Updated Two-Unit
For Sale
$250,000
3127 West Blvd, Cleveland, OH 44111
Two-unit multifamily property with recent improvements and one newly renovated residence.
Property Size1,656 SF
Price / SF$150.97
Days on Market54
Property Features for 3127 West Blvd
General Information
Standard status
Active
Size
1,656 SF
Property subtype
Multifamily
Zoning
2F
Additional Details
Multifamily Units
2
Building Details
Building Size
1,656 SF
Year Built
1942
Construction
garden
Listing Agency:
Sperry Commercial -The Masica Company
Listed By:
Valeria Long · License #OH #SAL.2022003074
(216) 293-8900
Source:
Themasicacompany
Added: Aug 23
Changed: Oct 15
Last Checked: Oct 14 at 9:15PM
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 Sperry Commercial -The Masica Company
Investment Insights
Based on property information with market context.
This 1,656-square-foot duplex contains two residential units, including one residence that was newly renovated. Additional renovations and improvements were completed over the past 18 months, supporting the property’s updated condition. Built in 1942, the building retains its established residential character while serving as a compact multifamily asset.
The property is zoned 2F for multifamily use and is located on Cleveland’s west side at 3127 West Blvd. Its setting provides proximity to amenities and transportation, offering convenient access to surrounding services and travel connections.
The property is zoned 2F for multifamily use and is located on Cleveland’s west side at 3127 West Blvd. Its setting provides proximity to amenities and transportation, offering convenient access to surrounding services and travel connections.
Key Highlights
- 1,656 SF multifamily property
- Two residential units, including one newly renovated unit
- Renovations and improvements completed over the past 18 months
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,469
Cap Rate
7.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$369,380
$369.4K
Cap Rate 7%
$263,843
$263.8K
Cap Rate 9%
$205,211
$205.2K
Market Conditions
NOI Build-Up for 1,656 SF
Gross rent
$28.2K $17.04/SF
− Vacancy
−$1.8K −$1.11/SF
EGI
$26.4K $15.93/SF
− OpEx
−$7.9K −$4.78/SF
NOI
$18.5K $11.15/SF
Area
ZIP 44111
Vacancy
6.50%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$369,380
Cap Rate 7%
$263,843
Cap Rate 9%
$205,211
Alternative Uses
Best Use
Multifamily LT 5
$263.8K
$230.9K – $307.8K
NOI $18,469 @ 7.0% cap · market cap 7.39%
Second Best
Apartment 5plus
$209.7K
$183.5K – $244.6K
NOI $14,676 @ 7.0% cap · market cap 5.87%
Theoretical Best
Office A
$311.8K
$272.8K – $363.8K
NOI $21,826 @ 7.0% cap · market cap 8.73%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
598
Businesses Nearby
Explore this area
Business Placement
Demographics for 44111, OH
41,045
Population
19,041
Households
2.2
Avg Household Size
38
Median Age
25%
College-Educated
85%
High-School Grad
6.5 sq mi
ZIP Area
6,315
Density / Sq Mi
$54,790
Median Household Income
$38,151
Median Earnings
$938
Median Rent
$130,000
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-unit multifamily property with recent improvements and one newly renovated residence.
Where is this duplex located?
The property is located at 3127 West Blvd 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: 1,656 SF multifamily property; Two residential units, including one newly renovated unit; Renovations and improvements completed over the past 18 months
