Duplex with Detached
For Sale
$295,000
3559 Gridley Rd, Shaker Heights, OH 44122
Well-maintained two-unit residence with updated interiors, hardwood floors, sun porches, and flexible upper-level living space.
Property Size2,448 SF
Price / SF$120.51
Days on Market43
Property Features for 3559 Gridley Rd
General Information
Standard status
Active
Size
2,448 SF
Total Parking Spaces
2
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,147
Building Details
Buildings
1
Stories
3
Construction
brick
Listing Agency:
Olsen Ziegler Realty LLC
(216) 702-0537
Listed By:
Chris H Olsen · License #2007005771
(216) 702-0537
Source:
Exprealty
Added: Jul 1
Changed: Aug 11
Last Checked: Aug 12 at 11:17AM
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 Olsen Ziegler Realty LLC
Investment Insights
Based on property information with market context.
This 2,448-square-foot duplex at 3559 Gridley Rd features two residential units within a brick, stucco, and vinyl-sided property. The main-level apartment offers two bedrooms, a full bath, refinished hardwood flooring, replacement windows, built-ins, formal living and dining rooms, a spacious kitchen, wood-burning fireplace, and three-season sun porch. The upper residence extends across the second and third levels and includes three bedrooms, two full baths, hardwood floors, replacement windows, built-ins, formal living and dining areas, kitchen, fireplace, sun porch, and finished storage space. An unfinished basement provides laundry and additional storage, while the detached garage accommodates two cars.
The property is in Shaker Heights near Gridley Triangle Park, with access to Case Western Reserve University, Cleveland Clinic, University Hospitals, University Circle, and downtown Cleveland. The seller will address city Point of Sale compliance by title transfer.
The property is in Shaker Heights near Gridley Triangle Park, with access to Case Western Reserve University, Cleveland Clinic, University Hospitals, University Circle, and downtown Cleveland. The seller will address city Point of Sale compliance by title transfer.
Key Highlights
- 2,448 SF duplex with two residential units
- Main‑level unit includes 2 bedrooms and a full bath
- Upper unit spans the 2nd and 3rd levels with 3 bedrooms and 2 full baths
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
$25,956
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
8.80%
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%
$519,120
$519.1K
Cap Rate 7%
$370,800
$370.8K
Cap Rate 9%
$288,400
$288.4K
Market Conditions
NOI Build-Up for 2,448 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
$39.7K $16.20/SF
− Vacancy
−$2.6K −$1.05/SF
EGI
$37.1K $15.15/SF
− OpEx
−$11.1K −$4.54/SF
NOI
$26.0K $10.60/SF
Area
Cuyahoga County, OH
Vacancy
6.50%
Lease Rate
$16.20 /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%
$519,120
Cap Rate 7%
$370,800
Cap Rate 9%
$288,400
Alternative Uses
Best Use
Multifamily LT 5
$370.8K
$324.5K – $432.6K
NOI $25,956 @ 7.0% cap · market cap 8.80%
Second Best
Apartment 5plus
$345.7K
$302.5K – $403.3K
NOI $24,199 @ 7.0% cap · market cap 8.20%
Theoretical Best
Warehouse
$1.96M
$1.72M – $2.29M
NOI $137,301 @ 7.0% cap · market cap 46.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
345
Businesses Nearby
Explore this area
Business Placement
Demographics for 44122, OH
36,268
Population
17,795
Households
2
Avg Household Size
45
Median Age
62%
College-Educated
97%
High-School Grad
12.5 sq mi
ZIP Area
2,901
Density / Sq Mi
$97,469
Median Household Income
$58,334
Median Earnings
$1,509
Median Rent
$304,300
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 - Well-maintained two-unit residence with updated interiors, hardwood floors, sun porches, and flexible upper-level living space.
Where is this duplex located?
The property is located at 3559 Gridley Rd Shaker Heights, OH.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: 2,448 SF duplex with two residential units; Main‑level unit includes 2 bedrooms and a full bath; Upper unit spans the 2nd and 3rd levels with 3 bedrooms and 2 full baths
