Renovated Duplex
New
For Sale
$250,000
2838 E 124th Street, Cleveland, OH 44120
ResidentialIncome, Cleveland, OH
Property Size1,536 SF
Lot Size0.06 Acres
Price / SF$162.76
Days on Market5
Property Features for 2838 E 124th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 1, Laundry Room, Bedroom 2, Bathroom 1, Bathroom 2, Bedroom 3, Basement
Parking features
Driveway
Interior features
Chandelier
Subdivision
Cleveland
Elementary school district
Cleveland Municipal - 1809
Middle school district
Cleveland Municipal - 1809
High school district
Cleveland Municipal - 1809
Directions
West of shaker boulevard
Standard status
Active
APN
129-15-136
Size
1,536 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
429 NP 196.5FT N OF BUCKEYE RD
Tax Annual Amount
2870
Legal Description
429 NP 196.5FT N OF BUCKEYE RD
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Ceiling Fan(s)
Water source
Public
Building Details
Year built
1926
Floors in Building
3
Building materials
VinylSiding
Roof type
Fiberglass, Asphalt
Listing Agency:
BHR & Associates
(216) 220-7886
Listed By:
Ishmael Martin · License #2020000199
(216) 255-2347
Added: Aug 27
Changed: Aug 28
Last Checked: Aug 31 at 2:06AM
MLS# 5240429
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.
Investment Insights
Based on property information with market context.
This duplex contains 1,536 square feet within a 0.0609-acre lot and was originally built in 1926. The property is vacant and has received extensive updates, including a new roof, furnaces, hot water tanks, plumbing, drains, gas lines, electrical, vinyl siding, driveway, and interior finishes. Interior details include open floor plans, quartz countertops, bamboo-tiled bathrooms, two bathrooms, four bedrooms, and a laundry room.
Located in Cleveland, Ohio, the property is served by public water and public sewer. Heating is provided by forced-air systems, while ceiling fans provide cooling. Fiberglass and asphalt roofing materials are in place, and the driveway provides on-site parking access.
Located in Cleveland, Ohio, the property is served by public water and public sewer. Heating is provided by forced-air systems, while ceiling fans provide cooling. Fiberglass and asphalt roofing materials are in place, and the driveway provides on-site parking access.
Key Highlights
- Duplex with 1,536 square feet on a 0.0609‑acre lot
- Vacant property with four bedrooms, two bathrooms, and a laundry room
- Renovations include 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Vacant two-unit residence with updated interiors, separate living potential, and a driveway.
Where is this duplex located?
The property is located at 2838 E 124th Street 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 square feet on a 0.0609‑acre lot; Vacant property with four bedrooms, two bathrooms, and a laundry room; Renovations include roof, furnaces, hot water tanks, plumbing, drains, gas lines, and electrical
