Building Details

Year Built 1900

Construction stone

Listing Agency: Key Realty

Listed By: Joshua Janus Show Phone

Source: Theacclaimedrealty

Added: Aug 25 Changed: Oct 13 Last Checked: Oct 7 at 5:29PM

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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

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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.

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 / Yr

$21,587

Cap Rate

9.19%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$431,740 $431.7K

Cap Rate 7%

$308,386 $308.4K

Cap Rate 9%

$239,856 $239.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,806 SF

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 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 (±1% cap)

NOI $21,587 @ 7.0% cap · market cap 9.19%

Second Best

Apartment 5plus

$286.1K

$250.3K – $333.8K (±1% cap)

NOI $20,025 @ 7.0% cap · market cap 8.52%

Theoretical Best

Office A

$440.7K

$385.6K – $514.2K (±1% cap)

NOI $30,851 @ 7.0% cap · market cap 13.13%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Law Firm Spa & Massage Center Kitchen & Bath Showroom HVAC Service Building Supply

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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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 $235,000.

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