Furnished Renovated
For Sale
$289,000
3909 Memphis Ave, Cleveland, OH 44109
Updated two-unit residence with included furnishings, controlled entry, central air, and flexible upper-level space.
Property Size2,354 SF
Price / SF$122.77
Days on Market457
Property Features for 3909 Memphis Ave
General Information
Standard status
Active
Size
2,354 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$2,270
Listing Agency:
RE/MAX Transitions
(330) 221-6578
Listed By:
Kit Custer
(330) 221-6578
Source:
Exprealty
Added: May 19, 2025
Changed: Aug 18
Last Checked: Aug 18 at 3:35AM
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 Transitions
Investment Insights
Based on property information with market context.
This 2354 SF duplex is offered furnished and includes two residential units with updated kitchens, bathrooms, flooring, windows, drywall, insulation, trim, doors, and appliances. Central air serves the property, while automated entry locks, private supply closets, and a security system with video doorbell and remote access add functional improvements. The upper unit includes bonus space that may be enclosed, and a concrete pad is already installed for a future garage. Furnishings are included.
Located at 3909 Memphis Ave in Cleveland’s Old Brooklyn area, the property is minutes from MetroHealth Main Campus and near Cleveland Metroparks Zoo, Brookside Reservation, and downtown Cleveland. The duplex previously operated as an Airbnb, and an inspection report is available under supplements.
Located at 3909 Memphis Ave in Cleveland’s Old Brooklyn area, the property is minutes from MetroHealth Main Campus and near Cleveland Metroparks Zoo, Brookside Reservation, and downtown Cleveland. The duplex previously operated as an Airbnb, and an inspection report is available under supplements.
Key Highlights
- 2354 SF duplex in Cleveland’s Old Brooklyn area
- Furnished property with updated kitchens, bathrooms, flooring, windows, and appliances
- Central air, automated entry locks, video doorbell, and remote security access
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
$26,101
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
9.03%
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%
$522,020
$522.0K
Cap Rate 7%
$372,871
$372.9K
Cap Rate 9%
$290,011
$290.0K
Market Conditions
NOI Build-Up for 2,354 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
$49.4K $21.00/SF
− Vacancy
−$2.0K −$0.84/SF
EGI
$47.5K $20.16/SF
− OpEx
−$21.4K −$9.07/SF
NOI
$26.1K $11.09/SF
Area
Cleveland, OH
Vacancy
4.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
45.00%
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%
$522,020
Cap Rate 7%
$372,871
Cap Rate 9%
$290,011
Alternative Uses
Best Use
Multifamily LT 5
$402.0K
$351.7K – $469.0K
NOI $28,137 @ 7.0% cap · market cap 9.74%
Second Best
Apartment 5plus
$372.9K
$326.3K – $435.0K
NOI $26,101 @ 7.0% cap · market cap 9.03%
Theoretical Best
Office A
$574.5K
$502.7K – $670.2K
NOI $40,212 @ 7.0% cap · market cap 13.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
759
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?
Duplex - Updated two-unit residence with included furnishings, controlled entry, central air, and flexible upper-level space.
Where is this duplex located?
The property is located at 3909 Memphis Ave Cleveland, OH.
What is the asking price?
The asking price for this property is $289,000.
What are key features of this property?
This property features: 2354 SF duplex in Cleveland’s Old Brooklyn area; Furnished property with updated kitchens, bathrooms, flooring, windows, and appliances; Central air, automated entry locks, video doorbell, and remote security access
