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    Income-Producing Multi-Family Investment Opportunity Title is generated by Realmo AI

    6415 Gertrude Avenue, Cleveland, OH 44105

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    For Sale
    $299,000

    MULTI_FAMILY - Cleveland, OH

    Property size:
    1,888 SF
    Lot size:
    0.12 Acres
    Price / SF:
    $158/SF
    Added:
    May 11, 2026
    Days on Market:
    6
    Last Refresh:
    May 16 at 6:06 pm

    Property Features for 6415 Gertrude Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    10
    Bathrooms
    4
    Rooms
    Bedroom 2, Bathroom 2, Bathroom 3, Bedroom 7, Bedroom 6, Bedroom 4, Bedroom 10, Bedroom 9, Bedroom 8, Laundry Room, Basement, Bedroom 3, Bedroom 1, Bathroom 4, Bedroom 5, Bathroom 1
    Parking features
    Driveway
    Standard status
    Active
    APN
    132-13-050
    Size
    1,888 SF
    Lot size
    0.12 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    314 HICKOX S/L 208WP 0207 EP
    Tax Annual Amount
    1733

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Water source
    Public

    Building Details

    Year built
    1910
    Floors in Building
    2
    Building materials
    AluminumSiding, VinylSiding
    Roof type
    Fiberglass, Asphalt

    We can help!

    Listing Contact
    Michael Azzam
    Michael Azzam

    Listing agent Michael Azzam License #2014004734

    Listing office RE/MAX Haven Realty 34050 Solon Road, Suite 100, Garfield Hts., OH

    Listing date May 11, 2026

    MLS# 5209068 Listing URL

    Copyright © 2026 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Income‑producing property: Duplex and single‑family home on one lot
    • Fully renovated with updated electrical, plumbing, furnaces, water heaters, and roofing components
    • Projected market rents of $1,200+ per duplex unit and $1,600+ for the single‑family home
    • Separate utilities for each unit
    • Updated interiors feature LVP flooring, vinyl windows, newer cabinetry, and refreshed bathrooms
    • Convenient location near parks, shopping, restaurants, schools, public transportation, and major roadways

    Overview

    This income-producing property features a duplex and a separate single-family home on a single lot. The front duplex contains two 3-bedroom, 1-bathroom units. These units feature updated LVP flooring, vinyl windows, newer cabinetry, laminate countertops, carpeted bedrooms, updated bathrooms, modern fixtures, and newer entry doors. The rear single-family home offers up to 4 bedrooms and 1.5 bathrooms with updated finishes, vinyl windows, and LVP kitchen flooring. The bathroom has been refreshed, and the home provides functional living space. Significant improvements include updated electrical panels and plumbing lines, separate furnaces and utilities, newer furnaces and water heaters, glass block windows, updated 100 AMP meter bases, aluminum siding, newer roofing components, and recently painted exterior surfaces. The property is located on Cleveland's southeast side, minutes from Washington Reservation, Warsaw Park, Morgana Park, shopping, restaurants, schools, public transportation, and major roadways, providing easy access to downtown Cleveland and surrounding areas. The property, with a lot size of 0.1194 acres, offers potential for investors or owner-occupants seeking cash flow. The property size is 1888 square feet. The duplex units have projected market rents of $1,200+ each, and the single-family home has projected market rents of $1,600+.

    Financial Insights

    Value Estimation Calculated for Multifamily LT 5

    Conservative
    $250.7K
    NOI $22,567 @ 9.00% cap · cautious / downside scenario
    Moderate
    $322.4K
    NOI $22,567 @ 7.00% cap · market / base-case scenario
    Aggressive
    $451.3K
    NOI $22,567 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Multifamily LT 5

    Component $ $/SF
    Gross rent $33.8k $17.88
    − Vacancy −$1.5k −$0.80
    EGI $32.2k $17.08
    − OpEx −$9.7k −$5.12
    NOI $22.6k $11.95
    1,888 SF · lease $17.88/SF/yr · vacancy 4.50% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Multifamily LT 5
    $322.4K
    $282.1K – $376.1K (±1% cap)
    NOI $22,567 @ 7.0% cap · market cap 7.55%
    Second Best
    Apartment 5plus
    $299.1K
    $261.7K – $348.9K (±1% cap)
    NOI $20,934 @ 7.0% cap · market cap 7.00%
    Theoretical Best
    Office A
    $460.7K
    $403.1K – $537.5K (±1% cap)
    NOI $32,251 @ 7.0% cap · market cap 10.79%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.645229
    Latitude
    41.454551

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    FAQs

    What type of property is this?
    Duplex - Duplex and single-family home on one lot in Cleveland.
    Where is this duplex located?
    The property is located at 6415 Gertrude Avenue Cleveland, OH.
    What is the asking price?
    The asking price for this property is $299,000.
    What are key features of this property?
    This property features: Income‑producing property: Duplex and single‑family home on one lot; Fully renovated with updated electrical, plumbing, furnaces, water heaters, and roofing components; Projected market rents of $1,200+ per duplex unit and $1,600+ for the single‑family home
    (216) 446-7606
    We can help!
    Listing Contact
    Michael Azzam
    Michael Azzam
    Real Estate License ID: 2014004734
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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