Remodeled Fourplex with Two-Bedroom
For Sale
$749,900
1295 Holmden Ave, Cleveland, OH 44109
Fully occupied building with updated kitchens, bathrooms, windows, flooring, and forced-air HVAC.
Property Size4,104 SF
Price / SF$182.72
Days on Market16
Property Features for 1295 Holmden Ave
General Information
Standard status
Active
Size
4,104 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
4 x 2BR
Multifamily Units
4
Building Details
Year Built
1890
Listing Agency:
Berkshire Hathaway HomeServices Professional Realty
Listed By:
Seth B Task Sethtask@taskteamcle.com
Source:
Searchclevelandhouses
Added: Aug 18
Changed: Sep 1
Last Checked: Sep 1 at 9:18PM
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 Berkshire Hathaway HomeServices Professional Realty
Investment Insights
Based on property information with market context.
Located at 1295 Holmden Ave in Cleveland’s historic Tremont neighborhood, this 4,104-square-foot quadplex contains four two-bedroom apartments. The property was extensively rebuilt, with new windows, LVT flooring, open-plan interiors, updated kitchens, renovated bathrooms, and newly installed forced-air HVAC systems.
Each kitchen includes quartz countertops and stainless-steel appliances, including a refrigerator, gas range, microwave, and dishwasher. Bathrooms feature new tile and fixtures. The building is fully occupied and includes a 15-year tax abatement covering a considerable portion of the improvements. Built in 1890, the property combines historic neighborhood placement with comprehensive interior updates.
Each kitchen includes quartz countertops and stainless-steel appliances, including a refrigerator, gas range, microwave, and dishwasher. Bathrooms feature new tile and fixtures. The building is fully occupied and includes a 15-year tax abatement covering a considerable portion of the improvements. Built in 1890, the property combines historic neighborhood placement with comprehensive interior updates.
Key Highlights
- Four‑unit building with four two‑bedroom apartments
- 4,104 SF quadplex at 1295 Holmden Ave
- Extensively rebuilt interiors with new windows and LVT flooring
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
$49,054
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
6.54%
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%
$981,080
$981.1K
Cap Rate 7%
$700,771
$700.8K
Cap Rate 9%
$545,044
$545.0K
Market Conditions
NOI Build-Up for 4,104 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
$73.4K $17.88/SF
− Vacancy
−$3.3K −$0.80/SF
EGI
$70.1K $17.08/SF
− OpEx
−$21.0K −$5.12/SF
NOI
$49.1K $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 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%
$981,080
Cap Rate 7%
$700,771
Cap Rate 9%
$545,044
Alternative Uses
Best Use
Multifamily LT 5
$700.8K
$613.2K – $817.6K
NOI $49,054 @ 7.0% cap · market cap 6.54%
Second Best
Apartment 5plus
$650.1K
$568.8K – $758.4K
NOI $45,505 @ 7.0% cap · market cap 6.07%
Theoretical Best
Office A
$1.00M
$876.3K – $1.17M
NOI $70,106 @ 7.0% cap · market cap 9.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,062
Businesses Nearby
Explore this area
Business Placement
Demographics for 44109, OH
39,121
Population
19,588
Households
2
Avg Household Size
36
Median Age
17%
College-Educated
81%
High-School Grad
7.1 sq mi
ZIP Area
5,510
Density / Sq Mi
$43,130
Median Household Income
$34,050
Median Earnings
$861
Median Rent
$112,700
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?
Quadplex - Fully occupied building with updated kitchens, bathrooms, windows, flooring, and forced-air HVAC.
Where is this quadplex located?
The property is located at 1295 Holmden Ave Cleveland, OH.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: Four‑unit building with four two‑bedroom apartments; 4,104 SF quadplex at 1295 Holmden Ave; Extensively rebuilt interiors with new windows and LVT flooring
