Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    12711 Pkwy Dr Garfield Heights, OH 44105
    Back to Search
    Property profile & analytics

    12711 Pkwy Dr, Garfield Heights, OH 44105

    View on Map
    • Residential income homes
    Off-Market
    Property ID
    US66-5463413
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Residential income homes

    Property Details for 12711 Pkwy Dr

    Property type
    Residential income homes

    Description

    This exceptional investment opportunity presents a stabilized, 12-unit multifamily portfolio located in Garfield Heights, Ohio, encompassing nine properties: three duplexes and six single-family homes. The portfolio boasts a current NOI of $99,169, translating to a 10.45% cap rate. Pro forma NOI is projected at $112,404, resulting in an 11.84% pro forma cap rate. All twelve units are currently occupied, generating a gross monthly income of $13,238. The properties are classified as Class B and offer significant value-add potential. Many units have undergone recent updates, including four or five with complete interior renovations. A substantial number of tenants hold Section 8 vouchers, ensuring stable and consistent rental income. Several units are currently below market rent, presenting an opportunity to increase profitability through lease adjustments. This turnkey portfolio is an ideal acquisition for investors seeking a high-return, low-maintenance investment with immediate cash flow. The asking price for this exceptional opportunity is $949,000. The property is situated at 12711 N Parkway Dr, Garfield Heights, OH 44105, in Cuyahoga County.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Garfield Heights
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.5937254
    Latitude
    41.4413635

    Comparable in this City

    • $49,000
      2,762 SF

      Slavic Village Duplex Opportunity

      Duplex in historic Slavic Village, ideal for investors.
      3858 E 72Nd St, Cleveland, OH 44105
      View Details
    • $249,900
      0.11 Acres

      Mixed-Use Property with Retail Space

      Turn-key mixed-use property featuring retail space and two apartments.
      4350 E 71St St, Cleveland, OH 44105
      View Details
    • $100,000
      Pending

      Cleveland Two-Family Investment Opportunity

      Two-unit property in Cleveland, ideal for investors or owner-occupants.
      8105 Force Ave, Cleveland, OH 44105
      View Details
    • $180,000
      Pending

      Turnkey Cleveland Multifamily Investment

      Rehabbed duplex with immediate cash flow and upside potential.
      6723 Clement Ave, Cleveland, OH 44105
      View Details
    • $149,900
      Pending

      Renovated Duplex in Cleveland, OH

      Updated 2-family home with modern finishes and strong rental potential.
      10710 Reno Ave, Cleveland, OH 44105
      View Details
    • $399,900
      0.22 Acres

      Renovated Four-Unit Townhome Investment

      Turnkey, fully renovated 4-unit property generating immediate cash flow.
      7112 Ottawa Rd, Cleveland, OH 44105
      View Details

    Similar Nearby for Sale

    • $205,000
      Pending

      Fully Occupied Duplex with Garages

      Duplex with garages, generating $3,850 monthly income.
      7511 Jeffries Ave, Garfield Heights, OH 44105
      View Details
    • $160,000
      2,196 SF

      Renovated Duplex Near University Circle

      Turnkey duplex near Cleveland Clinic and Case Western Reserve University.
      9714 Orleans Ave, Cleveland, OH 44105
      View Details
    • $174,900
      2,489 SF

      Cleveland Triplex with Five Bedrooms

      Three-unit property with five bedrooms, ready for tenants.
      3692 E 117Th St, Cleveland, OH 44105
      View Details
    • $130,000
      0.10 Acres

      Turnkey Duplex in Cleveland, OH

      Income-producing duplex with solid rental history and recent updates.
      11817 Dove Ave, Cleveland, OH 44105
      View Details
    • New
      $155,000
      3,100 SF

      Updated Duplex: Investor or Owner

      Spacious duplex with recent updates, ideal for investors or owners.
      12008 Craven Ave, Cleveland, OH 44105
      View Details
    • $149,900
      Pending

      Renovated Duplex in Cleveland, OH

      Updated 2-family home with modern finishes and strong rental potential.
      10710 Reno Ave, Cleveland, OH 44105
      View Details

    Similar Nearby for Lease

    • $5 SF/Yr
      26,687 SF

      Cleveland Industrial/Office Space For Lease

      Versatile spaces, 9,073-17,614 sq ft.
      4558 71St St, Cleveland, OH 44105
      View Details
    • Contact for pricing
      8,000 SF

      Manufacturing Space in Cleveland Available

      98,150 SF manufacturing space for lease in Cleveland.
      3650 E 93Rd St, Cleveland, OH 44105
      View Details
    • Contact for pricing
      38,033 SF

      Renovated Industrial Space on 13 Acres

      Up to 229,041 SF available, docks & drive-ins to suit.
      8001 Krueger Ave, Cleveland, OH 44105
      View Details
    • Contact for pricing
      15,000 SF

      Warehouse with Office and Dock

      15,000 sqft warehouse featuring office space and common dock.
      5906 Park Ave, Cleveland, OH 44105
      View Details
    • $5 SF/Yr
      13,186 SF

      Office/Warehouse Space Available For Lease

      Office and warehouse spaces available for lease.
      4564 East 71St St, Cleveland, OH 44105
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    12711 Pkwy Dr
    Garfield Heights, OH 44105
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    12711 Pkwy Dr, Garfield Heights, OH, 44105
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!