Renovated Duplex with Modern
For Sale
$250,000
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$162.76
Days on Market9
Property Features for 2838 E 124th St
General Information
Standard status
Active
Size
1,536 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,869
Building Details
Buildings
1
Listing Agency:
BHR & Associates
(216) 220-7886
Listed By:
Ishmael Martin · License #2020000199
(216) 255-2347
Source:
Exprealty
Added: Aug 27
Changed: Sep 1
Last Checked: Sep 4 at 8:23AM
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
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 = 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
$18,359
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
7.34%
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%
$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
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
$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 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%
$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 7.34%
Second Best
Apartment 5plus
$243.3K
$212.9K – $283.9K
NOI $17,031 @ 7.0% cap · market cap 6.81%
Theoretical Best
Office A
$374.8K
$328.0K – $437.3K
NOI $26,238 @ 7.0% cap · market cap 10.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,081
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?
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 $250,000.
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
