Four-Unit Residential Building with
2254 Thurman St, Cleveland, OH 44113
For Sale
$500,000
Two one-bedroom apartments and two two-bedroom apartments provide a varied unit mix within the building.
Property Size4,096 SF
Price / SF$122.07
Days on Market76
Property Features for 2254 Thurman St
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Highway Access
Units
Unit Mix
Multifamily Units
Building Details
Year Built
Buildings
Listing Agency:
Berkshire Hathaway HomeServices Professional Realty
Listed By:
TJ House
(216) 978-5632
Source:
Searchclevelandhouses
Added: Aug 26
Changed: Nov 8
Last Checked: Nov 8 at 6:49AM
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 Berkshire Hathaway HomeServices Professional Realty
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Investment Insights
Based on property information with market context.
Built in 1909, this four-unit residential property contains two apartments with one bedroom and one full bathroom each, alongside two units with two bedrooms and one full bathroom each. A full basement provides additional storage and laundry space; the source also identifies potential to expand living space. The building totals 4,096 square feet.
The property is at 2254 Thurman St in Cleveland’s Tremont neighborhood, with access to I-90, I-77, and I-71. Restaurants, shopping, and nightlife are described in the surrounding area.
The property is at 2254 Thurman St in Cleveland’s Tremont neighborhood, with access to I-90, I-77, and I-71. Restaurants, shopping, and nightlife are described in the surrounding area.
Key Highlights
- Four residential units: two 1‑bedroom, 1‑bath apartments and two 2‑bedroom, 1‑bath apartments
- 4,096 square feet of building area
- Full basement with storage and laundry potential
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
NOI $48,959 @ 7.0% cap · market cap 9.79%
Second Best
Apartment 5plus
$648.8K
$567.7K – $756.9K
NOI $45,416 @ 7.0% cap · market cap 9.08%
Theoretical Best
Office A
$999.6K
$874.6K – $1.17M
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
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,476
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
$295,400
Median Home Value
Market
Average Price Trend$/SF for Quadplexes in Cleveland, OH
Properties on Market for Quadplexes in Cleveland
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - Two one-bedroom apartments and two two-bedroom apartments provide a varied unit mix within the building.
Where is this quadplex located?
The property is located at 2254 Thurman St 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 residential units: two 1‑bedroom, 1‑bath apartments and two 2‑bedroom, 1‑bath apartments; 4,096 square feet of building area; Full basement with storage and laundry potential
