Listing Agency: Berkshire Hathaway HomeServices Professional Realty b***@bhhspro.com Show Phone

Listed By: TJ House Show Phone

Source: Exprealty

Added: Oct 1 Changed: Oct 13 Last Checked: Oct 14 at 11:20PM

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Investment Insights

Based on property information with market context.

This four-unit multifamily property contains two apartments with two bedrooms and one full bathroom each, plus two apartments with one bedroom and one full bathroom each. A full basement offers storage and laundry space, with potential to expand the living area.

The property is in Tremont, with restaurants, shopping, and nightlife nearby. Access to interstates 90, 77, and 71 is also noted.

Key Highlights

• Four units: two with 2 bedrooms and 1 full bathroom, and two with 1 bedroom and 1 full bathroom
• Full basement for storage and laundry, with potential living space expansion
• Tremont location near restaurants, shopping, and nightlife

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$45,416

Cap Rate

9.08%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$908,320 $908.3K

Cap Rate 7%

$648,800 $648.8K

Cap Rate 9%

$504,622 $504.6K

Market Conditions

NOI Build-Up for 4,096 SF

Gross rent

$86.0K $21.00/SF

− Vacancy

−$3.4K −$0.84/SF

EGI

$82.6K $20.16/SF

− OpEx

−$37.2K −$9.07/SF

NOI

$45.4K $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 Rate 5%

$908,320

Cap Rate 7%

$648,800

Cap Rate 9%

$504,622

Alternative Uses

Best Use

Multifamily LT 5

$699.4K

$612.0K – $816.0K (±1% cap)

NOI $48,959 @ 7.0% cap · market cap 9.79%

Second Best

Apartment 5plus

$648.8K

$567.7K – $756.9K (±1% cap)

NOI $45,416 @ 7.0% cap · market cap 9.08%

Theoretical Best

Office A

$999.6K

$874.6K – $1.17M (±1% cap)

NOI $69,969 @ 7.0% cap · market cap 13.99%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Quadplexes

Suggested Use

Top Pick Dental Office Auto Parts Store (Bike/Boat/Book/etc) Store Computer & Electronic Repair Plumbing Service Accounting Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

4

Residential units

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

691

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

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this quadplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Quadplex - A full basement provides space for storage and laundry, with potential for expanded living area.

Where is this quadplex located?

The property is located at 2254 Thurman Ave Cleveland, OH.

What is the asking price?

The asking price for this property is $500,000.

What are key features of this property?

This property features: Four units: two with 2 bedrooms and 1 full bathroom, and two with 1 bedroom and 1 full bathroom; Full basement for storage and laundry, with potential living space expansion; Tremont location near restaurants, shopping, and nightlife