Multifamily
For Sale
$800,000
1406 W 75th St, Cleveland, OH 44102
Multifamily asset situated in Cleveland’s Gordon Square Arts District.
Property Size6,000 SF
Days on Market91
Property Features for 1406 W 75th St
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Multifamily
Occupancy
100%
Amenities
Highly Renovated, Cash-Flowing Apartment Community Located in One of Cleveland's Most Sought-After Neighborhoods - Gordon Square Arts District
Over $400,000 Invested into the Property over the Last Seven Years
All Two-Bedroom Units Featuring In-Suite Laundry, Luxury Finishes, and Spacious Floorplans
Strong Historical Occupancy Averaging High 90s to 100 Percent
Current Rents are Over $200 Below Direct Competitors and Over $1,500 Below New Construction
Located in the Highly Desirable and Trendy Gordon Square Arts District Featuring Six Theaters, More Than 20 Bars and Restaurants, Over 80 Businesses, and Five Newly Developed Apartment Communities
Within 10 Minutes of Ohio City, Tremont, and Downtown Cleveland
Building Details
Building Size
6,000 SF
Units
8
Listed By:
Charlie Gagliano · License #License(s): OH: SAL.2015003104
(216) 264-2022
Source:
Marcusmillichap
Added: Jul 23
Changed: Oct 11
Last Checked: Oct 20 at 5:09PM
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 Charlie Gagliano
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Investment Insights
Based on property information with market context.
This multifamily property is located at 1406 W. 75th Street in Cleveland, Ohio. The address places the asset within the Gordon Square Arts District.
Key Highlights
- Located in Cleveland’s Gordon Square Arts District
- Address: 1406 W. 75th St, Cleveland, OH 44102
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$66,528
Cap Rate
8.32%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,330,560
$1.3M
Cap Rate 7%
$950,400
$950.4K
Cap Rate 9%
$739,200
$739.2K
Market Conditions
NOI Build-Up for 6,000 SF
Gross rent
$126.0K $21.00/SF
− Vacancy
−$5.0K −$0.84/SF
EGI
$121.0K $20.16/SF
− OpEx
−$54.4K −$9.07/SF
NOI
$66.5K $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 Rate 5%
$1,330,560
Cap Rate 7%
$950,400
Cap Rate 9%
$739,200
Alternative Uses
Best Use
Apartment 5plus
$950.4K
$831.6K – $1.11M
NOI $66,528 @ 7.0% cap · market cap 8.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.46M
$1.28M – $1.71M
NOI $102,493 @ 7.0% cap · market cap 12.81%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Location Intelligence
Trade Area within ½ mile
832
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Multifamily property - Multifamily asset situated in Cleveland’s Gordon Square Arts District.
Where is this multifamily property located?
The property is located at 1406 W 75th St Cleveland, OH.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Located in Cleveland’s Gordon Square Arts District; Address: 1406 W. 75th St, Cleveland, OH 44102
