Four-Unit Apartment
New
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 Market4
Property Features for 3205 Denison Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bathroom 1, Bedroom 7, Bedroom 2, Bedroom 8, Bedroom 5, Bedroom 1, Bedroom 4, Bathroom 3, Basement, Bedroom 6, Bedroom 3, Bathroom 2
Parking features
Parking Lot, Garage
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
Fiberglass, Asphalt, Flat
Listing Agency:
RE/MAX Above & Beyond · RE/MAX International
(440) 546-1313
Listed By:
Armani Adames · License #2020004334
(216) 370-8550
Added: Sep 23
Last Checked: Sep 26 at 1:06AM
MLS# 5247593
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 configured with two bedrooms and one bathroom. The building dates to 1916 and features vinyl siding, forced-air heating, flat asphalt and fiberglass roofing, a basement, and a mix of garage and parking-lot spaces. One unit is vacant, while the property is reported at 75% occupancy.
Located at 3205 Denison Avenue in Cleveland, the property is served by public water and public sewer. Its four-unit configuration provides separate residential accommodations within a single multifamily building, with bedroom and bathroom counts distributed across the units.
Located at 3205 Denison Avenue in Cleveland, the property is served by public water and public sewer. Its four-unit configuration provides separate residential accommodations within a single multifamily building, with bedroom and bathroom counts distributed across the units.
Key Highlights
- Four‑unit quadplex with four 2‑bedroom, 1‑bathroom units
- 2,880 square feet on 0.1436 acres
- Currently 75% occupied with one vacant unit
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
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Four-unit residential property with two-bedroom layouts, on-site parking, and one currently vacant unit.
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‑unit quadplex with four 2‑bedroom, 1‑bathroom units; 2,880 square feet on 0.1436 acres; Currently 75% occupied with one vacant unit
