3-Unit Multifamily
For Sale
$245,000
3214 W 61st Street, Cleveland, OH 44102
ResidentialIncome, Cleveland, OH
Property Size1,963 SF
Lot Size1.00 Acres
Price / SF$124.81
Days on Market94
Property Features for 3214 W 61st Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Laundry Room, Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 1, Bathroom 3, Bedroom 2, Basement
Parking features
Driveway
Appliances
Dishwasher, Microwave, Range, Refrigerator
Subdivision
Sargent
Elementary school district
Cleveland Municipal - 1809
Middle school district
Cleveland Municipal - 1809
High school district
Cleveland Municipal - 1809
Directions
off west 61st
Standard status
Active
APN
016-07-023
Size
1,963 SF
Lot size
1.00 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1480
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Building materials
AluminumSiding
Roof type
Fiberglass, Asphalt
Listing Agency:
Coldwell Banker Schmidt Realty · Coldwell Banker Real Estate
(440) 327-2123
Listed By:
Christopher A Frederick · License #426983
(216) 210-7653
Added: May 23
Changed: Aug 20
Last Checked: Aug 24 at 5:06AM
MLS# 5211842
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 fully occupied multifamily investment package includes a duplex in the front and a separate single-family home in the rear, all on one lot. The duplex features a spacious 2-bedroom unit on the first floor and a 1-bedroom unit on the upper level. The rear home offers a private 1-bedroom layout. Updates include newer vinyl siding, updated vinyl windows, remodeled kitchens and baths, refreshed interior paint, and updated flooring, with appliances included. The property is described as having updated mechanicals, and it is lead certified as of April 2026 per City of Cleveland requirements.
The property is located at 3214 W 61st Street in Cleveland, OH 44102 (Cuyahoga County). It is presented as self-managed and includes secure Section 8 tenants already in place.
As configured, the asset provides two units within the front duplex plus one separate rear home, supporting an investor-ready, low-maintenance setup based on the provided remodeling scope and current occupancy.
The property is located at 3214 W 61st Street in Cleveland, OH 44102 (Cuyahoga County). It is presented as self-managed and includes secure Section 8 tenants already in place.
As configured, the asset provides two units within the front duplex plus one separate rear home, supporting an investor-ready, low-maintenance setup based on the provided remodeling scope and current occupancy.
Key Highlights
- 3‑family investment package: front duplex (2BR first floor, 1BR upstairs) plus separate 1BR single‑family home in the rear
- Fully occupied with Section 8 tenants in place; rental income reported as over $3,100 per month
- Lead certified as of April 2026 to meet City of Cleveland requirements
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
$21,766
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
8.88%
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%
$435,320
$435.3K
Cap Rate 7%
$310,943
$310.9K
Cap Rate 9%
$241,844
$241.8K
Market Conditions
NOI Build-Up for 1,963 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
$41.2K $21.00/SF
− Vacancy
−$1.6K −$0.84/SF
EGI
$39.6K $20.16/SF
− OpEx
−$17.8K −$9.07/SF
NOI
$21.8K $11.09/SF
Area
Cleveland, OH
Vacancy
4.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
45.00%
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%
$435,320
Cap Rate 7%
$310,943
Cap Rate 9%
$241,844
Alternative Uses
Best Use
Multifamily LT 5
$335.2K
$293.3K – $391.1K
NOI $23,463 @ 7.0% cap · market cap 9.58%
Second Best
Apartment 5plus
$310.9K
$272.1K – $362.8K
NOI $21,766 @ 7.0% cap · market cap 8.88%
Theoretical Best
Office A
$479.0K
$419.2K – $558.9K
NOI $33,532 @ 7.0% cap · market cap 13.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
630
Businesses Nearby
Explore this area
Business Placement
Demographics for 44102, OH
43,347
Population
22,984
Households
1.9
Avg Household Size
35
Median Age
25%
College-Educated
80%
High-School Grad
6.1 sq mi
ZIP Area
7,106
Density / Sq Mi
$40,303
Median Household Income
$34,958
Median Earnings
$911
Median Rent
$99,300
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?
Multifamily property - Turnkey 3-family package with a front duplex and separate rear single-family home, fully occupied and lead certified.
Where is this multifamily property located?
The property is located at 3214 W 61st Street Cleveland, OH.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: 3‑family investment package: front duplex (2BR first floor, 1BR upstairs) plus separate 1BR single‑family home in the rear; Fully occupied with Section 8 tenants in place; rental income reported as over $3,100 per month; Lead certified as of April 2026 to meet City of Cleveland requirements
