Two-Unit Duplex with
For Sale
$285,000
14602 Mitchell Ave, Cleveland, OH 44111
Corner duplex with refreshed interiors, central air, and two distinct living spaces.
Property Size2,304 SF
Price / SF$123.70
Days on Market15
Property Features for 14602 Mitchell Ave
General Information
Standard status
Active
Size
2,304 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,109
Amenities
central air conditioning
detached 2 car garage
Building Details
Buildings
1
Listing Agency:
Berkshire Hathaway HomeServices Lucien Realty
(440) 821-7426
Listed By:
Regina L Thompson
(440) 821-7426
Source:
Exprealty
Added: Aug 10
Changed: Aug 20
Last Checked: Aug 23 at 7:55AM
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 Berkshire Hathaway HomeServices Lucien Realty
Investment Insights
Based on property information with market context.
Positioned on a corner lot in Cleveland, this 2,304-square-foot duplex contains two separate residential units. Each unit includes two bedrooms and one full bathroom, creating a straightforward layout for multiple household arrangements. Central air conditioning, vinyl windows, and vinyl siding contribute to the property’s established functionality.
Recent improvements include a new roof and fresh interior paint. The property also includes a detached two-car garage and driveway parking, along with additional outdoor space associated with its corner position. Shopping, dining, transportation, parks, and major roadways are identified as accessible from the property, which is located at 14602 Mitchell Ave.
Recent improvements include a new roof and fresh interior paint. The property also includes a detached two-car garage and driveway parking, along with additional outdoor space associated with its corner position. Shopping, dining, transportation, parks, and major roadways are identified as accessible from the property, which is located at 14602 Mitchell Ave.
Key Highlights
- 2,304 SF duplex with two separate living units
- Each unit includes 2 bedrooms and 1 full bath
- New roof and fresh interior paint
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
$25,696
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
9.02%
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%
$513,920
$513.9K
Cap Rate 7%
$367,086
$367.1K
Cap Rate 9%
$285,511
$285.5K
Market Conditions
NOI Build-Up for 2,304 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
$39.3K $17.04/SF
− Vacancy
−$2.6K −$1.11/SF
EGI
$36.7K $15.93/SF
− OpEx
−$11.0K −$4.78/SF
NOI
$25.7K $11.15/SF
Area
ZIP 44111
Vacancy
6.50%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
30.00%
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%
$513,920
Cap Rate 7%
$367,086
Cap Rate 9%
$285,511
Alternative Uses
Best Use
Multifamily LT 5
$367.1K
$321.2K – $428.3K
NOI $25,696 @ 7.0% cap · market cap 9.02%
Second Best
Apartment 5plus
$291.7K
$255.2K – $340.3K
NOI $20,419 @ 7.0% cap · market cap 7.16%
Theoretical Best
Office A
$433.8K
$379.6K – $506.1K
NOI $30,367 @ 7.0% cap · market cap 10.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
608
Businesses Nearby
Explore this area
Business Placement
Demographics for 44111, OH
41,045
Population
19,041
Households
2.2
Avg Household Size
38
Median Age
25%
College-Educated
85%
High-School Grad
6.5 sq mi
ZIP Area
6,315
Density / Sq Mi
$54,790
Median Household Income
$38,151
Median Earnings
$938
Median Rent
$130,000
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?
Duplex - Corner duplex with refreshed interiors, central air, and two distinct living spaces.
Where is this duplex located?
The property is located at 14602 Mitchell Ave Cleveland, OH.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: 2,304 SF duplex with two separate living units; Each unit includes 2 bedrooms and 1 full bath; New roof and fresh interior paint
