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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1373 53rd St Cleveland, OH 44103-1324

    • Apartment buildings
    • 1,940 SF
    • 0.11 lot acres
    OFF-MARKET
    Last Sale
    Nov 05, 2024
    $81,075
    Value Estimations
    $90,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1635977
    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.

    Current Use by Public Records

    • Apartment buildings

    Property Details for 1373 53rd St

    Year built
    1880
    Construction
    FRAME
    Lot size
    0.11 lot acres
    Property size
    1,940 SF
    Zone code
    SI
    Property type
    Apartment buildings
    APN
    104-11-044
    APU
    10411044

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $80,000
      ML approach
      $80,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $109,000
      Market price range: $47.8k - $121k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $90,000
      Current use
      RETAIL STORES
      $125,000
      Change: +39% Conversion: Difficult
      WAREHOUSE, STORAGE
      $75,000
      Change: -19% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.6548
    Latitude
    41.52
    CBSA code
    17460
    CBSA name
    CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $1,535
    $5,570
    $9,800
    $15,370
    -
    $15,900
    $28,000
    $43,900

    Comparable in this City

    • Value Estimation
      $215,000
      0.10 Acres

      1046 79th St

      APARTMENT HOUSE (5+ UNITS) • 0.10 Acres
      1046 79th St, Cleveland, OH 44103-2116
      View Details
    • Value Estimation
      $80,000
      1,816 SF

      1200 Norwood Rd

      APARTMENT HOUSE (5+ UNITS) • 1,816 SF
      1200 Norwood Rd, Cleveland, OH 44103-1553
      View Details
    • Value Estimation by Request
      2,115 SF

      2165 73rd St

      APARTMENT HOUSE (5+ UNITS) • 2,115 SF
      2165 73rd St, Cleveland, OH 44103-4825
      View Details
    • Value Estimation
      $240,000
      1,640 SF

      1601 43rd St

      APARTMENT HOUSE (5+ UNITS) • 1,640 SF
      1601 43rd St, Cleveland, OH 44103-2311
      View Details
    • Value Estimation
      $215,000
      3,782 SF

      1894 66th St

      APARTMENT HOUSE (5+ UNITS) • 3,782 SF
      1894 66th St, Cleveland, OH 44103-3954
      View Details
    • Value Estimation
      $250,000
      1,342 SF

      6517 Schaefer Ave

      APARTMENT HOUSE (5+ UNITS) • 1,342 SF
      6517 Schaefer Ave, Cleveland, OH 44103-1953
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      4,314 SF

      Cleveland Mixed-Use Investment

      Turnkey Restaurant & Apartments
      5379 St Clair Ave, Cleveland, OH 44103
      View Details
    • $890,000

      Mixed-Use Property with Restaurant

      Mixed-use property featuring a restaurant, shoe repair shop, and apartments.
      5384 Saint Clair Ave, Cleveland, OH 44103
      View Details
    • $70,000
      2,396 SF

      Duplex Investment Opportunity in Cleveland

      Two-unit duplex in Cleveland, one unit rented at $550/month.
      1377 E 66Th St, Cleveland, OH 44103
      View Details
    • $140,000
      1,920 SF

      Duplex with Expansion Potential

      Fully occupied duplex in Cleveland with expansion potential.
      6004 Superior Ave, Cleveland, OH 44103
      View Details
    • New
      $165,000
      Pending

      Cleveland Multifamily Investment Opportunity

      Four-unit multifamily property in Cleveland, generating income with potential upside.
      1355 Addison Rd, Cleveland, OH 44103
      View Details
    • New
      $149,900
      1,820 SF

      Cleveland Duplex: Income-Producing Investment

      Tenant-occupied Cleveland duplex, ideal for investors seeking immediate cash flow.
      6603 Schaefer Ave, Cleveland, OH 44103
      View Details

    Similar Nearby for Lease

    • $20 SF/Yr

      Customizable Office Space with Views

      Adaptable office space featuring downtown views and convenient parking.
      1975 E 61St St, Cleveland, OH 44103
      View Details
    • Contact for pricing
      2,000 SF

      Freestanding Building with Individual Kitchens

      17,600 sq ft building with thirty individual kitchens.
      1990 E 40Th St, Cleveland, OH 44103
      View Details
    • $14 SF/Yr
      37,037 SF

      Warehouse, Lab, Manufacturing, Flex Space

      Warehouse, lab, manufacturing, and flex space available for lease.
      6512 Carnegie Ave, Cleveland, OH 44103
      View Details
    • $4 SF/Yr
      445,682 SF

      Cleveland Tech Center - Heavy Industral/Flex/Warehouse

      Distribution properties • 445,682 SF
      799 73Rd St, Cleveland, OH 44103
      View Details
    • $4,000 /Mo
      6,000 SF

      Renovated Warehouse Near Cleveland Clinic

      Renovated warehouse space with upgraded features, near Cleveland Clinic.
      7120 Carnegie Ave, Cleveland, OH 44103
      View Details
    • Contact for pricing
      7,600 SF

      Euclid Avenue Retail Space Available

      Retail space available in a 109,547 SF shopping center.
      8037 Euclid Ave, Cleveland, OH 44103
      View Details
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    1373 53rd St
    Cleveland, OH 44103-1324
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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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