Renovated Duplex in Cleveland's
For Sale
$429,900
1304 West 73rd Street, Cleveland, OH 44102
Fully renovated duplex with strong rental potential in Cleveland.
Property Size1,824 SF
Price / SF$235.69
Days on Market173
Property Features for 1304 West 73rd Street
General Information
Standard status
Active
Size
1,824 SF
Property subtype
Residential Income / Duplex
Taxes and HOA fees
Annual Taxes
$4,917
Amenities
Forced Air
Full
No
Yes
14
2
6
In Basement
Asphalt, Fiberglass
Building Details
Year Built
1920
Buildings
1
Listing Agency:
RE/MAX Haven Realty
Listed By:
Michael Azzam · License #2014004734
(216) 446-7606
Source:
Compass
Added: Mar 20
Changed: Sep 7
Last Checked: Sep 7 at 12:19PM
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 RE/MAX Haven Realty
Investment Insights
Based on property information with market context.
This fully renovated duplex features modern updates and strong rental potential in a desirable west side Cleveland location. Each unit includes 3 beds and 1 bath, with new vanities, tub surrounds, fixtures, toilets, and LVP flooring. The property features new vinyl windows, new entry doors, updated light fixtures, and new LVP flooring throughout. Updated kitchens include recessed lighting, new cabinets, laminate countertops, and durable flooring. Mechanical improvements include updated PVC plumbing main stack with PEX drain lines, updated 100 AMP electrical panels, newer furnaces, younger water heaters (2023 & 2025), separately metered gas/electric, glass block basement windows, and washer/dryer hookups. The exterior features recently painted aluminum siding, a newer roof, updated exterior meter bases, and a detached 1-car garage. Located in a sought-after west side neighborhood, the property is a short walk from Edgewater Park & Beach, offering access to lakefront trails, beaches, yacht clubs, and the Cleveland Lakefront Bikeway. Nearby attractions include the West Clinton Labyrinth and Franklin Reading Garden. The vibrant Gordon Square Arts District, with restaurants, entertainment, breweries, coffee shops, and nightlife, is just blocks away. The area is surrounded by continued luxury development near Battery Park and sees strong growth and increasing property values. Direct access to Route 2 places Downtown Cleveland minutes away. Full-service property management is available, including leasing, marketing, tenant communication, rehab, and construction services.
Key Highlights
- Prime West Side Cleveland location, walking distance to Edgewater Park & Beach.
- Fully renovated duplex with modern updates throughout, including new kitchens and bathrooms.
- Strong rental potential in a high‑demand area with increasing property values.
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
Location Intelligence
Trade Area within ½ mile
766
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 - Fully renovated duplex with strong rental potential in Cleveland.
Where is this duplex located?
The property is located at 1304 West 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: Prime West Side Cleveland location, walking distance to Edgewater Park & Beach.; Fully renovated duplex with **modern updates throughout, including new kitchens and bathrooms.**; Strong rental potential in a high‑demand area with increasing property values.
