Duplex with Third-Floor
New
For Sale
$230,000
1516 W 116th Street, Cleveland, OH 44102
Two separate units each include a full kitchen, dining area, living room, and private front porch.
Property Size1,782 SF
Price / SF$129.07
Days on Market6
Property Features for 1516 W 116th Street
General Information
Standard status
Active
Size
1,782 SF
Property subtype
Residential Income
Property Condition
Severity
Repairs Needed
Evidence
some TLC needed
Site & Location
Neighborhood
Edgewater
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,640
Building Details
Building Size
1,782 SF
Year Built
1920
Buildings
1
Listing Agency:
Key Realty
Listed By:
Joshua Janus
(614) 502-5316
Source:
Coccarealestate
Added: Oct 19
Changed: Oct 23
Last Checked: Oct 23 at 4:02PM
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 Key Realty
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Investment Insights
Based on property information with market context.
This duplex contains two units, each arranged with two bedrooms, one bathroom, a full kitchen, dining room, and living room. The upper unit also has a third-floor room that can serve as an additional bedroom. Each residence has its own front porch, while the basement is configured for shared laundry and contains the mechanical systems. The building dates to 1920 and contains 1,782 square feet.
Located at 1516 W 116th Street in Cleveland’s Edgewater area, the property sits on the city’s west side. Some repair and updating work is needed before occupancy or rental use.
Located at 1516 W 116th Street in Cleveland’s Edgewater area, the property sits on the city’s west side. Some repair and updating work is needed before occupancy or rental use.
Key Highlights
- Two‑unit duplex with 1,782 square feet
- Each unit has 2 bedrooms and 1 bathroom
- Upper unit includes a third‑floor room for a possible additional bedroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,759
Cap Rate
8.59%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$395,180
$395.2K
Cap Rate 7%
$282,271
$282.3K
Cap Rate 9%
$219,544
$219.5K
Market Conditions
NOI Build-Up for 1,782 SF
Gross rent
$37.4K $21.00/SF
− Vacancy
−$1.5K −$0.84/SF
EGI
$35.9K $20.16/SF
− OpEx
−$16.2K −$9.07/SF
NOI
$19.8K $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%
$395,180
Cap Rate 7%
$282,271
Cap Rate 9%
$219,544
Alternative Uses
Best Use
Multifamily LT 5
$304.3K
$266.3K – $355.0K
NOI $21,300 @ 7.0% cap · market cap 9.26%
Second Best
Apartment 5plus
$282.3K
$247.0K – $329.3K
NOI $19,759 @ 7.0% cap · market cap 8.59%
Theoretical Best
Office A
$434.9K
$380.5K – $507.4K
NOI $30,441 @ 7.0% cap · market cap 13.24%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
969
Businesses Nearby
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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?
Duplex - Two separate units each include a full kitchen, dining area, living room, and private front porch.
Where is this duplex located?
The property is located at 1516 W 116th Street Cleveland, OH.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,782 square feet; Each unit has 2 bedrooms and 1 bathroom; Upper unit includes a third‑floor room for a possible additional bedroom
