Two-Family Property with
For Sale
$214,900
1960 W 48 St, Cleveland, OH 44102
Partially renovated residence with updated exterior components and flexibility for a single-family or multifamily redevelopment.
Property Size1,718 SF
Price / SF$125.09
Days on Market27
Property Features for 1960 W 48 St
General Information
Standard status
Active
Size
1,718 SF
Property subtype
Multi-Family
Building Details
Year Built
1900
Listing Agency:
Progressive Urban Real Estate Co
(216) 533-1617
Listed By:
David S Sharkey
Source:
Theacclaimedrealty
Added: Aug 4
Changed: Aug 30
Last Checked: Aug 30 at 1:08AM
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 Progressive Urban Real Estate Co
Investment Insights
Based on property information with market context.
This 1,718-square-foot multifamily property was gutted and is positioned for continued renovation. Exterior improvements include a new roof, gutters, siding, and windows, while the interior retains flat floors and a full basement. The property is currently zoned for two-family use and may be renovated as either a single-family residence or an upscale multifamily property, subject to applicable requirements.
The home is in Ohio City, with the Market District to the east, Gordon Square and Edgewater Park to the north, and the Lorain Avenue retail district a half block south. Downtown and University Circle are accessible via the Lakefront Shoreway or I-90. The Red Line Greenway and Towpath Trail are also available for biking and walking connections.
The home is in Ohio City, with the Market District to the east, Gordon Square and Edgewater Park to the north, and the Lorain Avenue retail district a half block south. Downtown and University Circle are accessible via the Lakefront Shoreway or I-90. The Red Line Greenway and Towpath Trail are also available for biking and walking connections.
Key Highlights
- 1,718‑square‑foot multifamily property
- New roof, gutters, siding, and windows
- Gutted interior ready for continued renovation
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
$19,049
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
8.86%
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%
$380,980
$381.0K
Cap Rate 7%
$272,129
$272.1K
Cap Rate 9%
$211,656
$211.7K
Market Conditions
NOI Build-Up for 1,718 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
$36.1K $21.00/SF
− Vacancy
−$1.4K −$0.84/SF
EGI
$34.6K $20.16/SF
− OpEx
−$15.6K −$9.07/SF
NOI
$19.0K $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%
$380,980
Cap Rate 7%
$272,129
Cap Rate 9%
$211,656
Alternative Uses
Best Use
Apartment 5plus
$272.1K
$238.1K – $317.5K
NOI $19,049 @ 7.0% cap · market cap 8.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$419.2K
$366.8K – $489.1K
NOI $29,347 @ 7.0% cap · market cap 13.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
683
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Partially renovated residence with updated exterior components and flexibility for a single-family or multifamily redevelopment.
Where is this multifamily property located?
The property is located at 1960 W 48 St Cleveland, OH.
What is the asking price?
The asking price for this property is $214,900.
What are key features of this property?
This property features: 1,718‑square‑foot multifamily property; New roof, gutters, siding, and windows; Gutted interior ready for continued renovation
