Updated Two-Unit
For Sale
$200,000
2216 E 82nd St, Cleveland, OH 44103
Separate three-bedroom and two-bedroom residences feature refreshed interiors, updated kitchens and baths, and newer exterior components.
Property Size1,620 SF
Price / SF$123.46
Days on Market9
Property Features for 2216 E 82nd St
General Information
Standard status
Active
Size
1,620 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,955
Building Details
Buildings
1
Listing Agency:
Key Realty
(877) 593-7589
Listed By:
Joshua Janus
(614) 502-5316
Source:
Exprealty
Added: Aug 27
Changed: Sep 1
Last Checked: Sep 4 at 10:55AM
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 Key Realty
Investment Insights
Based on property information with market context.
This 1620-square-foot duplex contains two distinct residences. The upper unit offers three bedrooms and one bathroom and is vacant, while the lower unit includes two bedrooms and one bathroom and is occupied under a lease expiring 4/1/2027. Both units have received new LVP flooring, paint, trim, and lighting, with updated kitchens and bathrooms throughout.
Exterior improvements include newer windows and vinyl siding. The roof is around 15 years old. Hot water tanks date to 2018 and 2019, while the furnaces date to 2006 and 2009. The property is located at 2216 E 82nd St in Cleveland, Ohio.
Exterior improvements include newer windows and vinyl siding. The roof is around 15 years old. Hot water tanks date to 2018 and 2019, while the furnaces date to 2006 and 2009. The property is located at 2216 E 82nd St in Cleveland, Ohio.
Key Highlights
- 1620‑square‑foot duplex with separate three‑bedroom and two‑bedroom units
- Upper unit is vacant and includes 3 bedrooms and 1 bathroom
- Lower unit has 2 bedrooms and 1 bathroom; lease expires 4/1/2027
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
$17,963
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
8.98%
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%
$359,260
$359.3K
Cap Rate 7%
$256,614
$256.6K
Cap Rate 9%
$199,589
$199.6K
Market Conditions
NOI Build-Up for 1,620 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
$34.0K $21.00/SF
− Vacancy
−$1.4K −$0.84/SF
EGI
$32.7K $20.16/SF
− OpEx
−$14.7K −$9.07/SF
NOI
$18.0K $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%
$359,260
Cap Rate 7%
$256,614
Cap Rate 9%
$199,589
Alternative Uses
Best Use
Multifamily LT 5
$276.6K
$242.1K – $322.7K
NOI $19,364 @ 7.0% cap · market cap 9.68%
Second Best
Apartment 5plus
$256.6K
$224.5K – $299.4K
NOI $17,963 @ 7.0% cap · market cap 8.98%
Theoretical Best
Office A
$395.3K
$345.9K – $461.2K
NOI $27,673 @ 7.0% cap · market cap 13.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
4,955
Businesses Nearby
Explore this area
Business Placement
Demographics for 44103, OH
14,469
Population
9,479
Households
1.5
Avg Household Size
43
Median Age
12%
College-Educated
78%
High-School Grad
4.1 sq mi
ZIP Area
3,529
Density / Sq Mi
$24,219
Median Household Income
$27,495
Median Earnings
$720
Median Rent
$57,600
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 - Separate three-bedroom and two-bedroom residences feature refreshed interiors, updated kitchens and baths, and newer exterior components.
Where is this duplex located?
The property is located at 2216 E 82nd St Cleveland, OH.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: 1620‑square‑foot duplex with separate three‑bedroom and two‑bedroom units; Upper unit is vacant and includes 3 bedrooms and 1 bathroom; Lower unit has 2 bedrooms and 1 bathroom; lease expires 4/1/2027
