Updated Duplex with
New
For Sale
$240,000
1378 W 114th St, Cleveland, OH 44102
Fully occupied two-unit property with two-bedroom layouts, LVP flooring, and refreshed kitchen and bathroom finishes.
Property Size1,806 SF
Price / SF$132.89
Days on Market7
Property Features for 1378 W 114th St
General Information
Standard status
Active
Size
1,806 SF
Total Parking Spaces
1
Property subtype
Multi-Family
Occupancy
100%
Financials
Gross Income
$24,300
Average Monthly Rent
$1,000
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1900
Construction
stone
Listing Agency:
Key Realty
(614) 502-5316
Listed By:
Joshua Janus
Source:
Theacclaimedrealty
Added: Aug 25
Changed: Aug 28
Last Checked: Aug 30 at 8:55PM
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 Key Realty
Investment Insights
Based on property information with market context.
This 1,806-square-foot duplex contains two residential units, each configured with 2 bedrooms and 1 bathroom. Both apartments have newer LVP flooring, interior paint, and cosmetic improvements in the kitchens and bathrooms. The property also includes a stone exterior, concrete driveway, and a detached 1-car garage at the rear. Built in 1900, the building has a mid-life roof.
Located at 1378 W 114th St in Cleveland, the property is fully occupied under month-to-month leases. The two-unit configuration and existing occupancy provide a straightforward residential income asset with established improvements and on-site parking.
Located at 1378 W 114th St in Cleveland, the property is fully occupied under month-to-month leases. The two-unit configuration and existing occupancy provide a straightforward residential income asset with established improvements and on-site parking.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 bathroom in each unit
- 1,806 SF building constructed in 1900
- Fully occupied with month‑to‑month leases
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
$21,587
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
8.99%
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%
$431,740
$431.7K
Cap Rate 7%
$308,386
$308.4K
Cap Rate 9%
$239,856
$239.9K
Market Conditions
NOI Build-Up for 1,806 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
$32.3K $17.88/SF
− Vacancy
−$1.5K −$0.80/SF
EGI
$30.8K $17.08/SF
− OpEx
−$9.3K −$5.12/SF
NOI
$21.6K $11.95/SF
Area
Cleveland, OH
Vacancy
4.50%
Lease Rate
$17.88 /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%
$431,740
Cap Rate 7%
$308,386
Cap Rate 9%
$239,856
Alternative Uses
Best Use
Multifamily LT 5
$308.4K
$269.8K – $359.8K
NOI $21,587 @ 7.0% cap · market cap 8.99%
Second Best
Apartment 5plus
$286.1K
$250.3K – $333.8K
NOI $20,025 @ 7.0% cap · market cap 8.34%
Theoretical Best
Office A
$440.7K
$385.6K – $514.2K
NOI $30,851 @ 7.0% cap · market cap 12.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
939
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?
Duplex - Fully occupied two-unit property with two-bedroom layouts, LVP flooring, and refreshed kitchen and bathroom finishes.
Where is this duplex located?
The property is located at 1378 W 114th St Cleveland, OH.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 bathroom in each unit; 1,806 SF building constructed in 1900; Fully occupied with month‑to‑month leases
