Occupied Duplex
For Sale
Contact for pricing
2802 NATCHEZ AVE, Cleveland, OH 44109
Two improved duplex properties provide four occupied units in established Cleveland neighborhoods.
Property Size4,000 SF
Price / SF$121.25
Days on Market47
Property Features for 2802 NATCHEZ AVE
General Information
Standard status
Active
Size
4,000 SF
Class
A
Property subtype
Multifamily
Zoning
Multifamily
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$45,000
Financials
Asking Price
$485,000
Gross Income
$52,200
Additional Details
Highway Access
Yes
Multifamily Units
4
Building Details
Year Built
1924
Year Renovated
2023
Buildings
2
Stories
2
Units
4
Tenancy
Multi
Listing Agency:
Russell Commercial Advisory
(440) 892-2211
Listed By:
Justin Campbell · License #201702330
Source:
Crexi
Added: Jul 17
Changed: Aug 30
Last Checked: Aug 30 at 12:04AM
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 Russell Commercial Advisory
Investment Insights
Based on property information with market context.
This multifamily offering combines two duplex properties with four occupied units and approximately 4,000 square feet across the portfolio. The buildings date to 1924 and have received extensive improvements, including updates or replacements to major components, finishes, and mechanical items. Unit layouts are described as attractive, and both properties have been maintained for continued occupancy.
The assets are located at 4621 Gifford Avenue and 2802 Natchez Avenue in Cleveland’s established west-side neighborhoods. The source information identifies Old Brooklyn as the surrounding neighborhood context, with access to downtown, major highways, shopping, employment, and neighborhood amenities. Multifamily zoning supports the property’s residential income use.
The assets are located at 4621 Gifford Avenue and 2802 Natchez Avenue in Cleveland’s established west-side neighborhoods. The source information identifies Old Brooklyn as the surrounding neighborhood context, with access to downtown, major highways, shopping, employment, and neighborhood amenities. Multifamily zoning supports the property’s residential income use.
Key Highlights
- Two duplex properties offered together as one multifamily portfolio
- Four occupied units across the portfolio
- Approximately 4,000 square feet
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
$44,352
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
9.14%
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%
$887,040
$887.0K
Cap Rate 7%
$633,600
$633.6K
Cap Rate 9%
$492,800
$492.8K
Market Conditions
NOI Build-Up for 4,000 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
$84.0K $21.00/SF
− Vacancy
−$3.4K −$0.84/SF
EGI
$80.6K $20.16/SF
− OpEx
−$36.3K −$9.07/SF
NOI
$44.4K $11.09/SF
Area
Cleveland, OH
Vacancy
4.00%
Lease Rate
$21.00 /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%
$887,040
Cap Rate 7%
$633,600
Cap Rate 9%
$492,800
Alternative Uses
Best Use
Multifamily LT 5
$683.0K
$597.6K – $796.9K
NOI $47,811 @ 7.0% cap · market cap 9.86%
Second Best
Apartment 5plus
$633.6K
$554.4K – $739.2K
NOI $44,352 @ 7.0% cap · market cap 9.14%
Theoretical Best
Office A
$976.1K
$854.1K – $1.14M
NOI $68,329 @ 7.0% cap · market cap 14.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
790
Businesses Nearby
Explore this area
Business Placement
Demographics for 44109, OH
39,121
Population
19,588
Households
2
Avg Household Size
36
Median Age
17%
College-Educated
81%
High-School Grad
7.1 sq mi
ZIP Area
5,510
Density / Sq Mi
$43,130
Median Household Income
$34,050
Median Earnings
$861
Median Rent
$112,700
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?
Duplex - Two improved duplex properties provide four occupied units in established Cleveland neighborhoods.
Where is this duplex located?
The property is located at 2802 NATCHEZ AVE Cleveland, OH.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: Two duplex properties offered together as one multifamily portfolio; Four occupied units across the portfolio; Approximately 4,000 square feet
