Triplex With Separate
New
For Sale
$650,000
3109 Bridge Avenue, Cleveland, OH 44113
ResidentialIncome, Cleveland, OH
Property Size3,326 SF
Lot Size0.08 Acres
Price / SF$195.43
Days on Market1
Property Features for 3109 Bridge Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
6
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bedroom 5, Bathroom 1, Bedroom 4, Bathroom 4, Laundry Room, Basement, Bedroom 3, Bedroom 1, Bathroom 3, Bedroom 6, Bedroom 2, Bathroom 2
Parking features
On Street
Appliances
Dryer, Dishwasher, Range, Refrigerator, Washer
Subdivision
Barber & Lords
Elementary school district
Cleveland Municipal - 1809
Middle school district
Cleveland Municipal - 1809
High school district
Cleveland Municipal - 1809
Directions
Just East of Fulton Rd, between W. 30th and W. 32nd St.
Standard status
Active
APN
003-37-004
Size
3,326 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
52 B&L 0202 NWP
Tax Annual Amount
16377
Legal Description
52 B&L 0202 NWP
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Building materials
AluminumSiding, VinylSiding
Roof type
Asphalt, Fiberglass
Listing Agency:
Keller Williams Greater Metropolitan · Keller Williams Realty
(216) 839-5500
Listed By:
Jeremy P Ols · License #2008003468
(440) 263-8915
Added: Sep 4
Last Checked: Sep 4 at 7:06PM
MLS# 5241328
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 property comprises three residential units distributed across two parcels. The rear residence is a single-family cottage with two bedrooms, a dedicated office, and two full bathrooms. The front multifamily building contains two additional units, both fully occupied. Combined property size is 3,326 square feet on 0.08 acres.
Located on Bridge Avenue in Cleveland’s Ohio City neighborhood, the property is near Momocho, Heart of Gold, Juneberry Table, Phoenix Coffee, and the West Side Market. Public water and sewer serve the property. Improvements include forced-air heating, central air conditioning, aluminum and vinyl siding, asphalt and fiberglass roofing, and on-street parking. The property was built in 1900.
Located on Bridge Avenue in Cleveland’s Ohio City neighborhood, the property is near Momocho, Heart of Gold, Juneberry Table, Phoenix Coffee, and the West Side Market. Public water and sewer serve the property. Improvements include forced-air heating, central air conditioning, aluminum and vinyl siding, asphalt and fiberglass roofing, and on-street parking. The property was built in 1900.
Key Highlights
- Three residential units across two parcels
- Rear cottage includes 2 bedrooms, an office, and 2 full baths
- Front multifamily building is fully occupied
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
$39,755
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
6.12%
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%
$795,100
$795.1K
Cap Rate 7%
$567,929
$567.9K
Cap Rate 9%
$441,722
$441.7K
Market Conditions
NOI Build-Up for 3,326 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
$59.5K $17.88/SF
− Vacancy
−$2.7K −$0.80/SF
EGI
$56.8K $17.08/SF
− OpEx
−$17.0K −$5.12/SF
NOI
$39.8K $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%
$795,100
Cap Rate 7%
$567,929
Cap Rate 9%
$441,722
Alternative Uses
Best Use
Multifamily LT 5
$567.9K
$496.9K – $662.6K
NOI $39,755 @ 7.0% cap · market cap 6.12%
Second Best
Apartment 5plus
$526.8K
$461.0K – $614.7K
NOI $36,879 @ 7.0% cap · market cap 5.67%
Theoretical Best
Office A
$811.7K
$710.2K – $946.9K
NOI $56,816 @ 7.0% cap · market cap 8.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,731
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
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Frequently Asked Questions
What type of property is this?
Triplex - Three residential units span two parcels, including a two-bedroom cottage with an office and two full baths.
Where is this triplex located?
The property is located at 3109 Bridge Avenue Cleveland, OH.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Three residential units across two parcels; Rear cottage includes 2 bedrooms, an office, and 2 full baths; Front multifamily building is fully occupied
