Updated Duplex on Corner
For Sale
$315,900
3175 Rocky River Drive, Cleveland, OH 44111
ResidentialIncome, Cleveland, OH
Property Size2,140 SF
Lot Size0.33 Acres
Price / SF$147.62
Days on Market368
Property Features for 3175 Rocky River Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Basement, Bathroom 3, Bathroom 1, Bedroom 4, Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 3, Laundry Room
Parking features
Driveway
Appliances
Dryer, Range, Refrigerator, Washer
Subdivision
Nina T Wensleys Sub
Elementary school district
Cleveland Municipal - 1809
Middle school district
Cleveland Municipal - 1809
High school district
Cleveland Municipal - 1809
Directions
From Downtown Cleveland, take I-90 West toward Lakewood. Take the W 150th St exit and head south on W 150th St. Turn right onto Lorain Ave, then turn left onto Rocky River Dr. Continue south on Rocky River Dr to 3175 Rocky River Dr, Cleveland, OH 44111. Property will be located on the corner.
Standard status
Active
APN
024-04-053
Size
2,140 SF
Lot size
0.33 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
18 WENSLEY 0005 ALL
Tax Annual Amount
6822
Legal Description
18 WENSLEY 0005 ALL
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Private
Building Details
Year built
1900
Floors in Building
2
Roof type
Asphalt
Listing Agency:
EXP Realty, LLC.
(866) 212-4991
Listed By:
Nicole M Garcia · License #2022007663
(440) 710-4447
Added: Sep 1, 2025
Changed: Sep 1
Last Checked: Sep 3 at 4:06AM
MLS# 5238531
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 updated duplex at 3175 Rocky River Drive includes 2,140 square feet on a 0.3326-acre corner lot. The residence offers 4 bedrooms, a bonus room, 2 1/2 bathrooms, a basement, laundry room, forced-air heating, and central air. Existing appliances include a range, refrigerator, washer, and dryer. The property was built in 1900 and has an asphalt roof, private water service, and public sewer.
The home is currently operating as an Airbnb with management in place. A private gas well serves the property, and driveway parking is available, with additional parking opportunities noted for residents and guests. Access is also available from the side street. The property is near the Lakewood border and provides access to Downtown Lakewood, Downtown Rocky River, the Cleveland Metroparks, Lake Erie, and Cleveland Hopkins International Airport. FHA and VA financing are welcome for qualified buyers, and furnishings may be purchased separately.
The home is currently operating as an Airbnb with management in place. A private gas well serves the property, and driveway parking is available, with additional parking opportunities noted for residents and guests. Access is also available from the side street. The property is near the Lakewood border and provides access to Downtown Lakewood, Downtown Rocky River, the Cleveland Metroparks, Lake Erie, and Cleveland Hopkins International Airport. FHA and VA financing are welcome for qualified buyers, and furnishings may be purchased separately.
Key Highlights
- 2,140‑square‑foot duplex on a 0.3326‑acre corner lot
- 4 bedrooms, a bonus room, 2 1/2 bathrooms, basement, and laundry room
- 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
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
201
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residence with central air, forced-air heating, driveway parking, and access from a side street.
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: 2,140‑square‑foot duplex on a 0.3326‑acre corner lot; 4 bedrooms, a bonus room, 2 1/2 bathrooms, basement, and laundry room; Currently operating as an Airbnb with management in place
