Duplex Property With Two
For Sale
$154,900
4809 Fenwick Avenue, Cleveland, OH 44102
ResidentialIncome, Cleveland, OH
Property Size1,160 SF
Lot Size0.11 Acres
Price / SF$133.53
Days on Market478
Property Features for 4809 Fenwick Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Bedroom 2, Bedroom 3, Bathroom 2, Bedroom 1, Bedroom 7, Bedroom 6, Bathroom 3, Laundry Room, Bathroom 1, Bedroom 4, Basement
Parking features
Off Street
Interior features
EatInKitchen, LaminateCounters
Exterior features
Garden, PrivateYard
Accessibility
Accessible Approach with Ramp
Subdivision
Taylor & Hoyts
Lot features
Additional Land Available, City Lot, Dead End, Garden
View
City
Elementary school district
Cleveland Municipal - 1809
Middle school district
Cleveland Municipal - 1809
High school district
Cleveland Municipal - 1809
Directions
South Of I90/West Of West 44th St.
Standard status
Active
APN
006-21-031
Size
1,160 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
48 T&H S/L 320 SEP 0319 EP
Tax Annual Amount
1070
Legal Description
48 T&H S/L 320 SEP 0319 EP
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1890
Floors in Building
2
Building materials
ShingleSiding
Roof type
Fiberglass, Asphalt
Listing Agency:
EXP Realty, LLC.
(866) 212-4991
Listed By:
Susan C Sasseville · License #2002019045
(440) 317-0422
Added: May 2, 2025
Changed: Aug 20
Last Checked: Aug 22 at 12:06PM
MLS# 5119616
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 Cleveland property includes an older front residence and a rear duplex added later, creating two residential structures on one parcel. Both require complete restoration, while the source information also identifies potential for a full teardown and new construction. The property contains 1,160 square feet on 0.1065 acres and dates to 1890, with seven bedrooms and three bathrooms listed. Interior features include eat-in kitchens and laminate counters; additional property features include natural-gas forced-air heat, window-unit cooling, off-street parking, a private yard, garden area, public water, and public sewer.
The property is near West Side Market, downtown Cleveland, a dog park, a recreation center, and Menlo Academy. New-construction townhomes are located a few doors away. Overgrown land beside the property is city-owned and may be explored for possible lot expansion.
The property is near West Side Market, downtown Cleveland, a dog park, a recreation center, and Menlo Academy. New-construction townhomes are located a few doors away. Overgrown land beside the property is city-owned and may be explored for possible lot expansion.
Key Highlights
- Front home and rear duplex both require complete restoration
- 1,160 square feet on a 0.1065‑acre parcel
- Seven bedrooms and three bathrooms listed
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
$13,865
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
8.95%
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%
$277,300
$277.3K
Cap Rate 7%
$198,071
$198.1K
Cap Rate 9%
$154,056
$154.1K
Market Conditions
NOI Build-Up for 1,160 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
$20.7K $17.88/SF
− Vacancy
−$933 −$0.80/SF
EGI
$19.8K $17.08/SF
− OpEx
−$5.9K −$5.12/SF
NOI
$13.9K $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%
$277,300
Cap Rate 7%
$198,071
Cap Rate 9%
$154,056
Alternative Uses
Best Use
Multifamily LT 5
$198.1K
$173.3K – $231.1K
NOI $13,865 @ 7.0% cap · market cap 8.95%
Second Best
Apartment 5plus
$183.7K
$160.8K – $214.4K
NOI $12,862 @ 7.0% cap · market cap 8.30%
Theoretical Best
Office A
$283.1K
$247.7K – $330.3K
NOI $19,815 @ 7.0% cap · market cap 12.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
770
Businesses Nearby
Explore this area
Business Placement
Demographics for 44102, OH
43,347
Population
22,984
Households
1.9
Avg Household Size
35
Median Age
25%
College-Educated
80%
High-School Grad
6.1 sq mi
ZIP Area
7,106
Density / Sq Mi
$40,303
Median Household Income
$34,958
Median Earnings
$911
Median Rent
$99,300
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 - The site includes an older front home and rear duplex, with both structures requiring complete restoration.
Where is this duplex located?
The property is located at 4809 Fenwick Avenue Cleveland, OH.
What is the asking price?
The asking price for this property is $154,900.
What are key features of this property?
This property features: Front home and rear duplex both require complete restoration; 1,160 square feet on a 0.1065‑acre parcel; Seven bedrooms and three bathrooms listed
