Updated Two-Unit
For Sale
$280,000
Pending
2026 West 44th Street, Cleveland, OH 44113
Two three-bedroom residences include refreshed kitchens and separate heating systems.
Property Size2,225 SF
Days on Market70
Property Features for 2026 West 44th Street
General Information
Standard status
Pending
Size
2,225 SF
Property subtype
Residential Income / Duplex
Taxes and HOA fees
Annual Taxes
$6,439
Amenities
Forced Air
Unfinished
Range, Refrigerator
No
Yes
11
2
6
In Unit
Asphalt, Fiberglass
Building Details
Year Built
1910
Buildings
1
Listing Agency:
Keller Williams Living
(561) 901-9331
Listed By:
Tera Somogyi · License #2020005466
(561) 901-9331
Source:
Compass
Added: Jun 23
Changed: Aug 31
Last Checked: Aug 30 at 11:21PM
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 Living
Investment Insights
Based on property information with market context.
Built in 1910, this two-story duplex contains 2,225 square feet arranged as two 3-bedroom, 1-bathroom units. The upper residence has been updated and is ready for occupancy, while the first-floor unit is currently tenant-occupied and functional. Both units include refreshed kitchens with new cabinetry, LVP flooring, and appliances updated within the past 3 years.
Major systems include 2 newer furnaces, 2 newer hot water tanks, and an upgraded electrical panel serving the upper unit. Exterior improvements include a wood privacy fence added in the backyard, while the roof is approximately 10 years old. The property is located at 2026 West 44th Street in Cleveland’s Ohio City area, near the West Side Market, Hingetown, local breweries, and downtown Cleveland.
Major systems include 2 newer furnaces, 2 newer hot water tanks, and an upgraded electrical panel serving the upper unit. Exterior improvements include a wood privacy fence added in the backyard, while the roof is approximately 10 years old. The property is located at 2026 West 44th Street in Cleveland’s Ohio City area, near the West Side Market, Hingetown, local breweries, and downtown Cleveland.
Key Highlights
- Duplex with two 3‑bedroom, 1‑bathroom units totaling 2,225 square feet
- Upper unit updated and move‑in ready; first‑floor unit is tenant‑occupied
- Kitchens include new cabinetry, LVP flooring, and appliances updated within the past 3 years
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
$24,671
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
8.81%
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%
$493,420
$493.4K
Cap Rate 7%
$352,443
$352.4K
Cap Rate 9%
$274,122
$274.1K
Market Conditions
NOI Build-Up for 2,225 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
$46.7K $21.00/SF
− Vacancy
−$1.9K −$0.84/SF
EGI
$44.9K $20.16/SF
− OpEx
−$20.2K −$9.07/SF
NOI
$24.7K $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%
$493,420
Cap Rate 7%
$352,443
Cap Rate 9%
$274,122
Alternative Uses
Best Use
Multifamily LT 5
$379.9K
$332.4K – $443.3K
NOI $26,595 @ 7.0% cap · market cap 9.50%
Second Best
Apartment 5plus
$352.4K
$308.4K – $411.2K
NOI $24,671 @ 7.0% cap · market cap 8.81%
Theoretical Best
Office A
$543.0K
$475.1K – $633.5K
NOI $38,008 @ 7.0% cap · market cap 13.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
896
Businesses Nearby
Explore this area
Business Placement
Demographics for 44113, OH
20,291
Population
12,554
Households
1.6
Avg Household Size
33
Median Age
54%
College-Educated
89%
High-School Grad
3.8 sq mi
ZIP Area
5,340
Density / Sq Mi
$70,140
Median Household Income
$61,204
Median Earnings
$1,374
Median Rent
$295,400
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?
Duplex - Two three-bedroom residences include refreshed kitchens and separate heating systems.
Where is this duplex located?
The property is located at 2026 West 44th Street Cleveland, OH.
What is the asking price?
The asking price for this property is $280,000.
What are key features of this property?
This property features: Duplex with two 3‑bedroom, 1‑bathroom units totaling 2,225 square feet; Upper unit updated and move‑in ready; first‑floor unit is tenant‑occupied; Kitchens include new cabinetry, LVP flooring, and appliances updated within the past 3 years
