5-Unit Apartment
For Sale
$549,000
1946 E 124th Place, Cleveland, OH 44106
Five apartments are occupied by long-term tenants, with a furnace and hot water tank serving each unit.
Property Size3,667 SF
Price / SF$149.71
Days on Market70
Property Features for 1946 E 124th Place
General Information
Standard status
Active
Size
3,667 SF
Property subtype
Apartment
Site & Location
Neighborhood
Little Italy
Additional Details
Multifamily Units
5
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$8,630
Building Details
Building Size
3,667 SF
Year Built
1900
Buildings
1
Tenancy
Multi
Listing Agency:
Life Stages Realty LLC
Listed By:
Nicolette Kuebeler · License #2022002552
(330) 322-3637
Source:
Lifestagesrealty
Added: Aug 19
Changed: Oct 26
Last Checked: Oct 26 at 2:47PM
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 Life Stages Realty LLC
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Investment Insights
Based on property information with market context.
This 3,667-square-foot apartment building contains five units, each equipped with its own furnace and hot water tank. The building dates to 1900 and sits on a double lot in Cleveland’s Little Italy area.
All five apartments are occupied by long-term tenants.
All five apartments are occupied by long-term tenants.
Key Highlights
- Five apartment units in a 3,667‑square‑foot building
- Each apartment has its own furnace and hot water tank
- Currently occupied by long‑term tenants
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,660
Cap Rate
7.41%
Suggested Prices Based on Cap Rates
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
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 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 7.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$894.9K
$783.0K – $1.04M
NOI $62,641 @ 7.0% cap · market cap 11.41%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Lease Details
5
Residential units
Multi-tenant
Tenancy
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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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?
Apartment building - Five apartments are occupied by long-term tenants, with a furnace and hot water tank serving each unit.
Where is this apartment building located?
The property is located at 1946 E 124th Place Cleveland, OH.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Five apartment units in a 3,667‑square‑foot building; Each apartment has its own furnace and hot water tank; Currently occupied by long‑term tenants
