelman

    Listing agent Daniel A Perelman License #2005000117

    Listing office Platinum Real Estate 7200 Center Street, Willoughby, OH

    Listing date Oct 16, 2025

    MLS# 5165597 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.

    HighLights

    • Over 11% cap rate at current rent with room to grow.
    • Fully occupied, remodeled triplex.
    • All separate utilities; tenants pay electric and gas.
    • Newer breaker boxes, H2O tanks, and furnaces.
    • Freshly seal‑coated driveway.
    • Will be city point of sale violation‑free.

    Overview

    This is an opportunity to acquire a fully occupied, remodeled triplex located on the border of Cleveland Heights. The property has undergone several updates, including newer breaker boxes, newer hot water tanks, and newer furnaces. The driveway has been freshly seal-coated. Each unit has separate utilities, with tenants responsible for their own electric and gas, while the owner covers water and sewer expenses. The second-floor tenant has been residing in the property for 10 years, suggesting potential for rent increases. The property will be city point of sale violation-free. The property has a lot size of 0.1148 acres and a property size of 4529 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Triplexes

    Map

    City
    East Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.576119
    Latitude
    41.515705

    Nearby Similar for Sale

    • $234,900
      2,924 SF

      Renovated Duplex in East Cleveland

      Fully renovated duplex with strong cash flow potential.
      1523 Hillcrest Road, East Cleveland, OH 44118
      View Details
    • $149,900
      2,112 SF

      East Cleveland Income-Producing Duplex

      Turnkey duplex generating $2,200/month gross rent in East Cleveland.
      1246 E 146th Street, East Cleveland, OH 44112
      View Details
    • $265,000
      3,900 SF

      East Cleveland Triplex Investment Opportunity

      Cash-flowing triplex near downtown Cleveland with recent updates.
      1812 Hastings Avenue, East Cleveland, OH 44112
      View Details
    • $150,000
      1,960 SF

      East Cleveland Duplex Investment Opportunity

      Spacious duplex with income potential in East Cleveland, Ohio.
      14410 Northfield Avenue, East Cleveland, OH 44112
      View Details
    • $190,000
      4,440 SF

      East Cleveland Income-Generating Duplex

      Two-unit duplex with income potential in East Cleveland, Ohio.
      1760 Carlyon Road, East Cleveland, OH 44112
      View Details
    • $109,900
      3,048 SF

      East Cleveland Turnkey Duplex

      Tenant-occupied duplex with immediate rental income potential in East Cleveland.
      14520 Dover Avenue, East Cleveland, OH 44112
      View Details
    • $160,000
      4,094 SF

      Updated Three-Family Home

      Updated three-family home with income potential in East Cleveland.
      1333 E 142nd Street, East Cleveland, OH 44112
      View Details
    • $159,900
      2,864 SF

      East Cleveland Multifamily Value-Add Opportunity

      Three-unit property with income potential near University Circle.
      1526 Eddington Road, East Cleveland, OH 44118
      View Details
    • $115,000
      2,056 SF

      East Cleveland Duplex: Investor Special

      Tenant-occupied duplex in East Cleveland, offering immediate income potential.
      1723 Noble Road, East Cleveland, OH 44112
      View Details
    • $70,000
      3,197 SF

      East Cleveland Multi-Family Rehab Opportunity

      Two-unit property requiring complete renovation with significant income potential.
      13508 Mann Avenue, East Cleveland, OH 44112
      View Details
    • $120,000

      Turnkey Duplex in East Cleveland

      East Cleveland duplex with strong income potential, tenant-occupied, updated.
      13404 Claiborne Road, East Cleveland, OH 44112
      View Details
    • $39,900
      1,822 SF

      East Cleveland Duplex: Investor Special

      Vacant duplex with strong rental potential after renovation.
      14304 Scioto Avenue, East Cleveland, OH 44112
      View Details

    FAQs

    What type of property is this?
    Triplex - Fully occupied, remodeled triplex with separate utilities and high cap rate.
    Where is this triplex located?
    The property is located at 1602 Hillcrest Road East Cleveland, OH.
    What is the asking price?
    The asking price for this property is $145,000.
    What are key features of this property?
    This property features: Over 11% cap rate at current rent with room to grow.; Fully occupied, remodeled triplex.; All separate utilities; tenants pay electric and gas.
    (216) 780-0413
    We can help!
    Listing Contact
    Daniel A Perelman
    Real Estate License ID: 2005000117
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1602 Hillcrest Road, East Cleveland, OH 44118
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!