Restored Duplex with
For Sale
$185,000
3449 W 54th Street, Cleveland, OH 44102
ResidentialIncome, Cleveland, OH
Property Size1,393 SF
Lot Size0.09 Acres
Price / SF$132.81
Days on Market50
Property Features for 3449 W 54th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Laundry Room, Bedroom 4, Bedroom 2, Basement, Bathroom 1, Bedroom 1, Bathroom 2
Parking features
Garage
Window features
Wood Frames
Subdivision
Joseph Storers Sub
Elementary school district
Cleveland Municipal - 1809
Middle school district
Cleveland Municipal - 1809
High school district
Cleveland Municipal - 1809
Directions
N/Denison Ave S/Storer Ave
Standard status
Active
APN
016-19-085
Size
1,393 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
46 STORER 0020 NP
Tax Annual Amount
1405
Legal Description
46 STORER 0020 NP
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Building materials
VinylSiding
Roof type
Asphalt, Fiberglass
Listing Agency:
Berkshire Hathaway HomeServices Professional Realty
(440) 822-3222
Listed By:
David Sarver · License #700300553
(216) 214-0221
Added: Jul 25
Changed: Sep 12
Last Checked: Sep 12 at 2:06AM
MLS# 5231220
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.
Built in 1920, this two-unit Colonial duplex combines period character with a comprehensive renovation. The property includes a front porch, updated kitchens and bathrooms, granite countertops, contemporary flooring, designer fixtures, and refreshed interior finishes. The 1,393-square-foot property also offers forced-air heating, vinyl siding, asphalt and fiberglass roofing, a garage, and a basement with laundry space.
Situated on a 0.0882-acre lot at 3449 W 54th Street in Cleveland, the property has public water and public sewer service. Its west-side setting provides 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 being minutes away.
Situated on a 0.0882-acre lot at 3449 W 54th Street in Cleveland, the property has public water and public sewer service. Its west-side setting provides 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 being minutes away.
Key Highlights
- Two‑unit duplex built in 1920
- 1,393 square feet on a 0.0882‑acre lot
- Renovated kitchens and bathrooms with granite countertops
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
9.00%
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 9.00%
Second Best
Apartment 5plus
$220.7K
$193.1K – $257.4K
NOI $15,446 @ 7.0% cap · market cap 8.35%
Theoretical Best
Office A
$339.9K
$297.5K – $396.6K
NOI $23,796 @ 7.0% cap · market cap 12.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Renovated two-unit Colonial with updated kitchens, bathrooms, modern finishes, and a front porch.
Where is this duplex located?
The property is located at 3449 W 54th Street Cleveland, OH.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: Two‑unit duplex built in 1920; 1,393 square feet on a 0.0882‑acre lot; Renovated kitchens and bathrooms with granite countertops
