Ohio City Four-Unit Multifamily
3202 Whitman Avenue, Cleveland, OH 44113
- Added:
- Feb 23, 2026
- Days on Market:
- 97
- Last Refresh:
- May 31 at 10:06 pm
Property Features for 3202 Whitman Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 4
- Bathrooms
- 4
- Rooms
- Bathroom 1, Bedroom 4, Bedroom 2, Bathroom 2, Basement, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 3
- Parking features
- On Street, Assigned, Garage
- Exterior features
- PrivateEntrance
- Standard status
- Pending
- APN
- 003-31-050
- Size
- 2,310 SF
- Lot size
- 0.08 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- 52 B&L EP TRI 0630
- Tax Annual Amount
- 9159
Utilities
- Sewer type
- Public Sewer
- Heating system
- Forced Air
- Water source
- Public
Building Details
- Year built
- 1895
- Floors in Building
- 2
- Building materials
- WoodSiding
- Roof type
- Asphalt, Shingle
Listing agent Denise M Zervos License #434229 (216) 440-9089
Listing office Platinum Real Estate 7200 Center Street, Willoughby, OH (888) 974-7253
Listing date Feb 23, 2026
MLS# 5188503
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.
HighLights
- Located in the heart of Ohio City, a strong rental submarket.
- Immediate income potential with three of four units currently occupied.
- Opportunity for rent adjustments to market rate and significant upside.
- One vacant one‑bedroom unit allows for immediate lease‑up or owner‑occupancy.
- Corner lot location near West 25th with separate entrances.
- Rare opportunity for scale at this price point in Ohio City.
Overview
Located in the heart of Ohio City, this four-unit property offers immediate income with significant upside. Three of the four units are currently occupied on month-to-month leases, providing in-place cash flow while allowing flexibility for repositioning or rent adjustments to market rate. One vacant one-bedroom unit (approximately 450 SF) creates an immediate opportunity for lease-up or owner-occupancy. The property is situated on a corner lot near West 25th and has separate entrances. The property size is 2310 square feet and the lot size is 0.0772 acres. This asset is suitable for long-term hold, value-add reposition, house-hack strategy, and portfolio expansion in a high-demand corridor. Market rents in Ohio City for comparable 1 bed / 1 bath units commonly range between $800-$1,200+ per month, depending on size, condition, and finishes.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $41.3k | $17.88 |
| − Vacancy | −$1.9k | −$0.80 |
| EGI | $39.4k | $17.08 |
| − OpEx | −$11.8k | −$5.12 |
| NOI | $27.6k | $11.95 |
2,310 SF · lease $17.88/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$394.4K
$345.1K – $460.2K
NOI $27,611 @ 7.0% cap · market cap 7.56%
Second Best
Apartment 5plus
$365.9K
$320.2K – $426.9K
NOI $25,613 @ 7.0% cap · market cap 7.02%
Theoretical Best
Office A
$563.7K
$493.3K – $657.7K
NOI $39,460 @ 7.0% cap · market cap 10.81%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Location Insight
- Map
- Local Demand
- City
- Cleveland
- County
- Cuyahoga
- State
- Ohio
- Longitude
- -81.711588
- Latitude
- 41.48408
Nearby Similar for Sale
FAQs
What type of property is this?
Quadplex - Four-unit property in prime Ohio City location with upside.
Where is this quadplex located?
The property is located at 3202 Whitman Avenue Cleveland, OH.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Located in the heart of Ohio City, a strong rental submarket.; Immediate income potential with three of four units currently occupied.; Opportunity for rent adjustments to market rate and significant upside.
