Fairview Court Multifamily Investment
For Sale
Contact for pricing
12300-12304 Fairview Court, Cleveland, OH 44106
Eight-unit multifamily property in Cleveland's historic Little Italy neighborhood.
Property Size4,422 SF
Price / SF$180.89
Days on Market163
Property Features for 12300-12304 Fairview Court
General Information
Standard status
Active
Size
4,422 SF
Class
C
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$48,243
Building Details
Year Built
1900
Year Renovated
2010
Buildings
2
Stories
2
Units
8
Tenancy
Multi
Listing Agency:
Shoreway Realty Group
Listed By:
Kathleen Bassett · License #OH 2012001595
(216) 631-7767
Source:
Crexi
Added: Mar 27
Changed: Aug 31
Last Checked: Sep 4 at 6:12PM
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 Shoreway Realty Group
Investment Insights
Based on property information with market context.
The Fairview Court opportunity features eight separate units housed within two side-by-side buildings, connected by a central courtyard. Situated in the heart of Cleveland's Little Italy, the location benefits from its proximity to University Circle, home to the Cleveland Clinic, University Hospitals, Case Western Reserve University, and Cleveland’s Arts and Culture District. The property is fully occupied and offers income and appreciation potential in a historic location. The area is experiencing new development projects and large-scale renovations aimed at preserving the neighborhood's 19th-century integrity. Little Italy was established in the late 19th century by immigrants, primarily from Italy's Abruzzi region. The property size is 4422 square feet.
Key Highlights
- Prime location in the heart of Little Italy, a historic and culturally rich neighborhood.
- Close proximity to major institutions like the Cleveland Clinic, University Hospitals, and Case Western Reserve University (CWR).
- Eight fully occupied units providing immediate income and appreciation potential.
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
$49,031
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
6.13%
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%
$980,620
$980.6K
Cap Rate 7%
$700,443
$700.4K
Cap Rate 9%
$544,789
$544.8K
Market Conditions
NOI Build-Up for 4,422 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
$92.9K $21.00/SF
− Vacancy
−$3.7K −$0.84/SF
EGI
$89.1K $20.16/SF
− OpEx
−$40.1K −$9.07/SF
NOI
$49.0K $11.09/SF
Area
Cleveland, OH
Vacancy
4.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
45.00%
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%
$980,620
Cap Rate 7%
$700,443
Cap Rate 9%
$544,789
Alternative Uses
Best Use
Apartment 5plus
$700.4K
$612.9K – $817.2K
NOI $49,031 @ 7.0% cap · market cap 6.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.08M
$944.2K – $1.26M
NOI $75,538 @ 7.0% cap · market cap 9.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,541
Businesses Nearby
Explore this area
Business Placement
Demographics for 44106, OH
26,608
Population
13,287
Households
2
Avg Household Size
29
Median Age
47%
College-Educated
89%
High-School Grad
4.3 sq mi
ZIP Area
6,188
Density / Sq Mi
$42,869
Median Household Income
$27,056
Median Earnings
$1,024
Median Rent
$241,600
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?
Apartment building - Eight-unit multifamily property in Cleveland's historic Little Italy neighborhood.
Where is this apartment building located?
The property is located at 12300-12304 Fairview Court Cleveland, OH.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Prime location in the heart of Little Italy, a historic and culturally rich neighborhood.; Close proximity to major institutions like the Cleveland Clinic, University Hospitals, and Case Western Reserve University (CWR).; Eight fully occupied units providing immediate income and appreciation potential.
