Renovated Two-Unit Colonial
For Sale
$195,000
3449 W 54th St, Cleveland, OH 44102
Updated kitchens, baths, flooring, and finishes complement flexible two-unit living in Cleveland’s west side.
Property Size1,393 SF
Price / SF$139.99
Days on Market22
Property Features for 3449 W 54th St
General Information
Standard status
Active
Size
1,393 SF
Property subtype
Residential Income
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,405
Building Details
Buildings
1
Construction
Colonial
Listing Agency:
Berkshire Hathaway HomeServices Professional Realty
(216) 214-0221
Listed By:
David Sarver · License #700300553
(216) 214-0221
Source:
Exprealty
Added: Jul 27
Changed: Aug 16
Last Checked: Aug 16 at 4:31AM
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 Berkshire Hathaway HomeServices Professional Realty
Investment Insights
Based on property information with market context.
This two-unit duplex is housed in a classic 1920s Colonial with a front porch and a professionally renovated interior. Each living unit includes an updated kitchen and bathroom, along with granite countertops, designer fixtures, modern flooring, and refreshed finishes throughout. The layout supports separate residential use, with the County Auditor listing the home as a four-bedroom property. Two additional bedrooms are described as functioning within three-bedroom rental units; buyers should independently verify bedroom count and permitted use.
The property is located on Cleveland’s west side with access to shopping, restaurants, schools, parks, public transportation, major highways, and downtown Cleveland. MetroHealth, the Gordon Square Arts District, Ohio City, Tremont, and Edgewater Park are also described as minutes away. The combination of renovated interiors and a two-unit configuration provides flexibility for an owner-occupant or rental use, subject to buyer due diligence.
The property is located on Cleveland’s west side with access to shopping, restaurants, schools, parks, public transportation, major highways, and downtown Cleveland. MetroHealth, the Gordon Square Arts District, Ohio City, Tremont, and Edgewater Park are also described as minutes away. The combination of renovated interiors and a two-unit configuration provides flexibility for an owner-occupant or rental use, subject to buyer due diligence.
Key Highlights
- Two‑unit duplex in a 1920s Colonial with a front porch
- Professionally renovated interiors with updated kitchens and bathrooms
- Granite countertops, designer fixtures, and modern flooring
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
$16,650
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
8.54%
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%
$333,000
$333.0K
Cap Rate 7%
$237,857
$237.9K
Cap Rate 9%
$185,000
$185.0K
Market Conditions
NOI Build-Up for 1,393 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
$24.9K $17.88/SF
− Vacancy
−$1.1K −$0.80/SF
EGI
$23.8K $17.08/SF
− OpEx
−$7.1K −$5.12/SF
NOI
$16.7K $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%
$333,000
Cap Rate 7%
$237,857
Cap Rate 9%
$185,000
Alternative Uses
Best Use
Multifamily LT 5
$237.9K
$208.1K – $277.5K
NOI $16,650 @ 7.0% cap · market cap 8.54%
Second Best
Apartment 5plus
$220.7K
$193.1K – $257.4K
NOI $15,446 @ 7.0% cap · market cap 7.92%
Theoretical Best
Office A
$339.9K
$297.5K – $396.6K
NOI $23,796 @ 7.0% cap · market cap 12.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
504
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?
Duplex - Updated kitchens, baths, flooring, and finishes complement flexible two-unit living in Cleveland’s west side.
Where is this duplex located?
The property is located at 3449 W 54th St Cleveland, OH.
What is the asking price?
The asking price for this property is $195,000.
What are key features of this property?
This property features: Two‑unit duplex in a 1920s Colonial with a front porch; Professionally renovated interiors with updated kitchens and bathrooms; Granite countertops, designer fixtures, and modern flooring
