Renovated Side-by-Side
For Sale
$240,000
Pending
102 Hartman St, Berea, OH 44017
Two private-basement units offer a single-family-style layout with dedicated off-street parking.
Property Size2,076 SF
Days on Market15
Property Features for 102 Hartman St
General Information
Standard status
Pending
Size
2,076 SF
Total Parking Spaces
2
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$32,340
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$2,442
Building Details
Year Renovated
2021
Buildings
1
Tenancy
Multi
Listing Agency:
Keller Williams Living
(440) 318-1620
Listed By:
Michael L Magno · License #2016003542
(216) 236-8849
Source:
Exprealty
Added: Aug 20
Changed: Sep 3
Last Checked: Sep 3 at 2:22AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Living
Investment Insights
Based on property information with market context.
This 2,076-square-foot duplex at 102 Hartman St features two separate two-bedroom, one-bath residences arranged side by side. Each unit includes a private basement and dedicated off-street parking, providing a more private layout than a traditional stacked duplex. Renovation work was completed in 2020 and 2021, and both residences are occupied by long-term tenants. Tenants pay their own gas and electric service.
The property is located in Berea near Baldwin Wallace University, Cleveland Hopkins International Airport, major highways, shopping, dining, downtown Cleveland, and west-side employment centers. Its separate unit arrangement, basement storage, parking, and recent renovation history provide a practical configuration for a two-family residential income property.
The property is located in Berea near Baldwin Wallace University, Cleveland Hopkins International Airport, major highways, shopping, dining, downtown Cleveland, and west-side employment centers. Its separate unit arrangement, basement storage, parking, and recent renovation history provide a practical configuration for a two-family residential income property.
Key Highlights
- 2,076‑square‑foot side‑by‑side duplex at 102 Hartman St, Berea, OH
- Two 2‑bedroom, 1‑bath units
- Private basement for each residence
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
$22,012
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
9.17%
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%
$440,240
$440.2K
Cap Rate 7%
$314,457
$314.5K
Cap Rate 9%
$244,578
$244.6K
Market Conditions
NOI Build-Up for 2,076 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
$33.6K $16.20/SF
− Vacancy
−$2.2K −$1.05/SF
EGI
$31.4K $15.15/SF
− OpEx
−$9.4K −$4.54/SF
NOI
$22.0K $10.60/SF
Area
Cuyahoga County, OH
Vacancy
6.50%
Lease Rate
$16.20 /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%
$440,240
Cap Rate 7%
$314,457
Cap Rate 9%
$244,578
Alternative Uses
Best Use
Multifamily LT 5
$314.5K
$275.2K – $366.9K
NOI $22,012 @ 7.0% cap · market cap 9.17%
Second Best
Apartment 5plus
$293.2K
$256.5K – $342.0K
NOI $20,522 @ 7.0% cap · market cap 8.55%
Theoretical Best
Warehouse
$1.66M
$1.46M – $1.94M
NOI $116,437 @ 7.0% cap · market cap 48.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
207
Businesses Nearby
Explore this area
Business Placement
Demographics for 44017, OH
18,611
Population
7,359
Households
2.5
Avg Household Size
40
Median Age
38%
College-Educated
96%
High-School Grad
6.1 sq mi
ZIP Area
3,051
Density / Sq Mi
$72,044
Median Household Income
$37,182
Median Earnings
$981
Median Rent
$187,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two private-basement units offer a single-family-style layout with dedicated off-street parking.
Where is this duplex located?
The property is located at 102 Hartman St Berea, OH.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: 2,076‑square‑foot side‑by‑side duplex at 102 Hartman St, Berea, OH; Two 2‑bedroom, 1‑bath units; Private basement for each residence
