Updated 4-Unit
For Sale
$399,900
8005 Lake Avenue, Cleveland, OH 44102
Brick multifamily property with refreshed interiors, individual climate control, and separate basement laundry for each residence.
Property Size3,030 SF
Days on Market76
Property Features for 8005 Lake Avenue
General Information
Standard status
Active
Size
3,030 SF
Property subtype
Residential Income
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$5,569
Amenities
refinished hardwood floors
high ceilings
updated bathrooms
stainless steel appliances
separate climate control
separate washer/dryer
upstairs private deck
downstairs covered deck
basement storage
Building Details
Building Size
3,030 SF
Year Built
1915
Buildings
1
Construction
brick
Listing Agency:
Cleveland Realty Services
(440) 720-4130
Listed By:
Brian Shapiro
(440) 720-4130
Source:
Carolgoffrealestate
Added: Jun 16
Changed: Aug 29
Last Checked: Aug 29 at 10:32AM
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 Cleveland Realty Services
Investment Insights
Based on property information with market context.
Built in 1915, this brick quadplex contains four one-bedroom, one-bathroom residences with refinished hardwood flooring, high ceilings, updated bathrooms, and stainless steel appliances. Each unit has separate climate control and its own washer and dryer in the basement. The property also includes private upper and covered lower decks, along with substantial basement storage. New windows were installed in 2023, and the building received a new EPDM roof in 2024.
The property is located at 8005 Lake Avenue in Cleveland, Ohio, one block from 78th Street Studios and near Edgewater Beach, Gordon Square, Ohio City, Tremont, and downtown Cleveland. Three adjacent Land Bank lots are included in the surrounding context and may support expansion, parking, or new construction, subject to buyer verification.
The property is located at 8005 Lake Avenue in Cleveland, Ohio, one block from 78th Street Studios and near Edgewater Beach, Gordon Square, Ohio City, Tremont, and downtown Cleveland. Three adjacent Land Bank lots are included in the surrounding context and may support expansion, parking, or new construction, subject to buyer verification.
Key Highlights
- Four 1‑bedroom, 1‑bathroom units
- New windows installed in 2023
- New EPDM roof completed in 2024
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
$36,217
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
9.06%
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%
$724,340
$724.3K
Cap Rate 7%
$517,386
$517.4K
Cap Rate 9%
$402,411
$402.4K
Market Conditions
NOI Build-Up for 3,030 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
$54.2K $17.88/SF
− Vacancy
−$2.4K −$0.80/SF
EGI
$51.7K $17.08/SF
− OpEx
−$15.5K −$5.12/SF
NOI
$36.2K $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%
$724,340
Cap Rate 7%
$517,386
Cap Rate 9%
$402,411
Alternative Uses
Best Use
Multifamily LT 5
$517.4K
$452.7K – $603.6K
NOI $36,217 @ 7.0% cap · market cap 9.06%
Second Best
Apartment 5plus
$480.0K
$420.0K – $560.0K
NOI $33,597 @ 7.0% cap · market cap 8.40%
Theoretical Best
Office A
$739.4K
$647.0K – $862.7K
NOI $51,759 @ 7.0% cap · market cap 12.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
750
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?
Quadplex - Brick multifamily property with refreshed interiors, individual climate control, and separate basement laundry for each residence.
Where is this quadplex located?
The property is located at 8005 Lake Avenue Cleveland, OH.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Four 1‑bedroom, 1‑bathroom units; New windows installed in 2023; New EPDM roof completed in 2024
