Updated Occupied
New
For Sale
$274,900
3114 Vega Avenue, Cleveland, OH 44113
MULTI_FAMILY - Cleveland, OH
Property Size2,068 SF
Lot Size0.12 Acres
Price / SF$132.93
Days on Market1
Property Features for 3114 Vega Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 1, Bedroom 2, Basement, Bedroom 3, Bedroom 4, Bathroom 2
Parking features
Driveway, Garage
Subdivision
Hiram Stones Add
Elementary school district
Cleveland Municipal - 1809
Middle school district
Cleveland Municipal - 1809
High school district
Cleveland Municipal - 1809
Directions
3114 Vega Ave, Cleveland, Ohio 44113
Standard status
Active
APN
007-24-035
Size
2,068 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
68 STONE S/L 222 WP 0221 EP
Tax Annual Amount
2809
Legal Description
68 STONE S/L 222 WP 0221 EP
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1890
Floors in Building
2
Building materials
VinylSiding
Roof type
Asphalt
Listing Agency:
Keller Williams Living · Keller Williams Realty
(440) 318-1620
Listed By:
Journey Toole · License #2021004623
(440) 935-9793
Added: Aug 11
Last Checked: Aug 11 at 8:06PM
MLS# 5234883
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 two-unit residential property contains 5 bedrooms and 2 bathrooms across 2,068 square feet. Built in 1890, the home features vinyl siding, asphalt roofing, forced-air heat, a basement, driveway parking, and a garage. Improvements include vinyl windows, refreshed cabinetry, renovated bathrooms, and selected mechanical work. Public water and public sewer serve the property.
The duplex is located at 3114 Vega Avenue in Cleveland’s Tremont area, within ZIP Code 44113. The surrounding area includes restaurants, coffee shops, bars, and neighborhood amenities, with Ohio City, Downtown Cleveland, Clark-Fulton, and MetroHealth described as minutes away. The property is fully occupied with Section 8 tenants in place, providing an established rental setup for a new owner.
The duplex is located at 3114 Vega Avenue in Cleveland’s Tremont area, within ZIP Code 44113. The surrounding area includes restaurants, coffee shops, bars, and neighborhood amenities, with Ohio City, Downtown Cleveland, Clark-Fulton, and MetroHealth described as minutes away. The property is fully occupied with Section 8 tenants in place, providing an established rental setup for a new owner.
Key Highlights
- 5‑bedroom, 2‑bath duplex with 2,068 square feet
- Fully occupied with Section 8 tenants in place
- Updated cabinetry, renovated bathrooms, vinyl windows, and select mechanical improvements
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
$24,718
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
8.99%
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%
$494,360
$494.4K
Cap Rate 7%
$353,114
$353.1K
Cap Rate 9%
$274,644
$274.6K
Market Conditions
NOI Build-Up for 2,068 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
$37.0K $17.88/SF
− Vacancy
−$1.7K −$0.80/SF
EGI
$35.3K $17.08/SF
− OpEx
−$10.6K −$5.12/SF
NOI
$24.7K $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%
$494,360
Cap Rate 7%
$353,114
Cap Rate 9%
$274,644
Alternative Uses
Best Use
Multifamily LT 5
$353.1K
$309.0K – $412.0K
NOI $24,718 @ 7.0% cap · market cap 8.99%
Second Best
Apartment 5plus
$327.6K
$286.6K – $382.2K
NOI $22,930 @ 7.0% cap · market cap 8.34%
Theoretical Best
Office A
$504.7K
$441.6K – $588.8K
NOI $35,326 @ 7.0% cap · market cap 12.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,042
Businesses Nearby
Explore this area
Business Placement
Demographics for 44113, OH
20,291
Population
12,554
Households
1.6
Avg Household Size
33
Median Age
54%
College-Educated
89%
High-School Grad
3.8 sq mi
ZIP Area
5,340
Density / Sq Mi
$70,140
Median Household Income
$61,204
Median Earnings
$1,374
Median Rent
$295,400
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 - Two-unit residential property with renovated bathrooms, updated cabinetry, vinyl windows, and established tenants.
Where is this duplex located?
The property is located at 3114 Vega Avenue Cleveland, OH.
What is the asking price?
The asking price for this property is $274,900.
What are key features of this property?
This property features: 5‑bedroom, 2‑bath duplex with 2,068 square feet; Fully occupied with Section 8 tenants in place; Updated cabinetry, renovated bathrooms, vinyl windows, and select mechanical improvements
