Renovated
New
For Sale
$174,900
3305 Roanoke Ave, Cleveland, OH 44109
Fully occupied two-unit property with recent improvements to the upper residence and established rental operations.
Property Size1,355 SF
Price / SF$129.08
Days on Market3
Property Features for 3305 Roanoke Ave
General Information
Standard status
Active
Size
1,355 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1920
Tenancy
Multi
Listing Agency:
RE/MAX Crossroads Properties
Listed By:
Cole Belter · License #2024004251
(440) 781-4531
Source:
Theacclaimedrealty
Added: Sep 5
Last Checked: Sep 7 at 11:40AM
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 RE/MAX Crossroads Properties
Investment Insights
Based on property information with market context.
This duplex contains 1,355 square feet and was built in 1920. The upper residence has undergone a full renovation with updated finishes, while the lower residence remains occupied. Both units provide practical layouts suited to residential rental use, with existing tenancy in place across the property.
The property is located at 3305 Roanoke Ave in Cleveland, Ohio, near shopping, restaurants, parks, and major highways. Its access to everyday amenities supports convenient residential use and complements the current rental setup. Recent improvements to the upper unit reduce the immediate need for additional work, while the occupied lower unit adds continuity to the property’s existing operations.
The property is located at 3305 Roanoke Ave in Cleveland, Ohio, near shopping, restaurants, parks, and major highways. Its access to everyday amenities supports convenient residential use and complements the current rental setup. Recent improvements to the upper unit reduce the immediate need for additional work, while the occupied lower unit adds continuity to the property’s existing operations.
Key Highlights
- Fully rented duplex with two occupied residences
- 1,355 square feet of total property size
- Upper unit fully renovated with updated finishes
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
$15,024
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
8.59%
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%
$300,480
$300.5K
Cap Rate 7%
$214,629
$214.6K
Cap Rate 9%
$166,933
$166.9K
Market Conditions
NOI Build-Up for 1,355 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
$28.5K $21.00/SF
− Vacancy
−$1.1K −$0.84/SF
EGI
$27.3K $20.16/SF
− OpEx
−$12.3K −$9.07/SF
NOI
$15.0K $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%
$300,480
Cap Rate 7%
$214,629
Cap Rate 9%
$166,933
Alternative Uses
Best Use
Multifamily LT 5
$231.4K
$202.5K – $269.9K
NOI $16,196 @ 7.0% cap · market cap 9.26%
Second Best
Apartment 5plus
$214.6K
$187.8K – $250.4K
NOI $15,024 @ 7.0% cap · market cap 8.59%
Theoretical Best
Office A
$330.7K
$289.3K – $385.8K
NOI $23,146 @ 7.0% cap · market cap 13.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
838
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Fully occupied two-unit property with recent improvements to the upper residence and established rental operations.
Where is this duplex located?
The property is located at 3305 Roanoke Ave Cleveland, OH.
What is the asking price?
The asking price for this property is $174,900.
What are key features of this property?
This property features: Fully rented duplex with two occupied residences; 1,355 square feet of total property size; Upper unit fully renovated with updated finishes
