Updated Triplex with
For Sale
$349,900
1429 W 107th St, Cleveland, OH 44106
Three residential units offer varied layouts, refreshed interiors, and a mix of vacant and occupied space.
Property Size2,770 SF
Price / SF$126.32
Days on Market31
Property Features for 1429 W 107th St
General Information
Standard status
Active
Size
2,770 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 1BR/1BA, 1 x 3BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$4,941
Listing Agency:
EXP Realty, LLC.
(216) 731-9500
Listed By:
Joe Vaccaro
(216) 731-9500
Source:
Exprealty
Added: Jul 23
Changed: Aug 20
Last Checked: Aug 21 at 12:38PM
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.
This 2,770-square-foot triplex contains three separate residential units with complementary layouts. The first floor includes a living room, dining room, kitchen, one bedroom, one full bathroom, and porch access. The second floor adds three bedrooms alongside its living and dining areas, kitchen, full bathroom, and porch. The top-floor unit provides a living room, kitchen, one bedroom, one full bathroom, and a porch. All three kitchens have been updated, while interior improvements include luxury vinyl plank flooring, refinished hardwood floors, new appliances, and fresh paint completed in 2025/2026.
Two units are vacant and one is occupied, providing both immediate occupancy flexibility and an existing rental arrangement. The property is located in Cleveland’s Detroit Shoreway neighborhood, with Gordon Square Arts District, Edgewater Park, Ohio City, Downtown Cleveland, and local restaurants, breweries, and entertainment nearby.
Two units are vacant and one is occupied, providing both immediate occupancy flexibility and an existing rental arrangement. The property is located in Cleveland’s Detroit Shoreway neighborhood, with Gordon Square Arts District, Edgewater Park, Ohio City, Downtown Cleveland, and local restaurants, breweries, and entertainment nearby.
Key Highlights
- Three‑unit residential property totaling 2,770 square feet
- Unit mix includes one‑bedroom, three‑bedroom, and one‑bedroom layouts
- Two units are vacant; one unit is occupied
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
$30,714
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
8.78%
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%
$614,280
$614.3K
Cap Rate 7%
$438,771
$438.8K
Cap Rate 9%
$341,267
$341.3K
Market Conditions
NOI Build-Up for 2,770 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
$58.2K $21.00/SF
− Vacancy
−$2.3K −$0.84/SF
EGI
$55.8K $20.16/SF
− OpEx
−$25.1K −$9.07/SF
NOI
$30.7K $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 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%
$614,280
Cap Rate 7%
$438,771
Cap Rate 9%
$341,267
Alternative Uses
Best Use
Multifamily LT 5
$473.0K
$413.9K – $551.8K
NOI $33,109 @ 7.0% cap · market cap 9.46%
Second Best
Apartment 5plus
$438.8K
$383.9K – $511.9K
NOI $30,714 @ 7.0% cap · market cap 8.78%
Theoretical Best
Office A
$676.0K
$591.5K – $788.6K
NOI $47,318 @ 7.0% cap · market cap 13.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
852
Businesses Nearby
Explore this area
Business Placement
Demographics for 44106, OH
26,608
Population
13,287
Households
2
Avg Household Size
29
Median Age
47%
College-Educated
89%
High-School Grad
4.3 sq mi
ZIP Area
6,188
Density / Sq Mi
$42,869
Median Household Income
$27,056
Median Earnings
$1,024
Median Rent
$241,600
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?
Triplex - Three residential units offer varied layouts, refreshed interiors, and a mix of vacant and occupied space.
Where is this triplex located?
The property is located at 1429 W 107th St Cleveland, OH.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Three‑unit residential property totaling 2,770 square feet; Unit mix includes one‑bedroom, three‑bedroom, and one‑bedroom layouts; Two units are vacant; one unit is occupied
