Updated Triplex with Vacant
For Sale
$565,000
1287 W 69th Street, Cleveland, OH 44102
The vacant first-floor apartment offers two bedrooms, two bathrooms, and approximately 1,500 square feet.
Property Size3,270 SF
Price / SF$172.78
Days on Market52
Property Features for 1287 W 69th Street
General Information
Standard status
Active
Size
3,270 SF
Property subtype
Residential Income
Site & Location
Neighborhood
Detroit-Shoreway
Highway Access
Yes
Units
Unit Mix
1 x 2BR/2BA (1,500 sq ft), 2 x 1BR/1BA (750 sq ft)
Multifamily Units
3
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$8,366
Amenities
in-suite laundry
yard
Building Details
Building Size
3,270 SF
Year Built
1910
Year Renovated
2013
Buildings
1
Construction
brick frame
Listing Agency:
Key Realty
(877) 593-7589
Listed By:
Michael Orlando · License #2021000887
(216) 956-1884
Source:
Kimberlysrealtycorp
Added: Sep 11
Changed: Oct 31
Last Checked: Oct 31 at 3:16AM
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 Key Realty
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Investment Insights
Based on property information with market context.
This brick-frame triplex contains three apartments: a vacant first-floor unit with 2 bedrooms, 2 bathrooms, and 1,500 square feet, plus two occupied 1-bedroom, 1-bath units of approximately 750 square feet each. The property underwent a full rehabilitation in 2013. Apartment interiors include refinished hardwood floors, updated kitchens and bathrooms, and in-unit laundry. Each unit has its own central heating and air conditioning system, replaced in 2014, as well as an individual hot water tank.
The property is approximately half a mile from the Gordon Square Arts District and a third of a mile from Edgewater Park, Lake Erie beach, and the Metroparks trail system. Ohio City and the West Side Market are about 1.5 miles east, with downtown approximately 2 miles away. I-90 is also nearby.
The property is approximately half a mile from the Gordon Square Arts District and a third of a mile from Edgewater Park, Lake Erie beach, and the Metroparks trail system. Ohio City and the West Side Market are about 1.5 miles east, with downtown approximately 2 miles away. I-90 is also nearby.
Key Highlights
- Three apartments: one 2‑bedroom, 2‑bath unit and two 1‑bedroom, 1‑bath units
- Vacant first‑floor apartment has 1,500 square feet; the two upper units are approximately 750 square feet each
- In‑unit laundry in all three apartments
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,086
Cap Rate
6.92%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$781,720
$781.7K
Cap Rate 7%
$558,371
$558.4K
Cap Rate 9%
$434,289
$434.3K
Market Conditions
NOI Build-Up for 3,270 SF
Gross rent
$58.5K $17.88/SF
− Vacancy
−$2.6K −$0.80/SF
EGI
$55.8K $17.08/SF
− OpEx
−$16.8K −$5.12/SF
NOI
$39.1K $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 Rate 5%
$781,720
Cap Rate 7%
$558,371
Cap Rate 9%
$434,289
Alternative Uses
Best Use
Multifamily LT 5
$558.4K
$488.6K – $651.4K
NOI $39,086 @ 7.0% cap · market cap 6.92%
Second Best
Apartment 5plus
$518.0K
$453.2K – $604.3K
NOI $36,258 @ 7.0% cap · market cap 6.42%
Theoretical Best
Office A
$798.0K
$698.2K – $931.0K
NOI $55,859 @ 7.0% cap · market cap 9.89%
Zoning and permitted uses should be independently verified with authorities.
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Who owns this building?
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Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
790
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - The vacant first-floor apartment offers two bedrooms, two bathrooms, and approximately 1,500 square feet.
Where is this triplex located?
The property is located at 1287 W 69th Street Cleveland, OH.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: Three apartments: one 2‑bedroom, 2‑bath unit and two 1‑bedroom, 1‑bath units; Vacant first‑floor apartment has 1,500 square feet; the two upper units are approximately 750 square feet each; In‑unit laundry in all three apartments
