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    Turnkey Legal Triplex Title is generated by Realmo AI

    2827 Avondale Avenue, Cleveland Heights, OH 44118

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    For Sale
    $299,900

    MULTI_FAMILY - Cleveland Heights, OH

    Property size:
    4,200 SF
    Lot size:
    0.14 Acres
    Price / SF:
    $71/SF
    Added:
    Jun 5, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 5 at 8:06 pm

    Property Features for 2827 Avondale Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    6
    Bathrooms
    3
    Rooms
    Basement, Laundry Room, Bathroom 1, Bedroom 5, Bedroom 1, Bedroom 6, Bathroom 3, Bedroom 2, Bathroom 2, Bedroom 4, Bedroom 3
    Standard status
    Active
    APN
    684-01-063
    Size
    4,200 SF
    Lot size
    0.14 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    9996

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air, Natural Gas
    Water source
    Public

    Building Details

    Year built
    1920
    Floors in Building
    3
    Building materials
    AluminumSiding, VinylSiding, WoodSiding
    Roof type
    Fiberglass, Asphalt

    We can help!

    Listing Contact
    Nicole McHale
    Nicole McHale

    Listing agent Nicole McHale License #2019004129

    Listing office Keller Williams Greater Metropolitan 29225 Chagrin Boulevard #105, Cleveland, OH

    Listing date Jun 5, 2026

    MLS# 5213141 Listing URL

    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.

    HighLights

    • Legal triplex in Cleveland Heights with 3 units, all 2‑bedroom with 1 bath (each includes a bonus room noted on units 1 and 2)
    • Current rents total $3,550/month: Unit 1 $1,300 (lease until 6/30/27), Unit 2 $1,275 (lease until 3/31/27), Unit 3 $975 (listed)
    • Unit sizes: 2 units at 1,680 SF each and Unit 3 at 840 SF, with all units offering a 2‑bedroom layout
    • Recent updates include full electrical rewire completed in 2023, new water heater, new flooring on the 2nd unit, and new 3rd floor heaters
    • Lead certification is nearly complete (paint scraped and repainted; waiting on lab results) and POS inspection is pending
    • Public utilities: public water and public sewer; heating includes natural gas forced air

    Overview

    Turnkey legal triplex featuring three units, each with two bedrooms and one bath. Two units are currently occupied, and a third unit is move-in-ready for a tenant or owner occupancy. Unit 1 is leased through 6/30/27 at $1,300 per month and includes a bonus room. Unit 2 is leased through 3/31/27 at $1,275 per month and also offers a bonus room. Unit 3 is listed at $975 per month and offers two bedrooms and one bath.

    Recent updates include new flooring on the second unit, new hallway stairs, and a full electrical rewire completed in 2023. Additional work includes repaired and repainted windows, a painted basement, installation of a new water heater, and new third-floor heaters. The property previously passed owner inspection in 2023, including a redone garage floor and garage wall. Lead certification is nearly complete, with paint scraped and repainted and lab results pending, and the POS inspection is pending.

    Located in Cleveland Heights near Case Western Reserve University, University Circle hospitals, Coventry Village, and Little Italy, the property is positioned for tenant demand from students and healthcare professionals. For buyers, this configuration provides a turnkey setup with two active leases and a third unit ready for immediate occupancy decision.
    Property Profile Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland Heights
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.578971
    Latitude
    41.515338

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    FAQs

    What type of property is this?
    Triplex - Three-unit legal triplex with recent electrical and unit updates, offering both occupied rental income and owner-ready space.
    Where is this triplex located?
    The property is located at 2827 Avondale Avenue Cleveland Heights, OH.
    What is the asking price?
    The asking price for this property is $299,900.
    What are key features of this property?
    This property features: Legal triplex in Cleveland Heights with 3 units, all 2‑bedroom with 1 bath (each includes a bonus room noted on units 1 and 2); Current rents total $3,550/month: Unit 1 $1,300 (lease until 6/30/27), Unit 2 $1,275 (lease until 3/31/27), Unit 3 $975 (listed); Unit sizes: 2 units at 1,680 SF each and Unit 3 at 840 SF, with all units offering a 2‑bedroom layout
    (440) 409-2834
    We can help!
    Listing Contact
    Nicole McHale
    Nicole McHale
    Real Estate License ID: 2019004129
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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