Duplex with Private
For Sale
$1,125,000
2441 Thurman Avenue, Cleveland, OH 44113
Two matching residences feature upper-floor layouts, private outdoor space, and updated interior finishes.
Property Size3,370 SF
Price / SF$333.83
Days on Market8
Property Features for 2441 Thurman Avenue
General Information
Standard status
Active
Size
3,370 SF
Total Parking Spaces
4
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,352
Amenities
gas fireplace
private balcony
gourmet kitchens
quartzite countertops
stainless steel appliances
California Closets
walk-in closets
soaking tubs
floor-to-ceiling tiled showers
Anderson windows
Moen fixtures
tankless water heaters
electric roller shades/curtains
Ring cameras/doorbells
energy-efficient construction
Building Details
Building Size
3,370 SF
Year Built
2019
Buildings
1
Listing Agency:
Keller Williams Chervenic Rlty
Listed By:
Charles M Burmeister · License #700402175
(216) 533-4618
Source:
Asacoxhomes
Added: Sep 26
Changed: Oct 1
Last Checked: Oct 2 at 5:02PM
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 Chervenic Rlty
Investment Insights
Based on property information with market context.
Built in 2019, this duplex contains two residences with matching layouts across the second and third floors. Each unit has 9-foot ceilings, engineered hardwood floors, a gas fireplace, and a private balcony. Kitchens include quartzite countertops, stainless steel Energy Star-certified appliances, and pantry storage; each residence also has two full tiled bathrooms and a primary suite with a walk-in closet, soaking tub, and tiled shower.
Four garage spaces are arranged as two tandem garages. Exterior features include metal siding on three sides, cement board at the front, a full-brick lower level, and a metal roof. The property’s full-value real estate tax abatement runs through the 2035 tax year.
Four garage spaces are arranged as two tandem garages. Exterior features include metal siding on three sides, cement board at the front, a full-brick lower level, and a metal roof. The property’s full-value real estate tax abatement runs through the 2035 tax year.
Key Highlights
- Two matching residences, each with a private balcony
- Built in 2019
- Each unit includes two full tiled bathrooms and a gas fireplace
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
$40,281
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
3.58%
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%
$805,620
$805.6K
Cap Rate 7%
$575,443
$575.4K
Cap Rate 9%
$447,567
$447.6K
Market Conditions
NOI Build-Up for 3,370 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
$60.3K $17.88/SF
− Vacancy
−$2.7K −$0.80/SF
EGI
$57.5K $17.08/SF
− OpEx
−$17.3K −$5.12/SF
NOI
$40.3K $11.95/SF
Area
Cleveland, OH
Vacancy
4.50%
Lease Rate
$17.88 /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%
$805,620
Cap Rate 7%
$575,443
Cap Rate 9%
$447,567
Alternative Uses
Best Use
Multifamily LT 5
$575.4K
$503.5K – $671.4K
NOI $40,281 @ 7.0% cap · market cap 3.58%
Second Best
Apartment 5plus
$533.8K
$467.1K – $622.8K
NOI $37,367 @ 7.0% cap · market cap 3.32%
Theoretical Best
Office A
$822.4K
$719.6K – $959.5K
NOI $57,567 @ 7.0% cap · market cap 5.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
516
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two matching residences feature upper-floor layouts, private outdoor space, and updated interior finishes.
Where is this duplex located?
The property is located at 2441 Thurman Avenue Cleveland, OH.
What is the asking price?
The asking price for this property is $1,125,000.
What are key features of this property?
This property features: Two matching residences, each with a private balcony; Built in 2019; Each unit includes two full tiled bathrooms and a gas fireplace
