Six-Unit Apartment
For Sale
Contact for pricing
1327 West 67th Street, Cleveland, OH 44102
Multifamily property with a predominantly two-bedroom mix, basement laundry, and access to Gordon Square’s arts and commercial amenities.
Property Size4,502 SF
Price / SF$133.05
Days on Market129
Property Features for 1327 West 67th Street
General Information
Standard status
Active
Size
4,502 SF
Class
A
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$45,263
Units
Unit Mix
5 x 2BR, 1 x 1BR
Multifamily Units
6
Additional Details
Utilities to Site
Yes
Amenities
laundry
Building Details
Year Built
1900
Year Renovated
2025
Buildings
2
Stories
2
Units
6
Listing Agency:
Green Bridge Real Estate
(440) 892-2211
Listed By:
Matthew King · License #BRK-20090002834
Source:
Crexi
Added: Apr 24
Changed: Aug 30
Last Checked: May 26 at 9:20AM
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 Green Bridge Real Estate
Investment Insights
Based on property information with market context.
Located at 1327 W 67th Street in Cleveland’s Gordon Square Arts District, this multifamily property comprises six units across two adjacent buildings. The unit mix includes five two-bedroom apartments and one one-bedroom apartment, with 5,582 SF of total building area. Both buildings include basements with laundry facilities. Additional features include gas forced-air heating, window A/C units, public water and sewer service, and on-street parking. The roofs were installed in 2022–2023, and the property is zoned Multi-Family.
The location places residents near Edgewater Park, Detroit Avenue, Capitol Theatre, Cleveland Public Theatre, Brewnuts, Luxe, The Union Food Market, and more than 100 locally owned businesses. The property is within the Gordon Square Special Improvement District, which provides services including landscaping, snow removal, graffiti cleanup, security patrols, sidewalk cleaning, trash removal, marketing, and community events. The property is fully occupied and has been operated as a long-term or short-term rental asset.
The location places residents near Edgewater Park, Detroit Avenue, Capitol Theatre, Cleveland Public Theatre, Brewnuts, Luxe, The Union Food Market, and more than 100 locally owned businesses. The property is within the Gordon Square Special Improvement District, which provides services including landscaping, snow removal, graffiti cleanup, security patrols, sidewalk cleaning, trash removal, marketing, and community events. The property is fully occupied and has been operated as a long-term or short-term rental asset.
Key Highlights
- Six units: five two‑bedroom apartments and one one‑bedroom apartment
- 5,582 SF across two adjacent buildings
- Roofs installed in 2022–2023
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
$49,918
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
8.33%
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%
$998,360
$998.4K
Cap Rate 7%
$713,114
$713.1K
Cap Rate 9%
$554,644
$554.6K
Market Conditions
NOI Build-Up for 4,502 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
$94.5K $21.00/SF
− Vacancy
−$3.8K −$0.84/SF
EGI
$90.8K $20.16/SF
− OpEx
−$40.8K −$9.07/SF
NOI
$49.9K $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%
$998,360
Cap Rate 7%
$713,114
Cap Rate 9%
$554,644
Alternative Uses
Best Use
Apartment 5plus
$713.1K
$624.0K – $832.0K
NOI $49,918 @ 7.0% cap · market cap 8.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.10M
$961.3K – $1.28M
NOI $76,904 @ 7.0% cap · market cap 12.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
790
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?
Apartment building - Multifamily property with a predominantly two-bedroom mix, basement laundry, and access to Gordon Square’s arts and commercial amenities.
Where is this apartment building located?
The property is located at 1327 West 67th Street Cleveland, OH.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Six units: five two‑bedroom apartments and one one‑bedroom apartment; 5,582 SF across two adjacent buildings; Roofs installed in 2022–2023
