5-Unit Apartment
For Sale
$600,000
1946 124th Place, Cleveland, OH 44106
Long-term occupancy and apartment-level heating and hot water equipment support established rental operations.
Property Size3,667 SF
Price / SF$163.62
Days on Market18
Property Features for 1946 124th Place
General Information
Standard status
Active
Size
3,667 SF
Property subtype
Apartment
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$8,630
Amenities
Gas, Window/Wall Unit
3
Asphalt, Fiberglass
Parking.
5 Parking Spaces. Parking Pad.
Building Details
Year Built
1900
Buildings
1
Listing Agency:
(440) 773-4619
Listed By:
Russell Real Estate Services
(440) 773-4619
Source:
Xome
Added: Aug 14
Changed: Aug 24
Last Checked: Aug 30 at 1:18PM
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 Russell Real Estate Services
Investment Insights
Based on property information with market context.
This 5-unit apartment building at 1946 124th Place includes separate residences, with each apartment equipped with its own furnace and hot water tank. The property was built in 1900 and includes five parking spaces along with an asphalt parking pad.
The building occupies a double lot in Cleveland’s Little Italy area. Long-term tenants currently occupy the apartments, providing established rental income for an owner seeking a multifamily property with existing occupancy and dedicated mechanical equipment for each unit.
The building occupies a double lot in Cleveland’s Little Italy area. Long-term tenants currently occupy the apartments, providing established rental income for an owner seeking a multifamily property with existing occupancy and dedicated mechanical equipment for each unit.
Key Highlights
- 5‑unit apartment building with long‑term tenants in place
- Each apartment has its own furnace and hot water tank
- Five parking spaces plus an asphalt parking pad
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
$40,660
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
6.78%
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%
$813,200
$813.2K
Cap Rate 7%
$580,857
$580.9K
Cap Rate 9%
$451,778
$451.8K
Market Conditions
NOI Build-Up for 3,667 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
$77.0K $21.00/SF
− Vacancy
−$3.1K −$0.84/SF
EGI
$73.9K $20.16/SF
− OpEx
−$33.3K −$9.07/SF
NOI
$40.7K $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%
$813,200
Cap Rate 7%
$580,857
Cap Rate 9%
$451,778
Alternative Uses
Best Use
Apartment 5plus
$580.9K
$508.3K – $677.7K
NOI $40,660 @ 7.0% cap · market cap 6.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$894.9K
$783.0K – $1.04M
NOI $62,641 @ 7.0% cap · market cap 10.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Long-term occupancy and apartment-level heating and hot water equipment support established rental operations.
Where is this apartment building located?
The property is located at 1946 124th Place Cleveland, OH.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 5‑unit apartment building with long‑term tenants in place; Each apartment has its own furnace and hot water tank; Five parking spaces plus an asphalt parking pad
