Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1862 81St St Cleveland, OH 44103
    Back to Search
    Property profile & analytics

    1862 81St St Cleveland, OH 44103

    View on Map
    • Commercial real estate
    • 0.16 lot acres
    Off-Market
    Property ID
    US66-5465720
    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

    • Commercial real estate

    Property Details for 1862 81St St

    Lot size
    0.16 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional investment opportunity presents a ten-unit apartment building situated at 1862 E 81st Street in Cleveland, Ohio, 44103. The property boasts a 0.16-acre lot and is conveniently located just north of Chester Avenue, offering easy access to downtown Cleveland and the renowned Cleveland Clinic. Currently, nine out of ten units are occupied, resulting in a robust 90% occupancy rate and a stable income stream. This makes it an attractive proposition for investors seeking a proven, cash-flowing asset. The building is classified as Special Purpose, Land and is categorized as Commercial, Other. The asking price for this multifamily property is $640,000. Its prime location near major medical facilities and the city center ensures consistent demand for rental units. This is a rare chance to acquire a well-maintained, high-occupancy apartment building in a thriving Cleveland neighborhood. The property's strong performance and strategic location make it an ideal addition to any investment portfolio. Serious inquiries are encouraged to explore this lucrative opportunity further.

    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
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.6323204
    Latitude
    41.5075343

    Comparable in this City

    • $69,999
      2,340 SF

      Multi-Purpose Building with Apartments

      Versatile building with apartments and potential for various uses.
      920-924 E 79Th St, Cleveland, OH 44103
      View Details
    • $34,000
      0.09 Acres

      Cleveland Vacant Lot For Sale

      Vacant lot with duplex zoning in Cleveland, utilities available.
      1373 E 84Th St, Cleveland, OH 44103
      View Details
    • New
      $55,000
      0.19 Acres

      Cleveland Land Opportunity Near League

      Three side-by-side lots in evolving Hough neighborhood.
      1633 E 70Th St, Cleveland, OH 44103
      View Details
    • $1,600,000
      Pending

      Euclid Avenue Land Opportunity

      1.6 AC land for sale near Cleveland's 'Eds & Meds' district.
      2050 East 81St St, Cleveland, OH 44103
      View Details
    • Contact for pricing

      Land in Rapidly Changing Area

      Land available in a rapidly changing area of Cleveland.
      73rd St And Chester Ave, Cleveland, OH 44103
      View Details

    Similar Nearby for Sale

    • $69,999
      2,340 SF

      Multi-Purpose Building with Apartments

      Versatile building with apartments and potential for various uses.
      920-924 E 79Th St, Cleveland, OH 44103
      View Details
    • New
      $55,000
      0.19 Acres

      Cleveland Land Opportunity Near League

      Three side-by-side lots in evolving Hough neighborhood.
      1633 E 70Th St, Cleveland, OH 44103
      View Details
    • $1,600,000
      Pending

      Euclid Avenue Land Opportunity

      1.6 AC land for sale near Cleveland's 'Eds & Meds' district.
      2050 East 81St St, Cleveland, OH 44103
      View Details
    • Contact for pricing

      Prime Corner Lot Near Clinic

      Corner lot near Cleveland Clinic, development potential.
      8009 Carnegie Ave, Cleveland, OH 44103
      View Details
    • $125,000
      0.86 Acres

      Cleveland Commercial Land Opportunity

      Ten parcels of land available between E. 49th and E. 47th.
      1644 E 49Th St, Cleveland, OH 44103
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Building with Parking

      7,000 sq ft building with parking available for rent.
      2286 E 55Th St, Cleveland, OH 44103
      View Details
    • Contact for pricing

      Development Opportunity in Midtown Cleveland

      Land for development in Cleveland's Midtown Mixed-Use District.
      1963 E 69Th St, Cleveland, OH 44103
      View Details
    • Contact for pricing

      Cleveland Tech Center Flex Space

      Flex business incubators for lease with planned renovations.
      799 E 73Rd St, 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
    • Contact for pricing
      6,882 SF

      Industrial Building with Crane Access

      6,882 SF industrial building featuring crane and drive-in access.
      5200 Perkins Ave, Cleveland, OH 44103
      View Details
    • Contact for pricing

      Cleveland Clinic Flex Space

      Retail/warehouse flex space near Cleveland Clinic's main campus.
      8117 Carnegie Ave, Cleveland, OH 44103
      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.
    1862 81St St
    Cleveland, OH 44103
    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
    1862 81St St, Cleveland, OH, 44103
    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!