Updated Triplex with Detached
For Sale
$449,900
2051-2053 W 45th Street, Cleveland, OH 44102
ResidentialIncome, Cleveland, OH
Property Size3,180 SF
Lot Size0.12 Acres
Price / SF$141.48
Days on Market69
Property Features for 2051-2053 W 45th Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
8
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 8, Bathroom 1, Bedroom 4, Bedroom 3, Bedroom 6, Bedroom 1, Basement, Bedroom 2, Bathroom 2, Bedroom 7, Bedroom 5, Bathroom 3
Subdivision
Metro Golf Park
Elementary school district
Cleveland Municipal - 1809
Middle school district
Cleveland Municipal - 1809
High school district
Cleveland Municipal - 1809
Directions
South of Lorain
Standard status
Active
APN
006-20-058
Size
3,180 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
48&49 T&H 0013 NWP
Tax Annual Amount
6726
Legal Description
48&49 T&H 0013 NWP
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Wall Unit(s), Multi Units
Water source
Public
Amenities
in-unit washer/dryers
granite or quartz countertops
modern cabinetry
gas ranges
dishwashers
refrigerators
garbage disposals
tankless water heaters
mini-split heating and cooling
outdoor space
fenced patio
firepit
planting space
finished loft/flex area
Building Details
Year built
1900
Floors in Building
2
Building materials
VinylSiding
Roof type
Asphalt
Listing Agency:
EXP Realty, LLC.
(866) 212-4991
Listed By:
Zee Sukalic · License #2013004099
(216) 235-6125
Added: Jun 17
Changed: Aug 20
Last Checked: Aug 24 at 7:06AM
MLS# 5220029
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 triplex combines a two-unit front building with a detached rear residence on a 0.121-acre parcel. The front units each offer two bedrooms and one bathroom, while the rear home is scheduled for vacant delivery. Improvements include refreshed kitchens and bathrooms, newer flooring, interior paint, updated plumbing, mostly updated electrical, newer appliances, and in-unit washer/dryers. Kitchen equipment includes granite or quartz counters, contemporary cabinetry, gas ranges, dishwashers, refrigerators, and garbage disposals. The 3,180-square-foot property was built in 1900 and has asphalt roofs approximately five years old. Heating includes forced-air natural gas, with wall and multi-unit cooling systems. Select residences have tankless water heaters and mini-split systems. Each unit has off-street parking and outdoor space, while the rear home adds a fenced patio, firepit, planting area, and finished loft or flex space. Public water and sewer serve the property. The property is located at 2051-2053 W 45th Street in Cleveland, near Ohio City, Gordon Square, Lorain Avenue, downtown Cleveland, the West Side Market, restaurants, coffee shops, nightlife, and highway access.
Key Highlights
- Triplex configuration with two 2‑bedroom, 1‑bath front units and a detached rear home
- 3,180 square feet on a 0.121‑acre parcel
- Rear residence delivered vacant with fenced patio, firepit, planting area, and finished loft/flex space
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
$38,010
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
8.45%
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%
$760,200
$760.2K
Cap Rate 7%
$543,000
$543.0K
Cap Rate 9%
$422,333
$422.3K
Market Conditions
NOI Build-Up for 3,180 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
$56.9K $17.88/SF
− Vacancy
−$2.6K −$0.80/SF
EGI
$54.3K $17.08/SF
− OpEx
−$16.3K −$5.12/SF
NOI
$38.0K $11.95/SF
Area
Cleveland, OH
Vacancy
4.50%
Lease Rate
$17.88 /SF/Yr
Expense Ratio
30.00%
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%
$760,200
Cap Rate 7%
$543,000
Cap Rate 9%
$422,333
Alternative Uses
Best Use
Multifamily LT 5
$543.0K
$475.1K – $633.5K
NOI $38,010 @ 7.0% cap · market cap 8.45%
Second Best
Apartment 5plus
$503.7K
$440.8K – $587.7K
NOI $35,260 @ 7.0% cap · market cap 7.84%
Theoretical Best
Office A
$776.0K
$679.0K – $905.4K
NOI $54,322 @ 7.0% cap · market cap 12.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
893
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property with renovated interiors, private outdoor areas, and off-street parking for each residence.
Where is this triplex located?
The property is located at 2051-2053 W 45th Street Cleveland, OH.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: Triplex configuration with two 2‑bedroom, 1‑bath front units and a detached rear home; 3,180 square feet on a 0.121‑acre parcel; Rear residence delivered vacant with fenced patio, firepit, planting area, and finished loft/flex space
