Duplex with Renovated Upstairs
For Sale
$174,900
3305 Roanoke Avenue, Cleveland, OH 44109
MULTI_FAMILY - Cleveland, OH
Property Size1,355 SF
Lot Size0.09 Acres
Price / SF$129.08
Days on Market20
Property Features for 3305 Roanoke Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Bedroom 4, Bathroom 1, Bedroom 1, Bedroom 2, Basement
Parking features
On Street, Driveway, Garage
Subdivision
Sears
Elementary school district
Cleveland Municipal - 1809
Middle school district
Cleveland Municipal - 1809
High school district
Cleveland Municipal - 1809
Directions
State Rd, onto Roanoke Ave
Standard status
Active
APN
014-20-142
Size
1,355 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
63 SEARS 0171 EP
Tax Annual Amount
3207
Legal Description
63 SEARS 0171 EP
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Building materials
VinylSiding
Roof type
Asphalt, Fiberglass
Listing Agency:
RE/MAX Crossroads Properties · RE/MAX International
(440) 331-2870
Listed By:
Cole Belter · License #2024004251
(440) 781-4531
Added: Jul 30
Changed: Aug 1
Last Checked: Aug 18 at 11:06AM
MLS# 5232318
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 rented duplex at 3305 Roanoke Avenue in Cleveland offers two residential units with comfortable layouts and an established tenant base. The upstairs unit has been fully renovated, while the lower unit provides stable, reliable occupancy. The property includes bedroom space listed as Bedroom 1 through Bedroom 4 and two bathrooms, along with a basement.
The home sits on a 0.0851-acre lot and is approximately 1,355 square feet, built in 1920. Exterior materials include vinyl siding with an asphalt and fiberglass roof. Heating is forced air, and cooling is provided by window unit(s).
Parking includes on-street access plus a garage and driveway, supporting everyday tenant needs. Public water and public sewer service are in place to support ongoing operations.
The home sits on a 0.0851-acre lot and is approximately 1,355 square feet, built in 1920. Exterior materials include vinyl siding with an asphalt and fiberglass roof. Heating is forced air, and cooling is provided by window unit(s).
Parking includes on-street access plus a garage and driveway, supporting everyday tenant needs. Public water and public sewer service are in place to support ongoing operations.
Key Highlights
- Fully rented duplex with upstairs unit fully renovated and lower unit providing stable occupancy
- 0.0851‑acre lot and approximately 1,355 square feet
- Built in 1920 with vinyl siding and an asphalt and fiberglass roof
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
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
819
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?
Duplex - Fully rented duplex with a recently renovated upstairs unit and public water and sewer service in Cleveland, OH.
Where is this duplex located?
The property is located at 3305 Roanoke Avenue 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 upstairs unit fully renovated and lower unit providing stable occupancy; 0.0851‑acre lot and approximately 1,355 square feet; Built in 1920 with vinyl siding and an asphalt and fiberglass roof
