Three-Unit Triplex with
For Sale
$524,900
1939 Coltman Rd, Cleveland, OH 44106
Each residence has central air conditioning and its own porch or balcony.
Property Size2,302 SF
Price / SF$228.02
Days on Market14
Property Features for 1939 Coltman Rd
General Information
Standard status
Active
Size
2,302 SF
Property subtype
Residential Income
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,752
Amenities
private porch or balcony
wood floors
updated kitchens and bathrooms
central air
private laundry
shared laundry facilities
private backyard
off-street parking
two-car garage
Building Details
Buildings
1
Listing Agency:
Keller Williams Greater Metropolitan
(216) 839-5500
Listed By:
Christopher C Wertz · License #2021001847
(330) 697-8806
Source:
Exprealty
Added: Oct 8
Changed: Oct 21
Last Checked: Oct 21 at 12:16AM
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 Keller Williams Greater Metropolitan
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Investment Insights
Based on property information with market context.
This 2,302-square-foot Cleveland triplex contains three residences, each with two bedrooms and one full bathroom. The interiors include updated kitchens and bathrooms, wood flooring in many living areas and bedrooms, and central air conditioning in every unit. Each apartment also has a private porch or balcony.
Laundry is available in the upper unit and in the shared basement, which also provides storage. The property includes a private backyard, off-street parking, and a two-car garage. Case Western Reserve University, University Hospitals, Cleveland Clinic, University Circle, and Cleveland museums are among the nearby institutions and cultural destinations.
Laundry is available in the upper unit and in the shared basement, which also provides storage. The property includes a private backyard, off-street parking, and a two-car garage. Case Western Reserve University, University Hospitals, Cleveland Clinic, University Circle, and Cleveland museums are among the nearby institutions and cultural destinations.
Key Highlights
- Three apartments, each with 2 bedrooms and 1 full bathroom
- 2,302 square feet
- Central air conditioning in all three units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,515
Cap Rate
5.24%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$550,300
$550.3K
Cap Rate 7%
$393,071
$393.1K
Cap Rate 9%
$305,722
$305.7K
Market Conditions
NOI Build-Up for 2,302 SF
Gross rent
$41.2K $17.88/SF
− Vacancy
−$1.9K −$0.80/SF
EGI
$39.3K $17.08/SF
− OpEx
−$11.8K −$5.12/SF
NOI
$27.5K $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%
$550,300
Cap Rate 7%
$393,071
Cap Rate 9%
$305,722
Alternative Uses
Best Use
Multifamily LT 5
$393.1K
$343.9K – $458.6K
NOI $27,515 @ 7.0% cap · market cap 5.24%
Second Best
Apartment 5plus
$364.6K
$319.1K – $425.4K
NOI $25,525 @ 7.0% cap · market cap 4.86%
Theoretical Best
Office A
$561.8K
$491.5K – $655.4K
NOI $39,323 @ 7.0% cap · market cap 7.49%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
3,543
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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - Each residence has central air conditioning and its own porch or balcony.
Where is this triplex located?
The property is located at 1939 Coltman Rd Cleveland, OH.
What is the asking price?
The asking price for this property is $524,900.
What are key features of this property?
This property features: Three apartments, each with 2 bedrooms and 1 full bathroom; 2,302 square feet; Central air conditioning in all three units
