Updated Two-Unit
For Sale
$225,000
13521 West Ave, Cleveland, OH 44111
Turnkey duplex with spacious layouts, enclosed porches, basement laundry hookups, and rear off-street parking.
Property Size1,824 SF
Price / SF$123.36
Days on Market10
Property Features for 13521 West Ave
General Information
Standard status
Active
Size
1,824 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
laundry hookups
off-street parking
Building Details
Year Built
1927
Listing Agency:
Keller Williams Citywide
(440) 570-7979
Listed By:
H. Elyse Nedrow · License #2013002850
Source:
Theacclaimedrealty
Added: Aug 22
Changed: Aug 28
Last Checked: Aug 30 at 7:37PM
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 Keller Williams Citywide
Investment Insights
Based on property information with market context.
Built in 1927, this Cleveland duplex contains two residential units with a combined 1,824 square feet. Each unit includes two bedrooms, a dining room, family room, kitchen, and enclosed porch, creating a consistent layout across both residences. Recent improvements include flooring, appliances, kitchen and bathroom updates, interior and exterior paint, a rebuilt chimney, upgraded gas lines, and select window replacements.
The property also features a full unfinished basement with separate laundry hookups, rear off-street parking, window units, and baseboard, forced-air, gas heating. Professional property management is already in place, and the property is located at 13521 West Avenue in Cleveland, Ohio 44111.
The property also features a full unfinished basement with separate laundry hookups, rear off-street parking, window units, and baseboard, forced-air, gas heating. Professional property management is already in place, and the property is located at 13521 West Avenue in Cleveland, Ohio 44111.
Key Highlights
- Two residential units, each with 2 bedrooms, dining room, family room, kitchen, and enclosed porch
- 1,824 square feet in a duplex built in 1927
- Updated flooring, appliances, kitchens, baths, paint, chimney, gas lines, and select windows
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
$20,342
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
9.04%
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%
$406,840
$406.8K
Cap Rate 7%
$290,600
$290.6K
Cap Rate 9%
$226,022
$226.0K
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
$31.1K $17.04/SF
− Vacancy
−$2.0K −$1.11/SF
EGI
$29.1K $15.93/SF
− OpEx
−$8.7K −$4.78/SF
NOI
$20.3K $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%
$406,840
Cap Rate 7%
$290,600
Cap Rate 9%
$226,022
Alternative Uses
Best Use
Multifamily LT 5
$290.6K
$254.3K – $339.0K
NOI $20,342 @ 7.0% cap · market cap 9.04%
Second Best
Apartment 5plus
$230.9K
$202.1K – $269.4K
NOI $16,165 @ 7.0% cap · market cap 7.18%
Theoretical Best
Office A
$343.4K
$300.5K – $400.7K
NOI $24,041 @ 7.0% cap · market cap 10.68%
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
311
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 - Turnkey duplex with spacious layouts, enclosed porches, basement laundry hookups, and rear off-street parking.
Where is this duplex located?
The property is located at 13521 West Ave Cleveland, OH.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Two residential units, each with 2 bedrooms, dining room, family room, kitchen, and enclosed porch; 1,824 square feet in a duplex built in 1927; Updated flooring, appliances, kitchens, baths, paint, chimney, gas lines, and select windows
