Mixed-Use Property with Retail
For Sale
$249,900
4350 E 71st Street, Cleveland, OH 44105
Includes two private-entry apartments, updated baths, and air conditioning on both floors.
Property Size2,344 SF
Days on Market314
Property Features for 4350 E 71st Street
General Information
Standard status
Active
Size
2,344 SF
Total Parking Spaces
3
Property subtype
Commercial
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$2,727
Amenities
updated half bath
updated full bath
updated eat-in kitchen
spacious living room
porch
balcony
partial basement
shed
air conditioning
forced air gas heat
updated electric
newer floors
replaced windows
Building Details
Building Size
2,344 SF
Year Built
1910
Buildings
1
Tenancy
Multi
Listing Agency:
RE/MAX Above & Beyond
(440) 781-8818
Listed By:
Patricia A Lehrer · License #242111
(440) 781-8818
Source:
Carolgoffrealestate
Added: Oct 22, 2025
Changed: Aug 29
Last Checked: Aug 30 at 5:43PM
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 RE/MAX Above & Beyond
Investment Insights
Based on property information with market context.
Located at 4350 E 71st St in Cleveland, this 2344 SF mixed-use property combines a retail storefront with two separately accessed apartments. The commercial area includes an updated half bath and a 13 foot ceiling. The first-floor residence offers one bedroom, a full bath, an eat-in kitchen, living room, porch, and access to a partially finished basement with an enclosed office or room. Upstairs, the two-bedroom apartment includes a full bath, eat-in kitchen, living room, additional room, and balcony; it is occupied by a long-term tenant.
The property was built in 1910 and has updated electric, newer floors, replacement windows, forced-air gas heat, and air conditioning on both floors. An exterior shed and parking area are located behind the building. The site is near the Cuyahoga Heights border, with access to I-77 and I-480 and proximity to Downtown Cleveland.
The property was built in 1910 and has updated electric, newer floors, replacement windows, forced-air gas heat, and air conditioning on both floors. An exterior shed and parking area are located behind the building. The site is near the Cuyahoga Heights border, with access to I-77 and I-480 and proximity to Downtown Cleveland.
Key Highlights
- 2344 SF mixed‑use property with retail space and two apartments
- Retail area features a 13 foot ceiling and updated half bath
- Two apartments have private entrances; second‑floor unit has a long‑term tenant
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
$22,520
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
9.01%
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%
$450,400
$450.4K
Cap Rate 7%
$321,714
$321.7K
Cap Rate 9%
$250,222
$250.2K
Market Conditions
NOI Build-Up for 2,344 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
$35.2K $15.00/SF
− Vacancy
−$3.0K −$1.28/SF
EGI
$32.2K $13.73/SF
− OpEx
−$9.7K −$4.12/SF
NOI
$22.5K $9.61/SF
Area
Cleveland, OH
Vacancy
8.50%
Lease Rate
$15.00 /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%
$450,400
Cap Rate 7%
$321,714
Cap Rate 9%
$250,222
Alternative Uses
Best Use
Multifamily LT 5
$400.2K
$350.2K – $467.0K
NOI $28,017 @ 7.0% cap · market cap 11.21%
Second Best
Apartment 5plus
$371.3K
$324.9K – $433.2K
NOI $25,990 @ 7.0% cap · market cap 10.40%
Theoretical Best
Office A
$572.0K
$500.5K – $667.4K
NOI $40,041 @ 7.0% cap · market cap 16.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
348
Businesses Nearby
Explore this area
Business Placement
Demographics for 44105, OH
34,100
Population
17,528
Households
1.9
Avg Household Size
38
Median Age
11%
College-Educated
83%
High-School Grad
8.9 sq mi
ZIP Area
3,831
Density / Sq Mi
$38,294
Median Household Income
$32,389
Median Earnings
$888
Median Rent
$56,400
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?
Mixed-use property - Includes two private-entry apartments, updated baths, and air conditioning on both floors.
Where is this mixed-use property located?
The property is located at 4350 E 71st Street Cleveland, OH.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: 2344 SF mixed‑use property with retail space and two apartments; Retail area features a 13 foot ceiling and updated half bath; Two apartments have private entrances; second‑floor unit has a long‑term tenant
