Triplex with Detached Two-Car
For Sale
$329,900
2249 Bellfield Ave, Cleveland Heights, OH 44106
Three residential units include occupied apartments, a vacant third floor, and central air conditioning.
Property Size2,420 SF
Lot Size0.13 Acres
Price / SF$136.32
Days on Market14
Property Features for 2249 Bellfield Ave
General Information
Standard status
Active
Size
2,420 SF
Total Parking Spaces
2
Lot size
0.13 Acres
Property subtype
Residential Income
Additional Details
Gross Income
$34,320
Utilities to Site
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,796
Building Details
Buildings
1
Stories
3
Listing Agency:
Keller Williams Greater Metropolitan
(216) 780-7000
Listed By:
Uday T Patel · License #2006007445
(216) 780-7000
Source:
Exprealty
Added: Aug 17
Changed: Aug 28
Last Checked: Aug 29 at 2:50PM
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 Greater Metropolitan
Investment Insights
Based on property information with market context.
This triplex contains 2,420 square feet of living space on a 0.13-acre lot, with three residential units totaling 5 bedrooms and 3 full baths. The first and second floors are occupied, while the third-floor area is vacant and has its own entrance, allowing it to function independently subject to applicable requirements. Interior details include hardwood floors, brick fireplaces, bay windows, built-in cabinetry, covered porches, and kitchens with wood-finish cabinets, stainless steel sinks, gas ranges, and added storage. Tiled bathroom floors and shower areas add to the unit features.
The property also includes a full unfinished basement, forced-air heat, central air conditioning, public water and sewer, a detached 2-car garage, and an asphalt shingle roof. Its Cleveland Heights location and existing three-unit configuration provide a straightforward multifamily layout with additional third-floor space.
The property also includes a full unfinished basement, forced-air heat, central air conditioning, public water and sewer, a detached 2-car garage, and an asphalt shingle roof. Its Cleveland Heights location and existing three-unit configuration provide a straightforward multifamily layout with additional third-floor space.
Key Highlights
- Three residential units with 5 bedrooms and 3 full baths
- 2,420 square feet of living space on a 0.13‑acre lot
- Vacant third‑floor area with a separate entrance
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
$25,659
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
7.78%
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%
$513,180
$513.2K
Cap Rate 7%
$366,557
$366.6K
Cap Rate 9%
$285,100
$285.1K
Market Conditions
NOI Build-Up for 2,420 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
$39.2K $16.20/SF
− Vacancy
−$2.5K −$1.05/SF
EGI
$36.7K $15.15/SF
− OpEx
−$11.0K −$4.54/SF
NOI
$25.7K $10.60/SF
Area
Cuyahoga County, OH
Vacancy
6.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$513,180
Cap Rate 7%
$366,557
Cap Rate 9%
$285,100
Alternative Uses
Best Use
Multifamily LT 5
$366.6K
$320.7K – $427.7K
NOI $25,659 @ 7.0% cap · market cap 7.78%
Second Best
Apartment 5plus
$341.8K
$299.0K – $398.7K
NOI $23,923 @ 7.0% cap · market cap 7.25%
Theoretical Best
Warehouse
$1.94M
$1.70M – $2.26M
NOI $135,731 @ 7.0% cap · market cap 41.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,183
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
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Frequently Asked Questions
What type of property is this?
Triplex - Three residential units include occupied apartments, a vacant third floor, and central air conditioning.
Where is this triplex located?
The property is located at 2249 Bellfield Ave Cleveland Heights, OH.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: Three residential units with 5 bedrooms and 3 full baths; 2,420 square feet of living space on a 0.13‑acre lot; Vacant third‑floor area with a separate entrance
