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    Cleveland Multifamily Investment Opportunity Title is generated by Realmo AI

    3209 Archwood Avenue, Cleveland, OH 44109

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    For Sale
    $2,499,000

    Twin apartment buildings with value-add potential in a prime location.

    Type:MF
    Added:
    Oct 6, 2023
    Days on Market:
    972
    Last Refresh:
    Apr 3 at 5:04 am

    Property Features for 3209 Archwood Avenue

    General Information

    Standard status
    Active
    Property subtype
    MF

    Building Details

    Year Built
    1929

    We can help!

    Listing Contact
    Erin Thomas

    Listing agent Erin Thomas License #2019005940, Ohio

    Listing office KW Commercial | Citywide | Erin Thomas

    Listing date Oct 6, 2023

    Source Realnex

    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 KW Commercial | Citywide | Erin Thomas

    HighLights

    • Significant value‑add opportunity: 12 vacant units offer immediate potential to increase rental income by $300,000+ per year.
    • High‑demand location in a rapidly appreciating Cleveland market near Downtown, Metro Hospital, and trendy areas.
    • Immediate cash flow: One building (3311) is operating at 95% occupancy.
    • Approximately 50% of occupied units are through CMHA or Eden, ensuring guaranteed rent.
    • Recent capital improvements: $260,000 in total CapEx improvements over the past 12 months, including $80,000 on the roof of one building this year.
    • Opportunity to decrease heating expenses by converting to electric mini splits during unit turnovers.

    Overview

    Located in a rapidly appreciating Cleveland market near Downtown, Metro Hospital, and trendy areas, these twin apartment buildings offer a value-add opportunity. The property consists of 44 units across two identical buildings situated next to each other. One building operates at 95% occupancy and is expected to generate cash flow immediately. Approximately 50% of the occupied units are supported by CMHA or Eden, providing guaranteed monthly rent, particularly beneficial during renovations at the adjacent building. There is an opportunity to reduce heating expenses by converting the boiler heat to electric mini splits during unit turnovers. Electrical systems have been upgraded to breakers, and all windows are vinyl. Recent capital improvements include $80,000 spent on the roof of one building this year, with a total of $260,000 invested in both buildings over the past 12 months. The location is advantageous for tenants, offering proximity to highways, public transportation, job opportunities, and the zoo. The property is being sold with an additional parcel.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Dental Office Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.7047926
    Latitude
    41.4524535

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    FAQs

    What type of property is this?
    Apartment building - Twin apartment buildings with value-add potential in a prime location.
    Where is this apartment building located?
    The property is located at 3209 Archwood Avenue Cleveland, OH.
    What is the asking price?
    The asking price for this property is $2,499,000.
    What are key features of this property?
    This property features: Significant value‑add opportunity: 12 vacant units offer immediate potential to increase rental income by $300,000+ per year.; High‑demand location in a rapidly appreciating Cleveland market near Downtown, Metro Hospital, and trendy areas.; Immediate cash flow: One building (3311) is operating at 95% occupancy.
    (440) 670-2300
    We can help!
    Listing Contact
    Erin Thomas
    Real Estate License ID: 2019005940, Ohio
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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