Renovated Duplex with Modern
For Sale
$229,900
2838 E 124th St, Cleveland, OH 44120
Vacant two-unit property with updated systems, open layouts, quartz counters, and refreshed bathrooms.
Property Size1,536 SF
Price / SF$149.67
Days on Market54
Property Features for 2838 E 124th St
General Information
Standard status
Active
Size
1,536 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Buckeye-Shaker
Additional Details
Multifamily Units
2
Building Details
Year Built
1926
Buildings
1
Listing Agency:
BHR & Associates
Listed By:
Ishmael Martin · License #2020000199
(216) 255-2347
Source:
Theacclaimedrealty
Added: Sep 1
Changed: Oct 6
Last Checked: Oct 7 at 1:53PM
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 BHR & Associates
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Investment Insights
Based on property information with market context.
This two-unit residential property offers 1,536 square feet of renovated living space and is currently vacant. Improvements include a new roof, furnaces, hot water tanks, plumbing, drains, gas lines, electrical, vinyl siding, and driveway. Inside, both units feature open floor plans, quartz countertops, and bathrooms finished with custom bamboo tile.
Located at 2838 E 124th St in Cleveland, Ohio, the property can accommodate an owner-occupant arrangement or separate occupancy of both units. The extensive building-system updates and refreshed interior finishes provide a substantially renovated duplex configuration.
Located at 2838 E 124th St in Cleveland, Ohio, the property can accommodate an owner-occupant arrangement or separate occupancy of both units. The extensive building-system updates and refreshed interior finishes provide a substantially renovated duplex configuration.
Key Highlights
- Duplex with 1,536 SF of living space
- Vacant property with renovated interiors
- New roof, furnaces, hot water tanks, plumbing, drains, gas lines, and electrical
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,359
Cap Rate
7.99%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$367,180
$367.2K
Cap Rate 7%
$262,271
$262.3K
Cap Rate 9%
$203,989
$204.0K
Market Conditions
NOI Build-Up for 1,536 SF
Gross rent
$27.5K $17.88/SF
− Vacancy
−$1.2K −$0.80/SF
EGI
$26.2K $17.08/SF
− OpEx
−$7.9K −$5.12/SF
NOI
$18.4K $11.95/SF
Area
Cleveland, OH
Vacancy
4.50%
Lease Rate
$17.88 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$367,180
Cap Rate 7%
$262,271
Cap Rate 9%
$203,989
Alternative Uses
Best Use
Multifamily LT 5
$262.3K
$229.5K – $306.0K
NOI $18,359 @ 7.0% cap · market cap 7.99%
Second Best
Apartment 5plus
$243.3K
$212.9K – $283.9K
NOI $17,031 @ 7.0% cap · market cap 7.41%
Theoretical Best
Office A
$374.8K
$328.0K – $437.3K
NOI $26,238 @ 7.0% cap · market cap 11.41%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,081
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Vacant two-unit property with updated systems, open layouts, quartz counters, and refreshed bathrooms.
Where is this duplex located?
The property is located at 2838 E 124th St Cleveland, OH.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: Duplex with 1,536 SF of living space; Vacant property with renovated interiors; New roof, furnaces, hot water tanks, plumbing, drains, gas lines, and electrical
