22-Unit Tudor-Style Apartment
For Sale
Contact for pricing
Pending
13415 S Woodland Rd, Cleveland, OH 44120
Historic charm meets modern upgrades in Cleveland's desirable district.
Property Size19,052 SF
Days on Market213
Property Features for 13415 S Woodland Rd
General Information
Standard status
Pending
Size
19,052 SF
Class
B
Property subtype
Multifamily
Building Details
Year Built
1928
Buildings
4
Stories
3
Units
22
Listing Agency:
CENTURY 21 Wilbur Realty
Listed By:
Lisa Mazzola · License #OH
(216) 323-7071
Source:
Crexi
Added: Feb 1
Changed: Aug 24
Last Checked: Aug 31 at 6:11AM
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 CENTURY 21 Wilbur Realty
Investment Insights
Based on property information with market context.
This impressive 22-unit apartment building features classic Tudor-style architecture in a highly desirable historic district. The exterior showcases a brick facade with intricate stone detailing. The property offers updated units featuring hardwood floors, wrought iron accents, cathedral ceilings, and contemporary kitchens with custom cabinetry, granite countertops, and stainless-steel appliances. Residents also benefit from a convenient lower-level laundry facility and secure on-site parking with a private garage. The property, totaling 19052 square feet, is lead-certified with the City of Cleveland and includes ongoing professional property management through Century 21 Wilbur Realty. A first-year introductory rate is available. This well-maintained apartment building presents a compelling opportunity for investors seeking both stability and long-term value.
Key Highlights
- 22‑unit apartment building in a highly desirable historic district.
- Updated units boast hardwood floors, wrought iron accents, cathedral ceilings, contemporary kitchens, granite countertops, and stainless‑steel appliances.
- Secure on‑site parking with a private garage.
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
$211,249
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
8.80%
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%
$4,224,980
$4.2M
Cap Rate 7%
$3,017,843
$3.0M
Cap Rate 9%
$2,347,211
$2.3M
Market Conditions
NOI Build-Up for 19,052 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
$400.1K $21.00/SF
− Vacancy
−$16.0K −$0.84/SF
EGI
$384.1K $20.16/SF
− OpEx
−$172.8K −$9.07/SF
NOI
$211.2K $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%
$4,224,980
Cap Rate 7%
$3,017,843
Cap Rate 9%
$2,347,211
Alternative Uses
Best Use
Apartment 5plus
$3.02M
$2.64M – $3.52M
NOI $211,249 @ 7.0% cap · market cap 8.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.65M
$4.07M – $5.42M
NOI $325,451 @ 7.0% cap · market cap 13.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
515
Businesses Nearby
Explore this area
Business Placement
Demographics for 44120, OH
34,611
Population
20,583
Households
1.7
Avg Household Size
40
Median Age
37%
College-Educated
90%
High-School Grad
5.2 sq mi
ZIP Area
6,656
Density / Sq Mi
$46,326
Median Household Income
$36,549
Median Earnings
$890
Median Rent
$115,700
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 - Historic charm meets modern upgrades in Cleveland's desirable district.
Where is this apartment building located?
The property is located at 13415 S Woodland Rd Cleveland, OH.
What is the asking price?
The asking price for this property is $2,399,900.
What are key features of this property?
This property features: 22‑unit apartment building in a highly desirable historic district.; Updated units boast hardwood floors, wrought iron accents, cathedral ceilings, contemporary kitchens, granite countertops, and stainless‑steel appliances.; Secure on‑site parking with a private garage.
