Updated Duplex with Off-Street
For Sale
$295,000
3100 Hancock Avenue, Cleveland, OH 44113
ResidentialIncome, Cleveland, OH
Property Size1,540 SF
Lot Size0.06 Acres
Price / SF$191.56
Days on Market133
Property Features for 3100 Hancock Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Basement, Bathroom 2, Bedroom 1, Bedroom 2
Parking features
Off Street
Subdivision
Barber & Lord
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
007-09-145
Size
1,540 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
69 B&L 0235 SEP
Tax Annual Amount
2764
Legal Description
69 B&L 0235 SEP
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1890
Floors in Building
2
Building materials
VinylSiding
Roof type
Fiberglass, Asphalt
Listing Agency:
HomeSmart Real Estate Momentum LLC · HomeSmart International
(440) 578-8058
Listed By:
Anthony Aviles · License #2016001457
(216) 212-9219
Added: Apr 23
Changed: Aug 20
Last Checked: Sep 2 at 7:06PM
MLS# 5204056
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 4-bedroom, 2-bath duplex contains 1,540 square feet and was built in 1890. The property includes updated units, a basement, vinyl siding, forced-air heating, and window-unit cooling. A new fiberglass and asphalt roof and an off-street parking pad add to the existing improvements.
The property is located on Hancock Avenue in Cleveland’s Ohio City neighborhood, near West 25th Street and Lorain Avenue. Gordon Square, Edgewater, and Downtown Cleveland are also identified as nearby destinations. Public water and public sewer serve the property, and the parcel encompasses 0.0592 acres.
The property is located on Hancock Avenue in Cleveland’s Ohio City neighborhood, near West 25th Street and Lorain Avenue. Gordon Square, Edgewater, and Downtown Cleveland are also identified as nearby destinations. Public water and public sewer serve the property, and the parcel encompasses 0.0592 acres.
Key Highlights
- 4‑bedroom, 2‑bath duplex
- 1,540 square feet on 0.0592 acres
- Updated units with a new fiberglass and asphalt roof
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
$18,407
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
6.24%
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%
$368,140
$368.1K
Cap Rate 7%
$262,957
$263.0K
Cap Rate 9%
$204,522
$204.5K
Market Conditions
NOI Build-Up for 1,540 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
$27.5K $17.88/SF
− Vacancy
−$1.2K −$0.80/SF
EGI
$26.3K $17.08/SF
− OpEx
−$7.9K −$5.12/SF
NOI
$18.4K $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%
$368,140
Cap Rate 7%
$262,957
Cap Rate 9%
$204,522
Alternative Uses
Best Use
Multifamily LT 5
$263.0K
$230.1K – $306.8K
NOI $18,407 @ 7.0% cap · market cap 6.24%
Second Best
Apartment 5plus
$243.9K
$213.5K – $284.6K
NOI $17,076 @ 7.0% cap · market cap 5.79%
Theoretical Best
Office A
$375.8K
$328.8K – $438.5K
NOI $26,307 @ 7.0% cap · market cap 8.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,603
Businesses Nearby
Explore this area
Business Placement
Demographics for 44113, OH
20,291
Population
12,554
Households
1.6
Avg Household Size
33
Median Age
54%
College-Educated
89%
High-School Grad
3.8 sq mi
ZIP Area
5,340
Density / Sq Mi
$70,140
Median Household Income
$61,204
Median Earnings
$1,374
Median Rent
$295,400
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?
Duplex - Two-unit property with updated interiors, a new roof, and off-street parking.
Where is this duplex located?
The property is located at 3100 Hancock Avenue Cleveland, OH.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: 4‑bedroom, 2‑bath duplex; 1,540 square feet on 0.0592 acres; Updated units with a new fiberglass and asphalt roof
