Triplex with Loft
For Sale
$490,000
1416 W 57th St, Cleveland, OH 44103
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 Market12
Property Features for 1416 W 57th St
General Information
Standard status
Active
Size
2,950 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 1BR/1BA loft, 1 x 1BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$7,400
Building Details
Buildings
1
Listing Agency:
EXP Realty, LLC.
(866) 212-4991
Listed By:
Bryan C Garra
(330) 347-8481
Source:
Exprealty
Added: Oct 8
Changed: Oct 18
Last Checked: Oct 16 at 12:33PM
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.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
834
Businesses Nearby
Explore this area
Business Placement
Demographics for 44103, OH
14,469
Population
9,479
Households
1.5
Avg Household Size
43
Median Age
12%
College-Educated
78%
High-School Grad
4.1 sq mi
ZIP Area
3,529
Density / Sq Mi
$24,219
Median Household Income
$27,495
Median Earnings
$720
Median Rent
$57,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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
