Triplex With Detached
For Sale
$329,900
2249 Bellfield Avenue, Cleveland Heights, OH 44106
ResidentialIncome, Cleveland Heights, OH
Property Size2,420 SF
Lot Size0.13 Acres
Price / SF$136.32
Days on Market8
Property Features for 2249 Bellfield Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 2, Bedroom 3, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 4
Parking features
Garage
Subdivision
Cedar Heights Allotment/W Brothers
Elementary school district
Cleveland Hts-Univer - 1810
Middle school district
Cleveland Hts-Univer - 1810
High school district
Cleveland Hts-Univer - 1810
Directions
From Cedar Rd, turn onto Bellfield Ave; property is on the right.
Standard status
Active
APN
685-26-058
Size
2,420 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
413 CED HTS 0152 ALL
Tax Annual Amount
5796
Legal Description
413 CED HTS 0152 ALL
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Building materials
AluminumSiding, Plaster, VinylSiding
Roof type
Asphalt, Shingle
Listing Agency:
Keller Williams Greater Metropolitan · Keller Williams Realty
(216) 839-5500
Listed By:
Uday T Patel · License #2006007445
(216) 780-7000
Added: Aug 14
Changed: Aug 20
Last Checked: Aug 21 at 3:06PM
MLS# 5236431
Copyright © 2026 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This Cleveland Heights triplex contains approximately 2,420 square feet on a 0.1267-acre lot, with three residential units and 3 full baths. The first and second floors are occupied, while the third-floor area is vacant and has its own entrance. Interior details include hardwood floors, brick fireplaces, bay windows, built-in cabinetry, covered porches, wood-finish kitchen cabinetry, stainless steel sinks, gas ranges, and tiled bathroom areas. A full unfinished basement adds storage space.
The property includes forced-air heating, central air conditioning, public water, public sewer, an asphalt shingle roof, and a detached 2-car garage. Located at 2249 Bellfield Avenue in Cleveland Heights, the home was built in 1900 and offers a three-unit residential configuration with an additional vacant floor area subject to applicable requirements.
The property includes forced-air heating, central air conditioning, public water, public sewer, an asphalt shingle roof, and a detached 2-car garage. Located at 2249 Bellfield Avenue in Cleveland Heights, the home was built in 1900 and offers a three-unit residential configuration with an additional vacant floor area subject to applicable requirements.
Key Highlights
- Three residential units with approximately 2,420 square feet of living space
- 0.1267‑acre lot at 2249 Bellfield Avenue, Cleveland Heights, OH 44106
- 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Two occupied units accompany a separately entered vacant third-floor space.
Where is this triplex located?
The property is located at 2249 Bellfield Avenue 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 approximately 2,420 square feet of living space; 0.1267‑acre lot at 2249 Bellfield Avenue, Cleveland Heights, OH 44106; Vacant third‑floor area with a separate entrance
