Renovated Duplex With Lake
For Sale
$675,000
Pending
302-304 Ruth Street, Bay Village, OH 44140
ResidentialIncome, Bay Village, OH
Property Size3,132 SF
Lot Size0.11 Acres
Days on Market30
Property Features for 302-304 Ruth Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bathroom 2, Bedroom 3, Bedroom 6, Bedroom 2, Bathroom 1, Bathroom 3, Laundry Room, Basement, Bedroom 4, Bedroom 1, Bedroom 5
Parking features
Open, On Street, Garage, Oversize, Driveway
Window features
Wood Frames
Interior features
BuiltInFeatures, CeilingFans, CrownMolding, InLawFloorplan, Pantry, StoneCounters, RecessedLighting, Storage, TileCounters, TrackLighting
Exterior features
FirePit, Garden, Lighting, PrivateEntrance, PrivateYard
Appliances
Dryer, Dishwasher, Disposal, Microwave, Range, Refrigerator, Washer
Subdivision
Saddler
Lot features
Back Yard, City Lot, Front Yard, Garden, Landscaped, Few Trees, Views
View
Lake
Elementary school district
Bay Village CSD - 1801
Middle school district
Bay Village CSD - 1801
High school district
Bay Village CSD - 1801
Directions
South off Lake Rd, one street east of Bassett Rd
Standard status
Pending
APN
202-01-032
Size
3,132 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
93 SADLER #1 SP 116 FT NP & 1/31 INT IN SL 4 0014
Tax Annual Amount
8593
Legal Description
93 SADLER #1 SP 116 FT NP & 1/31 INT IN SL 4 0014
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Water front features
Lake
Water front
1
Amenities
sunroom
gas-log fireplace
built-in china cabinets
hardwood floors
deck
porch/patio
firepit
garage
deeded lake access
Building Details
Year built
1920
Floors in Building
2
Building materials
WoodSiding
Roof type
Fiberglass, Asphalt
Additional Structures
Storage
Listing Agency:
RE/MAX Crossroads Properties · RE/MAX International
(440) 517-1560
Listed By:
Susan L Haley · License #421778
(440) 567-7261
Added: Aug 26
Changed: Sep 18
Last Checked: Sep 24 at 8:06PM
MLS# 5240347
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 3,132-square-foot duplex, built in 1920, includes two-story residences with three bedrooms and two full baths each. Original Craftsman character remains visible through woodwork, built-ins, carriage-style windows, open staircases, and architectural trim. Improvements include updated kitchens, refinished hardwood flooring, newer carpet, remodeled baths, replacement windows, and appliances that remain. The north unit offers a lake-view sunroom, gas-log fireplace, dining room with built-in china cabinets, first-floor laundry, and a bonus room with a full bath. The south unit includes a sunroom, fireplace, built-ins, eat-in kitchen, and lower-level laundry.
Outdoor features include a newer deck, matching porch or patio, firepit, additional parking, and an oversized side-entry two-and-a-half-car garage added in 2012. The split basement has interior and exterior entrances. Deeded rights provide access to a private lake area, and both units have views toward Lake Erie. Public water and sewer serve the property, with natural-gas forced-air heat and central air conditioning.
Outdoor features include a newer deck, matching porch or patio, firepit, additional parking, and an oversized side-entry two-and-a-half-car garage added in 2012. The split basement has interior and exterior entrances. Deeded rights provide access to a private lake area, and both units have views toward Lake Erie. Public water and sewer serve the property, with natural-gas forced-air heat and central air conditioning.
Key Highlights
- Two‑story duplex with 3,132 square feet and two 3‑bedroom, 2‑bath units
- Deeded rights to private lake access with Lake Erie views
- Oversized side‑entry 2.5‑car garage added in 2012
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
$33,208
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
4.92%
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%
$664,160
$664.2K
Cap Rate 7%
$474,400
$474.4K
Cap Rate 9%
$368,978
$369.0K
Market Conditions
NOI Build-Up for 3,132 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
$50.7K $16.20/SF
− Vacancy
−$3.3K −$1.05/SF
EGI
$47.4K $15.15/SF
− OpEx
−$14.2K −$4.54/SF
NOI
$33.2K $10.60/SF
Area
Cuyahoga County, OH
Vacancy
6.50%
Lease Rate
$16.20 /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%
$664,160
Cap Rate 7%
$474,400
Cap Rate 9%
$368,978
Alternative Uses
Best Use
Multifamily LT 5
$474.4K
$415.1K – $553.5K
NOI $33,208 @ 7.0% cap · market cap 4.92%
Second Best
Apartment 5plus
$442.3K
$387.0K – $516.0K
NOI $30,961 @ 7.0% cap · market cap 4.59%
Theoretical Best
Warehouse
$2.51M
$2.20M – $2.93M
NOI $175,665 @ 7.0% cap · market cap 26.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
101
Businesses Nearby
Explore this area
Business Placement
Demographics for 44140, OH
16,163
Population
6,311
Households
2.6
Avg Household Size
44
Median Age
66%
College-Educated
99%
High-School Grad
4.6 sq mi
ZIP Area
3,514
Density / Sq Mi
$122,083
Median Household Income
$72,342
Median Earnings
$889
Median Rent
$332,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences feature Craftsman details, updated kitchens, and private outdoor spaces.
Where is this duplex located?
The property is located at 302-304 Ruth Street Bay Village, OH.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Two‑story duplex with 3,132 square feet and two 3‑bedroom, 2‑bath units; Deeded rights to private lake access with Lake Erie views; Oversized side‑entry 2.5‑car garage added in 2012
