Historic Furnished
For Sale
$500,000
3401 Clinton Ave, Cleveland, OH 44113
Turnkey two-unit property with updated interiors and flexible occupancy options.
Property Size3,618 SF
Price / SF$138.20
Days on Market49
Property Features for 3401 Clinton Ave
General Information
Standard status
Active
Size
3,618 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$5,115
Listing Agency:
Century 21 Homestar
(440) 724-8836
Listed By:
Anthony G Romano · License #2004013247
(440) 724-8836
Source:
Exprealty
Added: Jun 24
Changed: Aug 9
Last Checked: Aug 10 at 9:49AM
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 Century 21 Homestar
Investment Insights
Based on property information with market context.
This 3,618-square-foot duplex pairs preserved architectural details with comprehensive modernization. The property includes two residences, four bedrooms, three full bathrooms, an additional half bath, and a dedicated second-level office. Interior features include 10-foot ceilings, wide-plank floors, wood-framed windows, built-ins, and fireplaces. Both kitchens are equipped with quartz counters, breakfast bars, designer tile, and stainless steel appliances. Updated mechanical, plumbing, electrical, and central-air systems support the residences, while the upper unit is furnished and vacant for immediate showings.
The home is located in Ohio City, within walking distance of Hingetown cafes, Edgewater Park, Downtown, and Gordon Square. A 15-year tax abatement remains in place through 2038. Short-term rentals are permitted, and the property has previously operated as an Airbnb. Walk Score is 88 and Bike Score is 98.
The home is located in Ohio City, within walking distance of Hingetown cafes, Edgewater Park, Downtown, and Gordon Square. A 15-year tax abatement remains in place through 2038. Short-term rentals are permitted, and the property has previously operated as an Airbnb. Walk Score is 88 and Bike Score is 98.
Key Highlights
- 3,618‑square‑foot duplex with 4 bedrooms and 3 full baths
- 15‑year tax abatement remains in place through 2038
- Furnished, vacant upper unit available for immediate showings
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
$43,245
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
8.65%
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%
$864,900
$864.9K
Cap Rate 7%
$617,786
$617.8K
Cap Rate 9%
$480,500
$480.5K
Market Conditions
NOI Build-Up for 3,618 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
$64.7K $17.88/SF
− Vacancy
−$2.9K −$0.80/SF
EGI
$61.8K $17.08/SF
− OpEx
−$18.5K −$5.12/SF
NOI
$43.2K $11.95/SF
Area
Cleveland, OH
Vacancy
4.50%
Lease Rate
$17.88 /SF/Yr
Expense Ratio
30.00%
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%
$864,900
Cap Rate 7%
$617,786
Cap Rate 9%
$480,500
Alternative Uses
Best Use
Multifamily LT 5
$617.8K
$540.6K – $720.8K
NOI $43,245 @ 7.0% cap · market cap 8.65%
Second Best
Apartment 5plus
$573.1K
$501.5K – $668.6K
NOI $40,116 @ 7.0% cap · market cap 8.02%
Theoretical Best
Office A
$882.9K
$772.6K – $1.03M
NOI $61,804 @ 7.0% cap · market cap 12.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,902
Businesses Nearby
Explore this area
Business Placement
Demographics for 44113, OH
20,291
Population
12,554
Households
1.6
Avg Household Size
33
Median Age
54%
College-Educated
89%
High-School Grad
3.8 sq mi
ZIP Area
5,340
Density / Sq Mi
$70,140
Median Household Income
$61,204
Median Earnings
$1,374
Median Rent
$295,400
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 - Turnkey two-unit property with updated interiors and flexible occupancy options.
Where is this duplex located?
The property is located at 3401 Clinton Ave Cleveland, OH.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 3,618‑square‑foot duplex with 4 bedrooms and 3 full baths; 15‑year tax abatement remains in place through 2038; Furnished, vacant upper unit available for immediate showings
