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    3791 W 38Th St Cleveland, OH 44109

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    Sponsored
    For Sale
    Under Contract
    $130,000

    MULTI_FAMILY - Cleveland, OH

    Property size:
    2,562 SF
    Lot size:
    0.08 Acres
    Days on Market:
    6
    Last Refresh:
    Mar 21 at 6:06 am

    Property Features for 3791 W 38Th St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active Under Contract
    Rooms
    Bedroom 2, Bedroom 4, Bathroom 1, Bedroom 5, Bedroom 3, Bathroom 2, Basement, Bedroom 1
    Bedrooms
    5
    Bathrooms
    2
    APN
    015-23-161
    Parking features
    Driveway
    Size
    2,562 SF
    Lot size
    0.08 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Water source
    Public

    Building Details

    Year built
    1900
    Floors in Building
    2
    Building materials
    ShakeSiding
    Roof type
    Asphalt

    We can help!

    Listing Contact
    Jason D Hoag
    Jason D Hoag

    EXP Realty

    Listing agent Jason D Hoag License #2014002942

    Listing date Mar 16, 2026

    MLS# 5183250 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.

    Learn more

    Property Insight Report

    Overview

    Updated Duplex in Old Brooklyn

    This multifamily property, located in Cleveland's Old Brooklyn neighborhood, is suitable for investors. The property features two units, both recently updated. The downstairs unit, currently occupied by a tenant at $750 per month, has been recently painted and includes newer vinyl plank flooring, an updated kitchen, and an updated bathroom. Market rent for a similar two-bedroom unit is approximately $1,200 per month. The upstairs unit is vacant and has new vinyl plank flooring, fresh paint, an updated kitchen, and a large updated bathroom. The upstairs unit has been professionally cleaned and is ready for a new tenant. The subsidized market rent for a three-bedroom unit is $1,468 per month. The property is situated on a 0.0771-acre lot and has a total size of 2562 square feet. The property offers convenient highway access and proximity to the Cleveland Metro Park Zoo.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.709719
    Latitude
    41.45181

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    FAQs

    What type of property is this?
    Duplex - Updated duplex in Cleveland's Old Brooklyn neighborhood, great highway access.
    Where is this duplex located?
    The property is located at 3791 W 38Th St Cleveland, OH.
    What is the asking price?
    The asking price for this property is $130,000.
    What are key features of this property?
    This property features: - Updated units with **new vinyl plank flooring, fresh paint, and updated kitchens and bathrooms.**; - **Potential for increased rental income:** downstairs unit currently rented at $750/month with market rent around $1,200/month; subsidized market rent for the upstairs 3-bedroom unit is $1,468/month.; - Upstairs unit is vacant, professionally cleaned, and ready for a new tenant.
    (216) 287-8500
    Request Owner's contact information
    3791 W 38Th St Cleveland, OH 44109
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    Cleveland, OH 44109
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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
    3791 W 38Th St Cleveland, OH 44109
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    We can help!
    Listing Contact
    Jason D Hoag
    Jason D Hoag
    Real Estate License ID: 2014002942
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