4-Unit Apartment
For Sale
$495,000
3508 W 135th St, Cleveland, OH 44120
Three residences are occupied, while the fourth can be used by an owner or offered for rent.
Property Size2,880 SF
Price / SF$171.88
Days on Market12
Property Features for 3508 W 135th St
General Information
Standard status
Active
Size
2,880 SF
Property subtype
Residential Income
Site & Location
Neighborhood
Little Arabia
Public Transit
Yes
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$12,431
Listing Agency:
Keller Williams Greater Metropolitan
(216) 839-5500
Listed By:
Lisa K Sisko · License #2012000383
(440) 796-8043
Source:
Exprealty
Added: Oct 15
Changed: Oct 24
Last Checked: Oct 24 at 2:45PM
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 Keller Williams Greater Metropolitan
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Investment Insights
Based on property information with market context.
This Cleveland four-unit residential property contains four 2-bedroom, 1-bath units, each with an open living and kitchen layout and in-unit laundry. The building underwent a full interior renovation, including updated electrical and plumbing, insulation, ductwork, low-E vinyl windows, fiberglass entry doors, and a durable roof system. Each unit has a Goodman high-efficiency furnace with A/C, a power-vent water heater, a refrigerator, a microwave, and an electric range. Three units are occupied; the remaining unit may be used by an owner or leased.
Exterior work includes refreshed landscaping, stained wood, tree removal, and new gravel in the driveway and parking area. Public transportation, retail, parks, schools, churches, and Kamms Corners are nearby, with Fairview Hospital approximately 2 miles away. The potential cap rate is 9%.
Exterior work includes refreshed landscaping, stained wood, tree removal, and new gravel in the driveway and parking area. Public transportation, retail, parks, schools, churches, and Kamms Corners are nearby, with Fairview Hospital approximately 2 miles away. The potential cap rate is 9%.
Key Highlights
- Four residences, each configured with 2 bedrooms and 1 bath
- Three of the four units are occupied
- Each unit has its own laundry and open living‑kitchen layout
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,424
Cap Rate
6.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$688,480
$688.5K
Cap Rate 7%
$491,771
$491.8K
Cap Rate 9%
$382,489
$382.5K
Market Conditions
NOI Build-Up for 2,880 SF
Gross rent
$51.5K $17.88/SF
− Vacancy
−$2.3K −$0.80/SF
EGI
$49.2K $17.08/SF
− OpEx
−$14.8K −$5.12/SF
NOI
$34.4K $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 Rate 5%
$688,480
Cap Rate 7%
$491,771
Cap Rate 9%
$382,489
Alternative Uses
Best Use
Multifamily LT 5
$491.8K
$430.3K – $573.7K
NOI $34,424 @ 7.0% cap · market cap 6.95%
Second Best
Apartment 5plus
$456.2K
$399.2K – $532.2K
NOI $31,933 @ 7.0% cap · market cap 6.45%
Theoretical Best
Office A
$702.8K
$615.0K – $820.0K
NOI $49,197 @ 7.0% cap · market cap 9.94%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
583
Businesses Nearby
Explore this area
Business Placement
Demographics for 44120, OH
34,611
Population
20,583
Households
1.7
Avg Household Size
40
Median Age
37%
College-Educated
90%
High-School Grad
5.2 sq mi
ZIP Area
6,656
Density / Sq Mi
$46,326
Median Household Income
$36,549
Median Earnings
$890
Median Rent
$115,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - Three residences are occupied, while the fourth can be used by an owner or offered for rent.
Where is this quadplex located?
The property is located at 3508 W 135th St Cleveland, OH.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Four residences, each configured with 2 bedrooms and 1 bath; Three of the four units are occupied; Each unit has its own laundry and open living‑kitchen layout
