Quadplex with Private
For Sale
$465,000
1852-1854 W 45th Street, Cleveland, OH 44102
ResidentialIncome, Cleveland, OH
Property Size3,700 SF
Lot Size0.15 Acres
Price / SF$125.68
Days on Market39
Property Features for 1852-1854 W 45th Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Laundry Room, Bathroom 3, Bedroom 1, Bedroom 3, Bathroom 4, Bathroom 2, Bathroom 1, Basement, Bedroom 5, Bedroom 6, Bedroom 4
Parking features
Off Street, Driveway
Appliances
Washer
Subdivision
Benedict & Root Allotment
Elementary school district
East Cleveland CSD - 1812
Middle school district
East Cleveland CSD - 1812
High school district
East Cleveland CSD - 1812
Directions
Off Franklin Blvd, between W 44th St and W 46th St.
Special listing conditions
Short Sale
Standard status
Active
APN
002-36-044
Size
3,700 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
49 B&R 0225 SP
Tax Annual Amount
9670
Legal Description
49 B&R 0225 SP
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
laundry hookups
storage space
Building Details
Year built
1900
Floors in Building
2
Building materials
AluminumSiding, VinylSiding
Roof type
Asphalt, Shingle
Listing Agency:
RE/MAX Haven Realty · RE/MAX International
(440) 519-3100
Listed By:
Michael Azzam · License #2014004734
(216) 446-7606
Added: Aug 6
Changed: Sep 12
Last Checked: Sep 13 at 1:06AM
MLS# 5234492
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.
Investment Insights
Based on property information with market context.
This 3,700-square-foot quadplex contains two two-bedroom, one-bath units and two one-bedroom, one-bath units. Each residence has a private entrance, functional living areas, and dedicated laundry hookups. Interior improvements include LVP flooring, updated bathrooms, modern lighting, plumbing fixtures, vinyl windows, vinyl siding, newer plumbing, newer hot water tanks, and younger furnaces. The basement adds storage space, while separately metered gas and electric service support independent utility management.
One unit is occupied under a 12-month lease, and three units are vacant. The property includes off-street parking and a driveway and is served by public water and public sewer. Located on Cleveland’s west side at 1852-1854 W 45th Street, the property is near MetroHealth Medical Center, Wendy Park, Edgewater Park, Ohio City, Gordon Square Arts District, Downtown Cleveland, shopping, restaurants, schools, public transportation, and major highways. Professional management is in place and willing to remain.
One unit is occupied under a 12-month lease, and three units are vacant. The property includes off-street parking and a driveway and is served by public water and public sewer. Located on Cleveland’s west side at 1852-1854 W 45th Street, the property is near MetroHealth Medical Center, Wendy Park, Edgewater Park, Ohio City, Gordon Square Arts District, Downtown Cleveland, shopping, restaurants, schools, public transportation, and major highways. Professional management is in place and willing to remain.
Key Highlights
- Four‑unit layout with two 2‑bed, 1‑bath units and two 1‑bed, 1‑bath units
- 3,700 square feet on a 0.1515‑acre lot
- One unit occupied under a 12‑month lease; three units are vacant
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
$41,026
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
8.82%
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%
$820,520
$820.5K
Cap Rate 7%
$586,086
$586.1K
Cap Rate 9%
$455,844
$455.8K
Market Conditions
NOI Build-Up for 3,700 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
$77.7K $21.00/SF
− Vacancy
−$3.1K −$0.84/SF
EGI
$74.6K $20.16/SF
− OpEx
−$33.6K −$9.07/SF
NOI
$41.0K $11.09/SF
Area
Cleveland, OH
Vacancy
4.00%
Lease Rate
$21.00 /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%
$820,520
Cap Rate 7%
$586,086
Cap Rate 9%
$455,844
Alternative Uses
Best Use
Multifamily LT 5
$631.8K
$552.8K – $737.1K
NOI $44,225 @ 7.0% cap · market cap 9.51%
Second Best
Apartment 5plus
$586.1K
$512.8K – $683.8K
NOI $41,026 @ 7.0% cap · market cap 8.82%
Theoretical Best
Office A
$902.9K
$790.1K – $1.05M
NOI $63,204 @ 7.0% cap · market cap 13.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,352
Businesses Nearby
Explore this area
Business Placement
Demographics for 44102, OH
43,347
Population
22,984
Households
1.9
Avg Household Size
35
Median Age
25%
College-Educated
80%
High-School Grad
6.1 sq mi
ZIP Area
7,106
Density / Sq Mi
$40,303
Median Household Income
$34,958
Median Earnings
$911
Median Rent
$99,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit residential property with separate entrances, laundry hookups, updated interiors, and public utilities.
Where is this quadplex located?
The property is located at 1852-1854 W 45th Street Cleveland, OH.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Four‑unit layout with two 2‑bed, 1‑bath units and two 1‑bed, 1‑bath units; 3,700 square feet on a 0.1515‑acre lot; One unit occupied under a 12‑month lease; three units are vacant
