Renovated Triplex with Detached
For Sale
$379,900
2313 Grandview Avenue, Cleveland Heights, OH 44106
Cleveland Heights, OH
Property Size3,120 SF
Price / SF$121.76
Days on Market71
Property Features for 2313 Grandview Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bedroom 5, Bedroom 4, Bedroom 3, Bedroom 1
Subdivision
Cedar Heights Allotment
Standard status
Active
Size
3,120 SF
Amenities
in-unit laundry
central A/C
Building Details
Year built
1920
Listing Agency:
Engel & Volkers Cleveland · Engel & Völkers
(440) 568-0400
Listed By:
Val Ivanchenko
Added: Jun 24
Changed: Aug 20
Last Checked: Sep 2 at 3:06AM
MLS# 5219357
Copyright © 2026 Engel & Völkers. 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 3,120-square-foot triplex, built in 1920, includes two matching lower-level apartments and a renovated third-floor studio. The first- and second-floor units each have two bedrooms, one full bathroom, living and dining rooms, updated kitchens with granite countertops, and in-unit laundry. The upper apartment was remodeled in 2021 and includes furniture, while basement laundry is available for that unit. Kitchen appliances and washers and dryers are included. One apartment also has a Viking range.
Property improvements include a replacement roof completed in 2023 and a rebuilt front porch and balcony completed in 2024. The building has two furnaces, two hot water tanks, and two central A/C units. A detached 3-car garage and split driveway serve the property. Located at 2313 Grandview Avenue in Cleveland Heights, the property is near Cedar Hill shopping, dining, and entertainment, as well as schools, University Circle, hospitals, Case Western Reserve University, and Downtown Cleveland.
Property improvements include a replacement roof completed in 2023 and a rebuilt front porch and balcony completed in 2024. The building has two furnaces, two hot water tanks, and two central A/C units. A detached 3-car garage and split driveway serve the property. Located at 2313 Grandview Avenue in Cleveland Heights, the property is near Cedar Hill shopping, dining, and entertainment, as well as schools, University Circle, hospitals, Case Western Reserve University, and Downtown Cleveland.
Key Highlights
- 3,120‑square‑foot triplex built in 1920
- Detached 3‑car garage with split driveway
- First- and second‑floor units each offer 2 bedrooms and 1 full bath
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
$33,081
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
8.71%
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%
$661,620
$661.6K
Cap Rate 7%
$472,586
$472.6K
Cap Rate 9%
$367,567
$367.6K
Market Conditions
NOI Build-Up for 3,120 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
$50.5K $16.20/SF
− Vacancy
−$3.3K −$1.05/SF
EGI
$47.3K $15.15/SF
− OpEx
−$14.2K −$4.54/SF
NOI
$33.1K $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%
$661,620
Cap Rate 7%
$472,586
Cap Rate 9%
$367,567
Alternative Uses
Best Use
Multifamily LT 5
$472.6K
$413.5K – $551.4K
NOI $33,081 @ 7.0% cap · market cap 8.71%
Second Best
Apartment 5plus
$440.6K
$385.5K – $514.0K
NOI $30,842 @ 7.0% cap · market cap 8.12%
Theoretical Best
Warehouse
$2.50M
$2.19M – $2.92M
NOI $174,992 @ 7.0% cap · market cap 46.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
700
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-unit residential property with leased lower apartments, a renovated upper unit, and included appliances and furnishings.
Where is this triplex located?
The property is located at 2313 Grandview Avenue Cleveland Heights, OH.
What is the asking price?
The asking price for this property is $379,900.
What are key features of this property?
This property features: 3,120‑square‑foot triplex built in 1920; Detached 3‑car garage with split driveway; First- and second‑floor units each offer 2 bedrooms and 1 full bath
