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    Renovation-Ready Triplex with Basement Title is generated by Realmo AI

    1261 E 113th Street, Cleveland, OH 44108

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    For Sale
    $60,000

    MULTI_FAMILY - Cleveland, OH

    Property size:
    2,700 SF
    Lot size:
    0.09 Acres
    Price / SF:
    $22/SF
    Added:
    Jun 3, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 3 at 8:06 pm

    Property Features for 1261 E 113th Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    5
    Bathrooms
    3
    Rooms
    Bathroom 1, Laundry Room, Basement, Bedroom 1, Bathroom 3, Bedroom 2, Bathroom 2, Bedroom 5, Bedroom 4, Bedroom 3
    Parking features
    Driveway
    Standard status
    Active
    APN
    109-24-117
    Size
    2,700 SF
    Lot size
    0.09 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    379 MARSH 0015 ALL
    Tax Annual Amount
    1140

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Water source
    Public

    Building Details

    Year built
    1911
    Floors in Building
    3
    Building materials
    ShingleSiding
    Roof type
    Fiberglass, Asphalt

    We can help!

    Listing Contact
    Michael Azzam
    Michael Azzam

    Listing agent Michael Azzam License #2014004734

    Listing office RE/MAX Haven Realty 34050 Solon Road, Suite 100, Garfield Hts., OH

    Listing date Jun 3, 2026

    MLS# 5215582 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.

    HighLights

    • Triplex with a flexible unit mix: two 2‑bed, 1‑bath units (1st and 2nd floors) and one 1‑bed, 1‑bath unit (3rd floor).
    • Third‑floor unit has separate electric service, baseboard heating, and its own electric water heater.
    • Basement included for additional storage space.
    • Utilities: public water and public sewer, plus forced‑air heating and driveway parking.
    • Built in 1911 with shingle siding and a roof of asphalt and fiberglass.
    • Estimated market rents are approximately $900 per month per unit when stabilized.

    Overview

    This triplex includes two 2-bedroom, 1-bath units on the first and second floors and a 1-bedroom, 1-bath unit on the third floor. Each unit is described as having spacious living and kitchen areas, creating practical layouts for rental occupancy and potential updates. The property also features a basement that can support additional storage needs. The third-floor unit is listed with separate electric service, baseboard heating, and its own electric water heater, offering added utility separation for day-to-day management.

    The property is located in Cleveland, Ohio, in the 44108 area. The public remarks describe convenient access to Interstate 90, downtown Cleveland, University Circle, Cleveland Clinic, University Hospitals, shopping centers, restaurants, public transportation, schools, parks, and everyday amenities.

    For investors and owner-operators, the combination of a three-unit configuration, basement space, and utility separation on the top floor can support a hands-on or managed rental strategy. The listing notes estimated market rents of approximately $900 per month per unit, and also mentions full-service property management availability with dedicated leasing and marketing support, as well as rehab and construction services for remote investors.
    Property Profile Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon 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
    -81.606256
    Latitude
    41.523369

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    FAQs

    What type of property is this?
    Triplex - Three-unit triplex with basement storage and a separate-serviced third-floor unit, suited for renovation or long-term rentals.
    Where is this triplex located?
    The property is located at 1261 E 113th Street Cleveland, OH.
    What is the asking price?
    The asking price for this property is $60,000.
    What are key features of this property?
    This property features: Triplex with a flexible unit mix: two 2‑bed, 1‑bath units (1st and 2nd floors) and one 1‑bed, 1‑bath unit (3rd floor).; Third‑floor unit has separate electric service, baseboard heating, and its own electric water heater.; Basement included for additional storage space.
    (216) 446-7606
    We can help!
    Listing Contact
    Michael Azzam
    Michael Azzam
    Real Estate License ID: 2014004734
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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.

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