Tax-Abated
For Sale
$1,125,000
2441 Thurman Avenue, Cleveland, OH 44113
ResidentialIncome, Cleveland, OH
Property Size3,370 SF
Lot Size0.05 Acres
Price / SF$333.83
Days on Market9
Property Features for 2441 Thurman Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bathroom 4, Bathroom 2, Bedroom 1, Bathroom 1, Laundry Room, Bathroom 3
Parking features
Open, Driveway, Oversize, Garage
Security features
Security
Pool private
1
Interior features
BreakfastBar
Fencing
Fenced, Gate
Appliances
Dryer, Dishwasher, Disposal, Range, Refrigerator, Washer
Subdivision
William Sledes Sub
Elementary school district
Cleveland Municipal - 1809
Middle school district
Cleveland Municipal - 1809
High school district
Cleveland Municipal - 1809
Directions
N. off Starkweather
Standard status
Active
APN
004-17-173
Size
3,370 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
87 SLADE EP 124 SWP 0166
Tax Annual Amount
1352
Legal Description
87 SLADE EP 124 SWP 0166
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
ENERGY STAR Qualified Equipment, Central Air
Water source
Public
Amenities
gas fireplace
private balcony
walk-in closets
soaking tubs
gourmet kitchens
stainless steel appliances
tankless water heaters
electric roller shades
Ring cameras/doorbells
Tesla charging capability
Building Details
Year built
2019
Floors in Building
3
Building materials
Brick, CementSiding, MetalSiding, VerticalSiding
Roof type
Metal
Listing Agency:
Keller Williams Chervenic Rlty · Keller Williams Realty
(330) 467-7000
Listed By:
Charles M Burmeister · License #700402175
(216) 533-4618
Added: Sep 25
Changed: Oct 1
Last Checked: Oct 3 at 10:06AM
MLS# 5248378
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.
Built in 2019, this duplex contains 3,370 square feet of finished space across two residences with matching layouts on the second and third floors. Each residence offers approximately 1,356 square feet, 9-foot ceilings, engineered hardwood flooring, a gas fireplace, a private balcony, and two full tiled bathrooms. Kitchens have natural quartzite counters and stainless steel Energy Star-certified appliances; primary suites include walk-in closets and soaking tubs. Finished first-floor storage and two tandem garages provide additional space, with four garage spaces in total and Tesla charging capability in one.
Exterior materials include metal siding, cement board, brick, and a metal roof. The property also has a private pool. A full-value real estate tax abatement is in effect through the 2035 tax year.
Exterior materials include metal siding, cement board, brick, and a metal roof. The property also has a private pool. A full-value real estate tax abatement is in effect through the 2035 tax year.
Key Highlights
- Two residences with matching second- and third‑floor layouts
- 3,370 square feet total; each residence is approximately 1,356 square feet
- Two tandem garages provide four garage spaces; one has Tesla charging capability
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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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two matching residences feature modern finishes and a full-value real estate tax abatement through 2035.
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 residences with matching second- and third‑floor layouts; 3,370 square feet total; each residence is approximately 1,356 square feet; Two tandem garages provide four garage spaces; one has Tesla charging capability
