Updated Duplex with Private Gas
New
For Sale
$315,900
3175 Rocky River Drive, Cleveland, OH 44111
Corner-lot duplex with a four-bedroom layout, bonus room, guest parking, and current short-term rental operations.
Property Size2,140 SF
Price / SF$147.62
Days on Market3
Property Features for 3175 Rocky River Drive
General Information
Standard status
Active
Size
2,140 SF
Property subtype
Multi-Family
Additional Details
Furnished
No
Multifamily Units
2
Building Details
Year Built
1900
Listing Agency:
EXP Realty, LLC.
Listed By:
Nicole M Garcia · License #2022007663
(440) 710-4447
Source:
Carletonrealty
Added: Sep 1
Last Checked: Sep 2 at 2:00PM
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 EXP Realty, LLC.
Investment Insights
Based on property information with market context.
This updated duplex at 3175 Rocky River Drive includes 4 bedrooms, a bonus room, and 2 1/2 baths within a 2,140-square-foot property built in 1900. The home is currently operated as an Airbnb with management in place, and the duplex configuration supports continued short-term rental use or an owner-occupant arrangement. Furnishings are available for separate purchase.
A private gas well serves the property, eliminating a monthly gas bill. The home occupies a corner lot near the Lakewood border, with side-street access and additional parking opportunities for residents and guests. Downtown Lakewood, Downtown Rocky River, the Cleveland Metroparks, Lake Erie, and Cleveland Hopkins International Airport are described as minutes away, with access to dining, shopping, recreation, and major commuter routes.
A private gas well serves the property, eliminating a monthly gas bill. The home occupies a corner lot near the Lakewood border, with side-street access and additional parking opportunities for residents and guests. Downtown Lakewood, Downtown Rocky River, the Cleveland Metroparks, Lake Erie, and Cleveland Hopkins International Airport are described as minutes away, with access to dining, shopping, recreation, and major commuter routes.
Key Highlights
- Duplex with 4 bedrooms, a bonus room, and 2 1/2 baths
- 2,140‑square‑foot property built in 1900
- Currently operating as an Airbnb with management in place
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
$23,867
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
7.56%
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%
$477,340
$477.3K
Cap Rate 7%
$340,957
$341.0K
Cap Rate 9%
$265,189
$265.2K
Market Conditions
NOI Build-Up for 2,140 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
$36.5K $17.04/SF
− Vacancy
−$2.4K −$1.11/SF
EGI
$34.1K $15.93/SF
− OpEx
−$10.2K −$4.78/SF
NOI
$23.9K $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 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%
$477,340
Cap Rate 7%
$340,957
Cap Rate 9%
$265,189
Alternative Uses
Best Use
Multifamily LT 5
$341.0K
$298.3K – $397.8K
NOI $23,867 @ 7.0% cap · market cap 7.56%
Second Best
Apartment 5plus
$270.9K
$237.1K – $316.1K
NOI $18,965 @ 7.0% cap · market cap 6.00%
Theoretical Best
Office A
$402.9K
$352.6K – $470.1K
NOI $28,205 @ 7.0% cap · market cap 8.93%
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
137
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
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 - Corner-lot duplex with a four-bedroom layout, bonus room, guest parking, and current short-term rental operations.
Where is this duplex located?
The property is located at 3175 Rocky River Drive Cleveland, OH.
What is the asking price?
The asking price for this property is $315,900.
What are key features of this property?
This property features: Duplex with 4 bedrooms, a bonus room, and 2 1/2 baths; 2,140‑square‑foot property built in 1900; Currently operating as an Airbnb with management in place
