Updated Triplex with Flexible
New
For Sale
$379,000
2609 Hampshire Rd, Cleveland Heights, OH 44106
Three-family property with recent mechanical, interior, kitchen, and bathroom improvements across its residential units.
Property Size3,519 SF
Price / SF$107.70
Days on Market5
Property Features for 2609 Hampshire Rd
General Information
Standard status
Active
Size
3,519 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Building Details
Year Built
1920
Listing Agency:
Chosen Real Estate Group
(330) 249-3499
Listed By:
Nicholas J Huscroft · License #2022001015
Source:
Theacclaimedrealty
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 29 at 7:07PM
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 Chosen Real Estate Group
Investment Insights
Based on property information with market context.
Built in 1920, this 3,519-square-foot legal triplex includes three residential units and has undergone substantial updates within the past five years. Improvements include new furnaces, new hot water tanks, refreshed interior finishes, and kitchen and bathroom renovations. The third-floor unit was recently renovated to align with the condition of the other apartments.
The property is located at 2609 Hampshire Rd in Cleveland Heights, near Cleveland Clinic, University Circle, Case Western Reserve, and downtown Cleveland. A neighborhood park sits on the corner, with a community garden nearby. One unit is leased, while the other two are operating as short-term rentals, creating a flexible operating structure for an owner-occupant or investor. A Point of Sale inspection has been ordered.
The property is located at 2609 Hampshire Rd in Cleveland Heights, near Cleveland Clinic, University Circle, Case Western Reserve, and downtown Cleveland. A neighborhood park sits on the corner, with a community garden nearby. One unit is leased, while the other two are operating as short-term rentals, creating a flexible operating structure for an owner-occupant or investor. A Point of Sale inspection has been ordered.
Key Highlights
- Legal three‑family property totaling 3,519 square feet
- New furnaces and hot water tanks installed within the last 5 years
- Recent kitchen, bathroom, and interior improvements
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
$34,787
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
9.18%
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%
$695,740
$695.7K
Cap Rate 7%
$496,957
$497.0K
Cap Rate 9%
$386,522
$386.5K
Market Conditions
NOI Build-Up for 3,519 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
$67.1K $19.08/SF
− Vacancy
−$3.9K −$1.11/SF
EGI
$63.2K $17.97/SF
− OpEx
−$28.5K −$8.09/SF
NOI
$34.8K $9.89/SF
Area
Cuyahoga County, OH
Vacancy
5.80%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
45.00%
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%
$695,740
Cap Rate 7%
$496,957
Cap Rate 9%
$386,522
Alternative Uses
Best Use
Multifamily LT 5
$533.0K
$466.4K – $621.9K
NOI $37,312 @ 7.0% cap · market cap 9.84%
Second Best
Apartment 5plus
$497.0K
$434.8K – $579.8K
NOI $34,787 @ 7.0% cap · market cap 9.18%
Theoretical Best
Warehouse
$2.82M
$2.47M – $3.29M
NOI $197,370 @ 7.0% cap · market cap 52.08%
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
774
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-family property with recent mechanical, interior, kitchen, and bathroom improvements across its residential units.
Where is this triplex located?
The property is located at 2609 Hampshire Rd Cleveland Heights, OH.
What is the asking price?
The asking price for this property is $379,000.
What are key features of this property?
This property features: Legal three‑family property totaling 3,519 square feet; New furnaces and hot water tanks installed within the last 5 years; Recent kitchen, bathroom, and interior improvements
