Three-Unit Home with Hardwood
New
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 Market2
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
Last Checked: Sep 4 at 2:49PM
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
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 = 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
$27,504
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
8.46%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
453
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 - 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
