Renovated Side-by-Side
For Sale
$375,000
11002 Parkhurst Dr, Cleveland, OH 44111
Updated two-unit property with separate basements, fenced outdoor space, and distinct layouts suited to flexible occupancy.
Property Size2,884 SF
Price / SF$130.03
Days on Market308
Property Features for 11002 Parkhurst Dr
General Information
Standard status
Active
Size
2,884 SF
Property subtype
Residential Income
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 4BR, 1 x 3BR+loft
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,485
Amenities
fenced backyard
deck
Building Details
Buildings
1
Listing Agency:
RE/MAX Above & Beyond
(216) 410-0085
Listed By:
Suzanne S McCarty · License #2002005520
(216) 410-0085
Source:
Exprealty
Added: Oct 27, 2025
Changed: Aug 29
Last Checked: Aug 29 at 2:01PM
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 RE/MAX Above & Beyond
Investment Insights
Based on property information with market context.
This side-by-side duplex in Cleveland offers 2,884 square feet across two distinct residences, each with its own basement and fenced backyard. Unit 1 includes 4 bedrooms, a remodeled kitchen with granite countertops and gas cooking, a dining area with built-in seating and cabinetry, and luxury vinyl plank flooring. Unit 2 provides 3 bedrooms, a third-floor loft, a brick fireplace, and a similarly updated kitchen and dining room. Both units feature renovated bathrooms, fresh interior paint, replacement windows, and new exterior and storm doors. The property also includes a 23 x 8 deck and low-maintenance siding, with a new roof installed in 2025.
Located at 11002 Parkhurst Dr, the property is near Cleveland Clinic, Cleveland Hopkins Airport, Cleveland State University, Case Western Reserve University, Cleveland Metroparks, downtown Cleveland, Kamms Corner, hospitals, dining, entertainment, museums, shopping, major highways, the Turnpike, and public transportation. The layout supports separate residential use while offering flexibility for multigenerational living or an in-law suite arrangement.
Located at 11002 Parkhurst Dr, the property is near Cleveland Clinic, Cleveland Hopkins Airport, Cleveland State University, Case Western Reserve University, Cleveland Metroparks, downtown Cleveland, Kamms Corner, hospitals, dining, entertainment, museums, shopping, major highways, the Turnpike, and public transportation. The layout supports separate residential use while offering flexibility for multigenerational living or an in-law suite arrangement.
Key Highlights
- 2,884‑square‑foot side‑by‑side duplex with separate basements
- Unit 1 has 4 bedrooms; Unit 2 has 3 bedrooms and a third‑floor loft
- Renovated kitchens feature granite countertops, gas ovens/ranges, built‑in microwaves, and subway tile
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
$32,164
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
8.58%
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%
$643,280
$643.3K
Cap Rate 7%
$459,486
$459.5K
Cap Rate 9%
$357,378
$357.4K
Market Conditions
NOI Build-Up for 2,884 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
$49.1K $17.04/SF
− Vacancy
−$3.2K −$1.11/SF
EGI
$45.9K $15.93/SF
− OpEx
−$13.8K −$4.78/SF
NOI
$32.2K $11.15/SF
Area
ZIP 44111
Vacancy
6.50%
Lease Rate
$17.04 /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%
$643,280
Cap Rate 7%
$459,486
Cap Rate 9%
$357,378
Alternative Uses
Best Use
Multifamily LT 5
$459.5K
$402.1K – $536.1K
NOI $32,164 @ 7.0% cap · market cap 8.58%
Second Best
Apartment 5plus
$365.1K
$319.5K – $426.0K
NOI $25,559 @ 7.0% cap · market cap 6.82%
Theoretical Best
Office A
$543.0K
$475.1K – $633.5K
NOI $38,011 @ 7.0% cap · market cap 10.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
780
Businesses Nearby
Explore this area
Business Placement
Demographics for 44111, OH
41,045
Population
19,041
Households
2.2
Avg Household Size
38
Median Age
25%
College-Educated
85%
High-School Grad
6.5 sq mi
ZIP Area
6,315
Density / Sq Mi
$54,790
Median Household Income
$38,151
Median Earnings
$938
Median Rent
$130,000
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 - Updated two-unit property with separate basements, fenced outdoor space, and distinct layouts suited to flexible occupancy.
Where is this duplex located?
The property is located at 11002 Parkhurst Dr Cleveland, OH.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 2,884‑square‑foot side‑by‑side duplex with separate basements; Unit 1 has 4 bedrooms; Unit 2 has 3 bedrooms and a third‑floor loft; Renovated kitchens feature granite countertops, gas ovens/ranges, built‑in microwaves, and subway tile
