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

    2905 Franklin Blvd Cleveland, OH 44113-2937

    • Residential income homes
    • 7,810 SF
    • 1.05 lot acres
    OFF-MARKET
    Value Estimations
    $1,235,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-5291998
    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

    • Rhodes Mansion Apartments / Apartment Building

    Property Details for 2905 Franklin Blvd

    Year built
    1874
    Lot size
    1.05 lot acres
    Property size
    7,810 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    003-32-131
    APU
    332131

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,555,000
      6.5%
      $1,435,000
      7%
      $1,335,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,239,000
      Market price range: $455k - $1.24M
      AI Estimate
      $1,025,000
      Market price range: $592k - $1.03M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $965,000
      Current use
      RESTAURANT
      $1,315,000
      Change: +36% Conversion: Difficult
      OFFICE BUILDING
      $1,265,000
      Change: +31% Conversion: Moderate
      MEDICAL BUILDING
      $850,000
      Change: -12% Conversion: Moderate
      NEIGHBORHOOD: SHOPPING CENTER
      $790,000
      Change: -18% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.7104
    Latitude
    41.4866
    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
    $34,889
    $192,190
    $157,150
    $349,340
    -
    $549,100
    $2,476,700
    $3,025,800

    Comparable in this City

    • Value Estimation by Request
      2,168 SF

      1800 30th St

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,168 SF
      1800 30th St, Cleveland, OH 44113-3052
      View Details
    • Value Estimation by Request
      3,693 SF

      2196 44th St

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,693 SF
      2196 44th St, Cleveland, OH 44113-4835
      View Details
    • Value Estimation by Request
      3,772 SF

      2215 14th St

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,772 SF
      2215 14th St, Cleveland, OH 44113-3652
      View Details
    • Value Estimation by Request
      2,784 SF

      2085 11th St

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,784 SF
      2085 11th St, Cleveland, OH 44113-3653
      View Details
    • Value Estimation by Request
      2,688 SF

      2287 7th St

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,688 SF
      2287 7th St, Cleveland, OH 44113-4545
      View Details
    • Value Estimation by Request
      2,760 SF

      2279 Thurman Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,760 SF
      2279 Thurman Ave, Cleveland, OH 44113-4448
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      7,266 SF

      Historic Flats Apartment Building

      Cleveland gem: renovated, prime location.
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      Tremont Mixed-Use Investment Opportunity

      Mixed-use building in Tremont with apartment and salon.
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      9,000 SF

      Tremont Mixed-Use Property for Sale

      Mixed-use property in Tremont with retail and apartment units.
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    • $1,235,000
      22,500 SF

      Viaduct Landings: Prime Redevelopment Site

      Cleveland Flats West Bank: Mixed-Use Potential
      2206 Superior Via, Cleveland, OH 44113
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    • $300,000
      0.06 Acres

      Updated Duplex in Ohio City

      4 bed, 2 bath duplex near West 25th St & Lorain Ave.
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      Tremont Duplex with Income Potential

      Duplex in Tremont neighborhood, close to amenities and downtown.
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    Similar Nearby for Lease

    • Contact for pricing
      53,200 SF

      Freestanding Mixed-Use Building For Rent

      Six-story building with retail and luxury rental apartments.
      1239 W 6Th St, Cleveland, OH 44113
      View Details
    • $1,500 /Mo
      793 SF

      Updated Two-Bedroom Unit in Ohio City

      Updated 2-bedroom unit in Ohio City near restaurants and boutiques.
      4205 Woodbine Ave, Cleveland, OH 44113
      View Details
    • $25 SF/Yr
      10,000 SF

      Prime Cleveland Retail Opportunity

      10,000 SF Retail Space - West Side Market Area
      2061 Gehring Ave, Cleveland, OH 44113
      View Details
    • $19 SF/Yr
      111,931 SF

      Cleveland Executive Office Space

      Prestigious Downtown Cleveland Office Building
      100 Public Sq, Cleveland, OH 44113
      View Details
    • $13 SF/Yr
      1,950 SF

      Downtown Cleveland Office Space

      Historic 5-Story Office/Retail Building
      1265 9Th St, Cleveland, OH 44113
      View Details
    • $19 SF/Yr
      5,190 SF

      Office Space Available For Rent

      Office space for rent with 5190 square feet.
      2425 West 11Th St, Cleveland, OH 44113
      View Details
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    2905 Franklin Blvd
    Cleveland, OH 44113-2937
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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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