Four-Unit Multifamily
For Sale
$399,900
3205 Denison Avenue, Cleveland, OH 44109
ResidentialIncome, Cleveland, OH
Property Size2,880 SF
Lot Size0.14 Acres
Price / SF$138.85
Days on Market48
Property Features for 3205 Denison Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bathroom 2, Basement, Bathroom 1, Bedroom 1, Bedroom 8, Bathroom 4, Bedroom 7, Bedroom 2, Bedroom 3, Bathroom 3, Bedroom 4, Bedroom 6
Parking features
Garage, Parking Lot
Subdivision
Brooklyn
Elementary school district
Cleveland Municipal - 1809
Middle school district
Cleveland Municipal - 1809
High school district
Cleveland Municipal - 1809
Directions
On the south side of Denison Ave between W 33rd and W 31st
Standard status
Active
APN
014-04-004
Size
2,880 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
65 DENISON AVE IN REAR EP 251.21 FT E CL W 33 ST&SP 219.47 FT S OF DENISON AVE
Tax Annual Amount
5044
Legal Description
65 DENISON AVE IN REAR EP 251.21 FT E CL W 33 ST&SP 219.47 FT S OF DENISON AVE
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1916
Floors in Building
2
Building materials
VinylSiding
Roof type
Flat, Fiberglass, Asphalt
Listing Agency:
RE/MAX Above & Beyond · RE/MAX International
(440) 546-1313
Listed By:
Armani Adames · License #2020004334
(216) 370-8550
Added: Jul 17
Changed: Sep 2
Last Checked: Sep 2 at 8:06AM
MLS# 5226000
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 2,880-square-foot quadplex contains four residential units, each arranged with two bedrooms and one bathroom. The property was built in 1916 and includes vinyl siding, forced-air heating, a fiberglass and asphalt flat roof, a basement, and both a parking lot and garage. Public water and public sewer serve the building.
Occupancy is 75%, with one vacant unit described as rent-ready. The property is located at 3205 Denison Avenue in Cleveland, Ohio 44109, on a 0.1436-acre parcel. Its four-unit configuration provides an established multifamily format, while the vacant unit can support either new tenancy or owner occupancy, as outlined in the property information.
Occupancy is 75%, with one vacant unit described as rent-ready. The property is located at 3205 Denison Avenue in Cleveland, Ohio 44109, on a 0.1436-acre parcel. Its four-unit configuration provides an established multifamily format, while the vacant unit can support either new tenancy or owner occupancy, as outlined in the property information.
Key Highlights
- Four 2‑bedroom, 1‑bathroom units in a quadplex
- 2,880 square feet on 0.1436 acres
- 75% occupancy with one vacant unit described as rent‑ready
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
$34,424
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
8.61%
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%
$688,480
$688.5K
Cap Rate 7%
$491,771
$491.8K
Cap Rate 9%
$382,489
$382.5K
Market Conditions
NOI Build-Up for 2,880 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
$51.5K $17.88/SF
− Vacancy
−$2.3K −$0.80/SF
EGI
$49.2K $17.08/SF
− OpEx
−$14.8K −$5.12/SF
NOI
$34.4K $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%
$688,480
Cap Rate 7%
$491,771
Cap Rate 9%
$382,489
Alternative Uses
Best Use
Multifamily LT 5
$491.8K
$430.3K – $573.7K
NOI $34,424 @ 7.0% cap · market cap 8.61%
Second Best
Apartment 5plus
$456.2K
$399.2K – $532.2K
NOI $31,933 @ 7.0% cap · market cap 7.99%
Theoretical Best
Office A
$702.8K
$615.0K – $820.0K
NOI $49,197 @ 7.0% cap · market cap 12.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
75%
Occupancy
Location Intelligence
Trade Area within ½ mile
412
Businesses Nearby
Explore this area
Business Placement
Demographics for 44109, OH
39,121
Population
19,588
Households
2
Avg Household Size
36
Median Age
17%
College-Educated
81%
High-School Grad
7.1 sq mi
ZIP Area
5,510
Density / Sq Mi
$43,130
Median Household Income
$34,050
Median Earnings
$861
Median Rent
$112,700
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?
Quadplex - The building offers consistent two-bedroom, one-bathroom layouts, public utilities, and on-site parking.
Where is this quadplex located?
The property is located at 3205 Denison Avenue Cleveland, OH.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bathroom units in a quadplex; 2,880 square feet on 0.1436 acres; 75% occupancy with one vacant unit described as rent‑ready
