Three-Unit Home with Hardwood
For Sale
$325,000
2671 Hampshire Rd, Cleveland Heights, OH 44106
The vacant first-floor unit accompanies two upper-level apartments occupied by month-to-month tenants.
Property Size2,594 SF
Price / SF$125.29
Days on Market48
Property Features for 2671 Hampshire Rd
General Information
Standard status
Active
Size
2,594 SF
Property subtype
Multi-Family
Building Details
Year Built
1920
Listing Agency:
Keller Williams Greater Metropolitan
Listed By:
Sam Zimmer · License #2013004655
(216) 469-4635
Source:
Theacclaimedrealty
Added: Sep 4
Changed: Oct 7
Last Checked: Oct 7 at 5:34PM
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 Greater Metropolitan
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Investment Insights
Based on property information with market context.
Built in 1920, this 2,594-square-foot triplex includes three residential units with a vacant first-floor apartment and occupied second- and third-floor units. The upper apartments are leased month-to-month, while the property’s hardwood floors, built-in features, and basement storage add functional character. The roof was replaced in 2012.
Located one block from Coventry, the property is a short drive from the Cleveland Clinic, University Hospitals, and the museums of University Circle. The existing configuration supports an owner-occupant arrangement with two upper units already occupied, or continued use as a three-unit residential property.
Located one block from Coventry, the property is a short drive from the Cleveland Clinic, University Hospitals, and the museums of University Circle. The existing configuration supports an owner-occupant arrangement with two upper units already occupied, or continued use as a three-unit residential property.
Key Highlights
- Three‑unit triplex with 2,594 square feet
- First‑floor unit is currently vacant
- Second- and third‑floor units have month‑to‑month tenants
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,504
Cap Rate
8.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$550,080
$550.1K
Cap Rate 7%
$392,914
$392.9K
Cap Rate 9%
$305,600
$305.6K
Market Conditions
NOI Build-Up for 2,594 SF
Gross rent
$42.0K $16.20/SF
− Vacancy
−$2.7K −$1.05/SF
EGI
$39.3K $15.15/SF
− OpEx
−$11.8K −$4.54/SF
NOI
$27.5K $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 Rate 5%
$550,080
Cap Rate 7%
$392,914
Cap Rate 9%
$305,600
Alternative Uses
Best Use
Multifamily LT 5
$392.9K
$343.8K – $458.4K
NOI $27,504 @ 7.0% cap · market cap 8.46%
Second Best
Apartment 5plus
$366.3K
$320.5K – $427.4K
NOI $25,643 @ 7.0% cap · market cap 7.89%
Theoretical Best
Warehouse
$2.08M
$1.82M – $2.42M
NOI $145,490 @ 7.0% cap · market cap 44.77%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
453
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - The vacant first-floor unit accompanies two upper-level apartments occupied by month-to-month tenants.
Where is this triplex located?
The property is located at 2671 Hampshire Rd Cleveland Heights, OH.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Three‑unit triplex with 2,594 square feet; First‑floor unit is currently vacant; Second- and third‑floor units have month‑to‑month tenants
