Updated Two-Unit
For Sale
$275,000
3127 West Blvd, Cleveland, OH 44111
Two-unit multifamily property with recent improvements and one newly renovated residence.
Property Size1,656 SF
Price / SF$166.06
Days on Market8
Property Features for 3127 West Blvd
General Information
Standard status
Active
Size
1,656 SF
Property subtype
Multifamily
Zoning
2F
Additional Details
Multifamily Units
2
Building Details
Building Size
1,656 SF
Year Built
1942
Construction
garden
Listing Agency:
Sperry Commercial -The Masica Company
(216) 293-8900
Listed By:
Valeria Long · License #OH #SAL.2022003074
Source:
Themasicacompany
Added: Aug 23
Changed: Aug 29
Last Checked: Aug 30 at 1:47PM
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 Sperry Commercial -The Masica Company
Investment Insights
Based on property information with market context.
This 1,656-square-foot duplex contains two residential units, including one residence that was newly renovated. Additional renovations and improvements were completed over the past 18 months, supporting the property’s updated condition. Built in 1942, the building retains its established residential character while serving as a compact multifamily asset.
The property is zoned 2F for multifamily use and is located on Cleveland’s west side at 3127 West Blvd. Its setting provides proximity to amenities and transportation, offering convenient access to surrounding services and travel connections.
The property is zoned 2F for multifamily use and is located on Cleveland’s west side at 3127 West Blvd. Its setting provides proximity to amenities and transportation, offering convenient access to surrounding services and travel connections.
Key Highlights
- 1,656 SF multifamily property
- Two residential units, including one newly renovated unit
- Renovations and improvements completed over the past 18 months
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
$18,469
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
6.72%
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%
$369,380
$369.4K
Cap Rate 7%
$263,843
$263.8K
Cap Rate 9%
$205,211
$205.2K
Market Conditions
NOI Build-Up for 1,656 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
$28.2K $17.04/SF
− Vacancy
−$1.8K −$1.11/SF
EGI
$26.4K $15.93/SF
− OpEx
−$7.9K −$4.78/SF
NOI
$18.5K $11.15/SF
Area
ZIP 44111
Vacancy
6.50%
Lease Rate
$17.04 /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%
$369,380
Cap Rate 7%
$263,843
Cap Rate 9%
$205,211
Alternative Uses
Best Use
Multifamily LT 5
$263.8K
$230.9K – $307.8K
NOI $18,469 @ 7.0% cap · market cap 6.72%
Second Best
Apartment 5plus
$209.7K
$183.5K – $244.6K
NOI $14,676 @ 7.0% cap · market cap 5.34%
Theoretical Best
Office A
$311.8K
$272.8K – $363.8K
NOI $21,826 @ 7.0% cap · market cap 7.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
598
Businesses Nearby
Explore this area
Business Placement
Demographics for 44111, OH
41,045
Population
19,041
Households
2.2
Avg Household Size
38
Median Age
25%
College-Educated
85%
High-School Grad
6.5 sq mi
ZIP Area
6,315
Density / Sq Mi
$54,790
Median Household Income
$38,151
Median Earnings
$938
Median Rent
$130,000
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 - Two-unit multifamily property with recent improvements and one newly renovated residence.
Where is this duplex located?
The property is located at 3127 West Blvd Cleveland, OH.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: 1,656 SF multifamily property; Two residential units, including one newly renovated unit; Renovations and improvements completed over the past 18 months
