Remodeled Triplex with
For Sale
$539,100
4911 Tillman Ave, Cleveland, OH 44102
Updated apartments offer central air, kitchen appliances, and in-unit washer and dryer hookups.
Property Size2,697 SF
Price / SF$199.89
Days on Market353
Property Features for 4911 Tillman Ave
General Information
Standard status
Active
Size
2,697 SF
Property subtype
Residential Income
Additional Details
Highway Access
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$12,994
Amenities
central air conditioning
kitchen appliances
in unit washer and dryer hookups
off street parking
Building Details
Buildings
1
Listing Agency:
EXP Realty, LLC.
(216) 316-1893
Listed By:
Sylvia Incorvaia · License #411497
(216) 316-1893
Source:
Exprealty
Added: Sep 12, 2025
Changed: Aug 29
Last Checked: Aug 29 at 4:34PM
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 EXP Realty, LLC.
Investment Insights
Based on property information with market context.
This 2,697-square-foot triplex has been remodeled across all three apartments, with updated finishes, central air conditioning, kitchen appliances, and in-unit washer and dryer hookups. One unit is leased, while the other two are described as move-in ready. Off-street parking adds a practical property feature for residents.
The property is located at 4911 Tillman Avenue in Cleveland, near the Detroit-Shoreway and Gordon Square areas. Restaurants, coffee shops, Edgewater Park, arts venues, and highway access are nearby, with connectivity toward downtown Cleveland and the western suburbs.
The property is located at 4911 Tillman Avenue in Cleveland, near the Detroit-Shoreway and Gordon Square areas. Restaurants, coffee shops, Edgewater Park, arts venues, and highway access are nearby, with connectivity toward downtown Cleveland and the western suburbs.
Key Highlights
- 2,697‑square‑foot remodeled triplex
- One unit leased; two additional units move‑in ready
- Central air conditioning in the apartments
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
$32,237
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
5.98%
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%
$644,740
$644.7K
Cap Rate 7%
$460,529
$460.5K
Cap Rate 9%
$358,189
$358.2K
Market Conditions
NOI Build-Up for 2,697 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
$48.2K $17.88/SF
− Vacancy
−$2.2K −$0.80/SF
EGI
$46.1K $17.08/SF
− OpEx
−$13.8K −$5.12/SF
NOI
$32.2K $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%
$644,740
Cap Rate 7%
$460,529
Cap Rate 9%
$358,189
Alternative Uses
Best Use
Multifamily LT 5
$460.5K
$403.0K – $537.3K
NOI $32,237 @ 7.0% cap · market cap 5.98%
Second Best
Apartment 5plus
$427.2K
$373.8K – $498.4K
NOI $29,904 @ 7.0% cap · market cap 5.55%
Theoretical Best
Office A
$658.2K
$575.9K – $767.9K
NOI $46,071 @ 7.0% cap · market cap 8.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
870
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?
Triplex - Updated apartments offer central air, kitchen appliances, and in-unit washer and dryer hookups.
Where is this triplex located?
The property is located at 4911 Tillman Ave Cleveland, OH.
What is the asking price?
The asking price for this property is $539,100.
What are key features of this property?
This property features: 2,697‑square‑foot remodeled triplex; One unit leased; two additional units move‑in ready; Central air conditioning in the apartments
