Triplex with Loft
For Sale
$490,000
1416 W 57th St, Cleveland, OH 44102
Two open-concept loft residences are complemented by a separate third unit with a bedroom, full bath, and kitchenette.
Property Size2,950 SF
Price / SF$166.10
Days on Market11
Property Features for 1416 W 57th St
General Information
Standard status
Active
Size
2,950 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 1BR/1BA loft, 1 x 1BR/1BA
Multifamily Units
3
Building Details
Year Built
1930
Buildings
1
Listing Agency:
EXP Realty, LLC.
Listed By:
Bryan C Garra bryangarra.realtor@gmail.com, 330-347-8481
Source:
Greaterclevelandhomesforsale
Added: Oct 5
Changed: Oct 11
Last Checked: Oct 14 at 11:39PM
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 EXP Realty, LLC.
Investment Insights
Based on property information with market context.
At 1416 W 57th St in Cleveland, this 2,950-square-foot triplex dates to 1930 and was originally a Romanian church. Two one-bedroom loft residences each offer approximately 974 square feet, with open-concept main floors and bedrooms overlooking the living areas. The third unit has a living room, kitchenette, bedroom, and full bathroom.
Property features include restored original windows, stainless steel appliances, poured concrete kitchen countertops, walk-in closets, and washer and dryer hookups in the loft units. Improvements include furnaces, electrical panels and wiring, plumbing, and instant water heaters. Outdoor areas include a front porch, a fenced front yard, and a rear platform with composite decking. The basement provides storage and may have potential for additional finished space subject to approvals.
Property features include restored original windows, stainless steel appliances, poured concrete kitchen countertops, walk-in closets, and washer and dryer hookups in the loft units. Improvements include furnaces, electrical panels and wiring, plumbing, and instant water heaters. Outdoor areas include a front porch, a fenced front yard, and a rear platform with composite decking. The basement provides storage and may have potential for additional finished space subject to approvals.
Key Highlights
- 2,950‑square‑foot triplex built in 1930
- Two one‑bedroom loft units, each approximately 974 square feet
- Third unit includes a bedroom, full bathroom, living room, and kitchenette
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$35,261
Cap Rate
7.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$705,220
$705.2K
Cap Rate 7%
$503,729
$503.7K
Cap Rate 9%
$391,789
$391.8K
Market Conditions
NOI Build-Up for 2,950 SF
Gross rent
$52.7K $17.88/SF
− Vacancy
−$2.4K −$0.80/SF
EGI
$50.4K $17.08/SF
− OpEx
−$15.1K −$5.12/SF
NOI
$35.3K $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%
$705,220
Cap Rate 7%
$503,729
Cap Rate 9%
$391,789
Alternative Uses
Best Use
Multifamily LT 5
$503.7K
$440.8K – $587.7K
NOI $35,261 @ 7.0% cap · market cap 7.20%
Second Best
Apartment 5plus
$467.3K
$408.9K – $545.2K
NOI $32,710 @ 7.0% cap · market cap 6.68%
Theoretical Best
Office A
$719.9K
$629.9K – $839.9K
NOI $50,393 @ 7.0% cap · market cap 10.28%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
834
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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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Triplex - Two open-concept loft residences are complemented by a separate third unit with a bedroom, full bath, and kitchenette.
Where is this triplex located?
The property is located at 1416 W 57th St Cleveland, OH.
What is the asking price?
The asking price for this property is $490,000.
What are key features of this property?
This property features: 2,950‑square‑foot triplex built in 1930; Two one‑bedroom loft units, each approximately 974 square feet; Third unit includes a bedroom, full bathroom, living room, and kitchenette
