Apartment Building With Covered
New
For Sale
$1,450,000
2812 E 130th St, Cleveland, OH 44120
Twenty-one-unit multifamily property with studio and one-bedroom apartments, resident laundry, and secured covered parking.
Property Size6,800 SF
Price / SF$213.24
Days on Market2
Property Features for 2812 E 130th St
General Information
Standard status
Active
Size
6,800 SF
Total Parking Spaces
12
Units
Unit Mix
11 x 1BR, 10 x studio
Multifamily Units
21
Additional Details
Public Transit
Yes
Amenities
on-site laundry
Building Details
Year Built
1956
Listing Agency:
RE/MAX Above & Beyond
Listed By:
Robert J Cole Sr. · License #2016001279
(440) 241-5221
Source:
Theacclaimedrealty
Added: Sep 1
Last Checked: Sep 1 at 8:49PM
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 RE/MAX Above & Beyond
Investment Insights
Based on property information with market context.
Built in 1956, this 21-unit apartment property includes 11 one-bedroom residences of approximately 660 square feet and 10 studio apartments of approximately 500 square feet. Individual units feature forced-air heating, electric ranges, practical kitchen layouts, and access to on-site laundry facilities. A covered garage provides parking for 12 vehicles. The property also has a recently installed flat roof.
The complex is located at 2812 E 130th St in Cleveland, near the Shaker Square area. Public transit, dining, and shopping are identified as nearby conveniences, while the property sits just south of Shaker Square.
The complex is located at 2812 E 130th St in Cleveland, near the Shaker Square area. Public transit, dining, and shopping are identified as nearby conveniences, while the property sits just south of Shaker Square.
Key Highlights
- 21‑unit apartment property with 11 one‑bedroom units and 10 studios
- One‑bedroom apartments measure approximately 660 sq. ft.; studios measure approximately 500 sq. ft.
- Covered garage accommodates parking for 12 vehicles
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
$75,398
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
5.20%
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%
$1,507,960
$1.5M
Cap Rate 7%
$1,077,114
$1.1M
Cap Rate 9%
$837,756
$837.8K
Market Conditions
NOI Build-Up for 6,800 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
$142.8K $21.00/SF
− Vacancy
−$5.7K −$0.84/SF
EGI
$137.1K $20.16/SF
− OpEx
−$61.7K −$9.07/SF
NOI
$75.4K $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%
$1,507,960
Cap Rate 7%
$1,077,114
Cap Rate 9%
$837,756
Alternative Uses
Best Use
Apartment 5plus
$1.08M
$942.5K – $1.26M
NOI $75,398 @ 7.0% cap · market cap 5.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.66M
$1.45M – $1.94M
NOI $116,159 @ 7.0% cap · market cap 8.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21
Residential units
Location Intelligence
Trade Area within ½ mile
833
Businesses Nearby
Explore this area
Business Placement
Demographics for 44120, OH
34,611
Population
20,583
Households
1.7
Avg Household Size
40
Median Age
37%
College-Educated
90%
High-School Grad
5.2 sq mi
ZIP Area
6,656
Density / Sq Mi
$46,326
Median Household Income
$36,549
Median Earnings
$890
Median Rent
$115,700
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?
Apartment building - Twenty-one-unit multifamily property with studio and one-bedroom apartments, resident laundry, and secured covered parking.
Where is this apartment building located?
The property is located at 2812 E 130th St Cleveland, OH.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: 21‑unit apartment property with 11 one‑bedroom units and 10 studios; One‑bedroom apartments measure approximately 660 sq. ft.; studios measure approximately 500 sq. ft.; Covered garage accommodates parking for 12 vehicles
