Triplex with Updated
For Sale
$289,000
6415 Gertrude Avenue, Cleveland, OH 44105
ResidentialIncome, Cleveland, OH
Property Size1,888 SF
Lot Size0.12 Acres
Price / SF$153.07
Days on Market112
Property Features for 6415 Gertrude Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
10
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bedroom 9, Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 6, Bedroom 7, Bedroom 3, Bedroom 4, Basement, Bathroom 4, Bathroom 3, Bedroom 5, Bedroom 8, Laundry Room, Bedroom 10
Parking features
Driveway
Subdivision
Stone Hickox Hosmer Bates & Smith
Elementary school district
Cleveland Municipal - 1809
Middle school district
Cleveland Municipal - 1809
High school district
Cleveland Municipal - 1809
Directions
Off E 65th Street, between Fullerton Avenue and Hosmer Avenue
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
Legal Description
314 HICKOX S/L 208WP 0207 EP
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
Asphalt, Fiberglass
Listing Agency:
RE/MAX Haven Realty · RE/MAX International
(440) 519-3100
Listed By:
Michael Azzam · License #2014004734
(216) 446-7606
Added: May 11
Changed: Aug 26
Last Checked: Aug 30 at 7:06PM
MLS# 5209068
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.
Investment Insights
Based on property information with market context.
This 1910 residential income property combines a front duplex with two three-bedroom, one-bath units and a separate rear single-family residence offering up to four bedrooms and one-and-a-half bathrooms. The 1,888-square-foot property sits on 0.1194 acres and includes updated flooring, vinyl windows, cabinetry, countertops, bathroom finishes, fixtures, and entry doors across the buildings. Additional improvements include electrical panels, plumbing lines, furnaces, water heaters, meter bases, roofing components, and exterior paint. Separate furnaces and utilities support the individual residential spaces.
Located at 6415 Gertrude Avenue in Cleveland, the property has public water and public sewer service, forced-air heating, aluminum and vinyl siding, fiberglass and asphalt roofing, and driveway parking. Its southeast-side location places the property near Washington Reservation, Warsaw Park, Morgana Park, shopping, restaurants, schools, public transportation, and major roadways serving downtown Cleveland and surrounding areas.
Located at 6415 Gertrude Avenue in Cleveland, the property has public water and public sewer service, forced-air heating, aluminum and vinyl siding, fiberglass and asphalt roofing, and driveway parking. Its southeast-side location places the property near Washington Reservation, Warsaw Park, Morgana Park, shopping, restaurants, schools, public transportation, and major roadways serving downtown Cleveland and surrounding areas.
Key Highlights
- Front duplex includes two 3‑bedroom, 1‑bath units
- Rear single‑family home offers up to 4 bedrooms and 1.5 bathrooms
- 1,888 square feet on a 0.1194‑acre parcel
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
$22,567
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
7.81%
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%
$451,340
$451.3K
Cap Rate 7%
$322,386
$322.4K
Cap Rate 9%
$250,744
$250.7K
Market Conditions
NOI Build-Up for 1,888 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
$33.8K $17.88/SF
− Vacancy
−$1.5K −$0.80/SF
EGI
$32.2K $17.08/SF
− OpEx
−$9.7K −$5.12/SF
NOI
$22.6K $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%
$451,340
Cap Rate 7%
$322,386
Cap Rate 9%
$250,744
Alternative Uses
Best Use
Multifamily LT 5
$322.4K
$282.1K – $376.1K
NOI $22,567 @ 7.0% cap · market cap 7.81%
Second Best
Apartment 5plus
$299.1K
$261.7K – $348.9K
NOI $20,934 @ 7.0% cap · market cap 7.24%
Theoretical Best
Office A
$460.7K
$403.1K – $537.5K
NOI $32,251 @ 7.0% cap · market cap 11.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
673
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?
Triplex - Three residential units include refreshed finishes, separate utilities, and a detached rear home on one Cleveland parcel.
Where is this triplex located?
The property is located at 6415 Gertrude Avenue Cleveland, OH.
What is the asking price?
The asking price for this property is $289,000.
What are key features of this property?
This property features: Front duplex includes two 3‑bedroom, 1‑bath units; Rear single‑family home offers up to 4 bedrooms and 1.5 bathrooms; 1,888 square feet on a 0.1194‑acre parcel
