Fully Renovated
For Sale
$429,900
1304 W 73rd Street, Cleveland, OH 44102
MULTI_FAMILY - Cleveland, OH
Property Size1,824 SF
Lot Size0.18 Acres
Price / SF$235.69
Days on Market93
Property Features for 1304 W 73rd Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Bedroom 4, Bathroom 1, Bedroom 1, Bedroom 6, Laundry Room, Basement, Bedroom 5, Bedroom 2
Parking features
Driveway, Garage
Subdivision
Edgewater Land Co
Elementary school district
East Cleveland CSD - 1812
Middle school district
East Cleveland CSD - 1812
High school district
East Cleveland CSD - 1812
Directions
Off Detroit Avenue, between 70th Street and 74th Street
Standard status
Active
APN
002-04-020
Size
1,824 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
12 EDGEWLD S/L 364 NP 0363 SP
Tax Annual Amount
4917
Legal Description
12 EDGEWLD S/L 364 NP 0363 SP
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Building materials
AluminumSiding, VinylSiding
Roof type
Asphalt, Fiberglass
Listing Agency:
RE/MAX Haven Realty · RE/MAX International
(440) 519-3100
Listed By:
Michael Azzam · License #2014004734
(216) 446-7606
Added: May 12
Changed: Aug 1
Last Checked: Aug 12 at 9:06AM
MLS# 5209355
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.
Investment Insights
Based on property information with market context.
Fully renovated duplex with two units, each offering 2 bedrooms and 1 bathroom. Interior upgrades include new vanities, tub surrounds, fixtures, toilets, and LVP flooring, along with new vinyl windows, updated light fixtures, and new entry doors. The kitchens feature recessed lighting, new cabinets, laminate countertops, and durable flooring.
Major mechanical improvements include an updated PVC plumbing main stack with PEX drain lines, updated 100 AMP electrical panels, newer furnaces, and newer water heaters (2023 & 2025). Units are separately metered for gas/electric, and the property includes glass block basement windows plus washer/dryer hookups. The exterior has recently painted aluminum siding, a newer roof, and updated exterior meter bases, complemented by curb appeal and a detached 1-car garage.
With a 0.1849-acre lot, the property is set up as a separately metered, well-updated income asset in Cleveland’s west side, near Edgewater Park & Beach and the Cleveland Lakefront Bikeway, with Route 2 access for quick downtown connections.
Major mechanical improvements include an updated PVC plumbing main stack with PEX drain lines, updated 100 AMP electrical panels, newer furnaces, and newer water heaters (2023 & 2025). Units are separately metered for gas/electric, and the property includes glass block basement windows plus washer/dryer hookups. The exterior has recently painted aluminum siding, a newer roof, and updated exterior meter bases, complemented by curb appeal and a detached 1-car garage.
With a 0.1849-acre lot, the property is set up as a separately metered, well-updated income asset in Cleveland’s west side, near Edgewater Park & Beach and the Cleveland Lakefront Bikeway, with Route 2 access for quick downtown connections.
Key Highlights
- 0.1849‑acre lot with 1,824 SF duplex built in 1920
- Two units, each with 2 bedrooms and 1 bathroom
- Updated PVC plumbing main stack with PEX drain lines and separately metered gas/electric
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
$21,802
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
5.07%
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%
$436,040
$436.0K
Cap Rate 7%
$311,457
$311.5K
Cap Rate 9%
$242,244
$242.2K
Market Conditions
NOI Build-Up for 1,824 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
$32.6K $17.88/SF
− Vacancy
−$1.5K −$0.80/SF
EGI
$31.1K $17.08/SF
− OpEx
−$9.3K −$5.12/SF
NOI
$21.8K $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%
$436,040
Cap Rate 7%
$311,457
Cap Rate 9%
$242,244
Alternative Uses
Best Use
Multifamily LT 5
$311.5K
$272.5K – $363.4K
NOI $21,802 @ 7.0% cap · market cap 5.07%
Second Best
Apartment 5plus
$288.9K
$252.8K – $337.1K
NOI $20,225 @ 7.0% cap · market cap 4.70%
Theoretical Best
Office A
$445.1K
$389.5K – $519.3K
NOI $31,158 @ 7.0% cap · market cap 7.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
580
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
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 - West side Cleveland duplex with two units, each featuring 2 beds and 1 bath, with updates throughout and separate utilities.
Where is this duplex located?
The property is located at 1304 W 73rd Street Cleveland, OH.
What is the asking price?
The asking price for this property is $429,900.
What are key features of this property?
This property features: 0.1849‑acre lot with 1,824 SF duplex built in 1920; Two units, each with 2 bedrooms and 1 bathroom; Updated PVC plumbing main stack with PEX drain lines and separately metered gas/electric
