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    Income-Producing Duplex Near Downtown Cleveland Title is generated by Realmo AI

    3359 East 65th Street, Cleveland, OH 44127

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    Versatile duplex with strong cash-flow potential, updated features, and convenient location.

    Type:Multifamily
    Property size:
    2,016 SF
    Price / SF:
    $98/SF
    Added:
    May 18, 2026
    Days on Market:
    17
    Last Refresh:
    May 20 at 4:55 am

    Property Features for 3359 East 65th Street

    General Information

    Standard status
    Active
    Size
    2,016 SF
    Property subtype
    Multifamily

    Building Details

    Year Built
    1890

    We can help!

    Listing Contact
    Michael Azzam

    Listing agent Michael Azzam License #SAL.2014004734

    Listing office RE/MAX Haven Realty

    Listing date May 18, 2026

    Source Crexi

    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 Haven Realty

    HighLights

    • Strong cash‑flow potential with immediate income from tenant‑occupied rear unit and projected market rent for the vacant front unit.
    • Two separate units with separate gas and electric meters, maximizing rental efficiency and flexibility.
    • Recent major improvements including updated PVC plumbing, newer furnaces and water heaters, updated electrical panels, newer roof, vinyl windows and siding, and glass block basement windows.
    • Updated front unit with LVP flooring, newer vinyl windows, updated light fixtures, refreshed finishes, newer cabinetry, laminate countertops, updated bathroom fixtures, new vanity, and newer tub surround.
    • Convenient location near parks, Downtown Cleveland, major highways, public transportation, schools, shopping centers, and restaurants.
    • Includes washer/dryer hookups, detached 1‑car garage, and functional outdoor space.

    Overview

    This income-producing duplex offers strong cash-flow potential for investors and homebuyers. The front unit features 5 beds and 1.5 baths across two levels, with two bedrooms on the main floor and three carpeted bedrooms upstairs. Recent updates include LVP flooring, newer vinyl windows, updated light fixtures, refreshed finishes, newer cabinetry, laminate countertops, updated bathroom fixtures, new vanity, and newer tub surround. The rear unit offers a 2 beds, 1 bath layout, creating an additional income opportunity. Separate gas and electric meters allow both units to operate independently. Major improvements include updated PVC plumbing main stack and drain lines, newer furnaces, younger water heaters, updated electrical panels, updated exterior 100 AMP meter bases, glass block basement windows, vinyl siding, vinyl windows, and a newer roof. The property also includes washer/dryer hookups, a detached 1-car garage, and functional outdoor space. The front unit is currently vacant and projected at approximately $2,000/mo in market rent, while the rear unit is tenant occupied at $1,085/mo. The property is located near Washington Reservation, Morgana Park, and Mill Creek Falls, with quick access to Downtown Cleveland. It is also near major highways, public transportation, schools, shopping centers, restaurants and parks. The property size is 2016 square feet. Full service property management is available with dedicated departments for leasing, marketing, and tenant communication, plus rehab and construction services for remote investors.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.64475
    Latitude
    41.46699

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    FAQs

    What type of property is this?
    Duplex - Versatile duplex with strong cash-flow potential, updated features, and convenient location.
    Where is this duplex located?
    The property is located at 3359 East 65th Street Cleveland, OH.
    What is the asking price?
    The asking price for this property is $199,000.
    What are key features of this property?
    This property features: Strong cash‑flow potential with immediate income from tenant‑occupied rear unit and projected market rent for the vacant front unit.; Two separate units with separate gas and electric meters, maximizing rental efficiency and flexibility.; Recent major improvements including updated PVC plumbing, newer furnaces and water heaters, updated electrical panels, newer roof, vinyl windows and siding, and glass block basement windows.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Michael Azzam
    Real Estate License ID: SAL.2014004734
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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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