Historic Furnished
For Sale
Under Contract
$500,000
3401 Clinton Avenue, Cleveland, OH 44113
ResidentialIncome, Cleveland, OH
Property Size3,618 SF
Lot Size0.15 Acres
Price / SF$138.20
Days on Market69
Property Features for 3401 Clinton Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bathroom 2, Basement, Bathroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 4, Bathroom 3
Appliances
Microwave, Range, Refrigerator
View
City
Elementary school district
Cleveland Municipal - 1809
Middle school district
Cleveland Municipal - 1809
High school district
Cleveland Municipal - 1809
Directions
Take I-480 W to W 41st St in Cleveland. Take exit 169 from I-90 W. Continue on W 41st St. Take Randall Rd to Clinton Ave.
Standard status
Active Under Contract
APN
003-26-043
Size
3,618 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5115
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1890
Floors in Building
2
Building materials
VinylSiding
Roof type
Asphalt, Fiberglass
Listing Agency:
Century 21 Homestar · Century 21 Real Estate
(440) 449-9100
Listed By:
Anthony G Romano · License #2004013247
(440) 724-8836
Added: Jun 24
Changed: Aug 26
Last Checked: Aug 31 at 2:06AM
MLS# 5221586
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 3,618-square-foot duplex occupies a 0.15-acre lot and combines a 1890-built exterior with extensive interior updates. The property includes two residences, four bedrooms, three full bathrooms, and an additional half bath. Interior details include 10-foot ceilings, wide-plank flooring, wood-framed windows, built-ins, fireplaces, quartz kitchen counters, breakfast bars, designer tile, and stainless steel appliances. Mechanical systems, plumbing, electrical service, and central air have all been updated. The upper unit is furnished and vacant, while the lower unit is currently leased.
Short-term rentals are permitted, and the property previously operated as an Airbnb. A 15-year tax abatement remains in effect through 2038. Public water and sewer serve the property, with forced-air heating and central air conditioning. Its Ohio City setting provides walkable access to Hingetown cafes, Edgewater Park, Downtown, and Gordon Square, with a Walk Score of 88 and Bike Score of 98.
Short-term rentals are permitted, and the property previously operated as an Airbnb. A 15-year tax abatement remains in effect through 2038. Public water and sewer serve the property, with forced-air heating and central air conditioning. Its Ohio City setting provides walkable access to Hingetown cafes, Edgewater Park, Downtown, and Gordon Square, with a Walk Score of 88 and Bike Score of 98.
Key Highlights
- 3,618 square feet across two duplex residences
- 0.15‑acre lot with a 1890 construction date
- Upper unit is furnished and vacant; lower unit is currently leased
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
$43,245
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
8.65%
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%
$864,900
$864.9K
Cap Rate 7%
$617,786
$617.8K
Cap Rate 9%
$480,500
$480.5K
Market Conditions
NOI Build-Up for 3,618 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
$64.7K $17.88/SF
− Vacancy
−$2.9K −$0.80/SF
EGI
$61.8K $17.08/SF
− OpEx
−$18.5K −$5.12/SF
NOI
$43.2K $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%
$864,900
Cap Rate 7%
$617,786
Cap Rate 9%
$480,500
Alternative Uses
Best Use
Multifamily LT 5
$617.8K
$540.6K – $720.8K
NOI $43,245 @ 7.0% cap · market cap 8.65%
Second Best
Apartment 5plus
$573.1K
$501.5K – $668.6K
NOI $40,116 @ 7.0% cap · market cap 8.02%
Theoretical Best
Office A
$882.9K
$772.6K – $1.03M
NOI $61,804 @ 7.0% cap · market cap 12.36%
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
1,831
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?
Duplex - Two residences with updated interiors, furnished upper unit, and short-term rental eligibility in Cleveland’s Ohio City area.
Where is this duplex located?
The property is located at 3401 Clinton Avenue Cleveland, OH.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 3,618 square feet across two duplex residences; 0.15‑acre lot with a 1890 construction date; Upper unit is furnished and vacant; lower unit is currently leased
