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    2494-2500 Thurman Avenue Cleveland, OH 44113

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    Claim this Listing
    For Sale
    $1,875,000

    MULTI_FAMILY - Cleveland, OH

    Lot size:
    0.14 Acres
    Added:
    Jan 14, 2026
    Days on Market:
    105
    Last Refresh:
    Apr 29 at 7:06 pm

    Property Features for 2494-2500 Thurman Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    11
    Bathrooms
    14
    Rooms
    Bedroom 10, Bathroom 6, Bedroom 8, Bathroom 3, Bathroom 11, Bedroom 5, Basement, Bathroom 2, Bedroom 9, Bedroom 6, Bathroom 14, Bathroom 1, Bathroom 12, Bathroom 5, Bathroom 10, Laundry Room, Bedroom 1, Bedroom 2, Bedroom 11, Bathroom 8, Bathroom 13, Bathroom 4, Bathroom 7, Bathroom 9, Bedroom 3, Bedroom 7, Bedroom 4
    Parking features
    Garage, Driveway
    Interior features
    RecessedLighting
    Standard status
    Active
    APN
    004-17-225
    Lot size
    0.14 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    PARCEL B1 AFN202212270507
    Tax Annual Amount
    4662

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Water source
    Public

    Building Details

    Year built
    2024
    Floors in Building
    3
    Building materials
    Stucco
    Roof type
    Shingle, Asphalt, Rubber

    We can help!

    Listing Contact
    De'Chella Woodruff

    Listing agent De'Chella Woodruff License #2018004577

    Listing office HomeSmart Real Estate Momentum LLC 8518 Mentor Avenue, Suite C, Mentor, OH

    Listing date Jan 14, 2026

    MLS# 5181545 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.

    Overview

    New Townhomes in Tremont

    This property presents a rare development opportunity with four newly built townhomes located in the heart of Tremont in Cleveland, Ohio. The townhomes are ideal for an investor or builder ready to finish the project and add final touches, as the major construction phase is already complete. The modern layouts provide excellent potential for resale or rental income. The property is situated in a prime location near restaurants, shops, parks, and highway access. This is a unique opportunity to complete and customize a nearly finished new-construction project in one of Cleveland's most desirable neighborhoods. The lot size is 0.136 acres. The property is being sold as-is.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Multifamily properties

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.682451
    Latitude
    41.478307

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    FAQs

    What type of property is this?
    Multifamily property - Four newly built townhomes in Cleveland's desirable Tremont neighborhood.
    Where is this multifamily property located?
    The property is located at 2494-2500 Thurman Avenue Cleveland, OH.
    What is the asking price?
    The asking price for this property is $1,875,000.
    What are key features of this property?
    This property features: Rare development opportunity: **Four newly built townhomes in Tremont.**; Major construction complete: Ideal for investor/builder to finish and customize.; **Prime location: Near restaurants, shops, parks, and highway access.**
    (216) 403-8180
    We can help!
    Listing Contact
    De'Chella Woodruff
    Real Estate License ID: 2018004577
    Learn More
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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
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