Hardwood-Floor
For Sale
$325,000
2671 Hampshire Road, Cleveland Heights, OH 44106
ResidentialIncome, Cleveland Heights, OH
Property Size2,594 SF
Lot Size0.14 Acres
Price / SF$125.29
Days on Market186
Property Features for 2671 Hampshire Road
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Bathroom 2, Laundry Room, Basement, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 3, Bathroom 3, Bedroom 4
Parking features
Garage
Elementary school district
Cleveland Hts-Univer - 1810
Middle school district
Cleveland Hts-Univer - 1810
High school district
Cleveland Hts-Univer - 1810
Directions
West off Coventry
Standard status
Active
APN
685-09-039
Size
2,594 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5483
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air, Baseboard
Water source
Public
Amenities
hardwood floors
built-ins
clean basement
Building Details
Year built
1920
Floors in Building
3
Building materials
Brick, Cedar, WoodSiding
Roof type
Fiberglass, Asphalt
Listing Agency:
Keller Williams Greater Metropolitan · Keller Williams Realty
(216) 839-5500
Listed By:
Sam Zimmer · License #2013004655
(216) 469-4635
Added: Mar 5
Changed: Sep 1
Last Checked: Sep 7 at 10:06AM
MLS# 5190385
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.
This 2,594-square-foot triplex was built in 1920 and features hardwood floors, built-in cabinetry, and a basement with laundry facilities and storage space. Brick, cedar, and wood siding contribute to the building’s construction profile, while forced-air and baseboard heating systems serve the property. A garage provides on-site parking, and public water and sewer are available.
The first-floor residence is vacant, while the second- and third-floor units have month-to-month occupants. The roof was replaced in 2012. Located on Hampshire Road in Cleveland Heights, the property sits one block from Coventry and within a short drive of Cleveland Clinic, University Hospitals, and University Circle museums.
The first-floor residence is vacant, while the second- and third-floor units have month-to-month occupants. The roof was replaced in 2012. Located on Hampshire Road in Cleveland Heights, the property sits one block from Coventry and within a short drive of Cleveland Clinic, University Hospitals, and University Circle museums.
Key Highlights
- 2,594 square feet across a three‑unit residential property
- 0.14‑acre lot in Cleveland Heights
- First‑floor unit is vacant; second- and third‑floor units are occupied month‑to‑month
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
Lease Details
Multi-tenant
Tenancy
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - The property combines flexible occupancy with basement storage and garage parking.
Where is this triplex located?
The property is located at 2671 Hampshire Road 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: 2,594 square feet across a three‑unit residential property; 0.14‑acre lot in Cleveland Heights; First‑floor unit is vacant; second- and third‑floor units are occupied month‑to‑month
