Updated 4-Unit
4915 Tillman Ave, Cleveland, OH 44102
For Sale
$524,800
Apartments feature central air, and residents have access to on-site parking.
Property Size2,500 SF
Price / SF$209.92
Days on Market39
Property Features for 4915 Tillman Ave
General Information
Standard status
Size
Property subtype
Occupancy
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Amenities
central air
onsite parking
Building Details
Year Built
Buildings
Listing Agency:
Keller Williams Elevate
Listed By:
Antonio Biasiotta · License #2015003682
(440) 223-0575
Source:
Greaterclevelandhomesforsale
Added: Oct 2
Changed: Nov 8
Last Checked: Nov 8 at 6:44AM
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 Elevate
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Investment Insights
Based on property information with market context.
This 2,500-square-foot quadplex, built in 1920, contains four apartments: one 3-bedroom, 1-bath unit, two 2-bedroom, 1-bath units, and one 1-bedroom, 1-bath unit. Improvements include new flooring, paint, appliances, kitchens, bathrooms, roof, electrical panels, and light fixtures. Central air is installed in every apartment, and parking is available on site.
The property is at 4915 Tillman Ave in Cleveland, Ohio. Downtown Cleveland, Edgewater Beach, Gordon Square Arts District, Cleveland EcoVillage, Lorain Avenue Antiques District, Battery Park, Ohio City, Tremont, and Lakewood are cited as nearby destinations. Lake Erie is described as within walking distance.
The property is at 4915 Tillman Ave in Cleveland, Ohio. Downtown Cleveland, Edgewater Beach, Gordon Square Arts District, Cleveland EcoVillage, Lorain Avenue Antiques District, Battery Park, Ohio City, Tremont, and Lakewood are cited as nearby destinations. Lake Erie is described as within walking distance.
Key Highlights
- Four units: one 3/1, two 2/1, and one 1/1
- 2,500 square feet; built in 1920
- Central air in all apartments
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,882
Cap Rate
5.69%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$597,640
$597.6K
Cap Rate 7%
$426,886
$426.9K
Cap Rate 9%
$332,022
$332.0K
Market Conditions
NOI Build-Up for 2,500 SF
Gross rent
$44.7K $17.88/SF
− Vacancy
−$2.0K −$0.80/SF
EGI
$42.7K $17.08/SF
− OpEx
−$12.8K −$5.12/SF
NOI
$29.9K $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%
$597,640
Cap Rate 7%
$426,886
Cap Rate 9%
$332,022
Alternative Uses
Best Use
Multifamily LT 5
$426.9K
$373.5K – $498.0K
NOI $29,882 @ 7.0% cap · market cap 5.69%
Second Best
Apartment 5plus
$396.0K
$346.5K – $462.0K
NOI $27,720 @ 7.0% cap · market cap 5.28%
Theoretical Best
Office A
$610.1K
$533.8K – $711.8K
NOI $42,706 @ 7.0% cap · market cap 8.14%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
4
Residential units
100%
Occupancy
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
$99,300
Median Home Value
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Market
Average Price Trend$/SF for Quadplexes in Cleveland, OH
Properties on Market for Quadplexes in Cleveland
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - Apartments feature central air, and residents have access to on-site parking.
Where is this quadplex located?
The property is located at 4915 Tillman Ave Cleveland, OH.
What is the asking price?
The asking price for this property is $524,800.
What are key features of this property?
This property features: Four units: one 3/1, two 2/1, and one 1/1; 2,500 square feet; built in 1920; Central air in all apartments
