Little Italy Duplex Investment
1926 East 123rd Street Cleveland, OH 44106
1926 East 123rd Street, Cleveland, OH, 44106
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For Sale
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Vacant duplex in Little Italy with income potential.
Property Size1,431 SF
Price / SF$164.15
Days on Market66
Property Features for 1926 East 123rd Street
General Information
- Standard status
- Active
- Size
- 1,431 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1900
Listing agency
RE/MAX Haven Realty
Listed by
Michael Azzam · License #SAL.2014004734
Source
Crexi
Added: May 18 Updated: Jul 10 at 1:35PM Checked: Jul 20 at 4:27AM
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 RE/MAX Haven Realty
Investment Insights
Based on property information with market context.
This duplex offers a strong investment opportunity with immediate income potential. Fully vacant, the property is ready for tenant placement or a house-hack strategy. Both units feature a 2-bedroom, 1-full-bathroom layout, a spacious living room, and a functional, well-sized kitchen with room for dining. The property also includes a full basement, providing additional storage space and value-add potential. With separate living areas and solid layouts in both units, this duplex is well-positioned to generate consistent rental income. Located in the heart of Little Italy, the home is steps from Mayfield Road. It offers walkability to bakeries, trattorias, and galleries of the local arts scene. University Circle’s museums and the RTA Red Line are minutes away. The location is surrounded by shops, restaurants, parks, schools, and everyday amenities, enhancing tenant appeal and supporting rental demand. The property size is 1431 square feet. This duplex is suitable for expanding a portfolio or securing a first income-producing property.
Key Highlights
- Fully Vacant Duplex: Ready for immediate tenant placement or house‑hacking.
- Prime Little Italy Location: Walkable to Presti's Bakery, restaurants, galleries, and Mayfield Road.
- Two Units with 2 Beds/1 Bath: Each unit features a functional layout with spacious living areas.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $25.6k | $17.88 |
| − Vacancy | −$1.2k | −$0.80 |
| EGI | $24.4k | $17.08 |
| − OpEx | −$7.3k | −$5.12 |
| NOI | $17.1k | $11.95 |
1,431 SF · lease $17.88/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$244.3K
$213.8K – $285.1K
NOI $17,104 @ 7.0% cap · market cap 7.28%
Second Best
Apartment 5plus
$226.7K
$198.3K – $264.5K
NOI $15,867 @ 7.0% cap · market cap 6.75%
Theoretical Best
Office A
$349.2K
$305.6K – $407.4K
NOI $24,445 @ 7.0% cap · market cap 10.41%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
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FAQs
What type of property is this?
Duplex - Vacant duplex in Little Italy with income potential.
Where is this duplex located?
The property is located at 1926 East 123rd Street Cleveland, OH.
What is the asking price?
The asking price for this property is $234,900.
What are key features of this property?
This property features: Fully Vacant Duplex: Ready for immediate tenant placement or house‑hacking.; Prime Little Italy Location: Walkable to Presti's Bakery, restaurants, galleries, and Mayfield Road.; Two Units with 2 Beds/1 Bath: Each unit features a functional layout with spacious living areas.
