Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    646 123rd St Cleveland, OH 44108-2330

    • Residential income homes
    • 3,088 SF
    • 0.14 lot acres
    OFF-MARKET
    Last Sale
    May 23, 2022
    $85,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1532569
    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

    • Residential income homes

    Property Details for 646 123rd St

    Year built
    1918
    Construction
    WOOD
    Lot size
    0.14 lot acres
    Property size
    3,088 SF
    Zone code
    MF-1
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    110-04-074
    APU
    11004074

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.6001
    Latitude
    41.5396
    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
    $2,598
    $2,490
    $23,520
    $26,010
    -
    $7,100
    $67,200
    $74,300

    Comparable in this City

    • Value Estimation by Request
      3,912 SF

      10623 Everton Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,912 SF
      10623 Everton Ave, Cleveland, OH 44108-2772
      View Details
    • Value Estimation by Request
      4,036 SF

      514 114th St

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,036 SF
      514 114th St, Cleveland, OH 44108-1474
      View Details
    • Value Estimation by Request
      3,820 SF

      643 101st St

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,820 SF
      643 101st St, Cleveland, OH 44108-1384
      View Details
    • Value Estimation by Request
      4,120 SF

      11222 Parklawn Dr

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,120 SF
      11222 Parklawn Dr, Cleveland, OH 44108-2681
      View Details
    • Value Estimation by Request
      3,374 SF

      9605 Garfield Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,374 SF
      9605 Garfield Ave, Cleveland, OH 44108-2115
      View Details
    • Value Estimation by Request
      4,936 SF

      954 Parkwood Dr

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,936 SF
      954 Parkwood Dr, Cleveland, OH 44108-3072
      View Details

    Similar Nearby for Sale

    • $120,000
      2,672 SF

      Cleveland Multifamily Home For Sale

      2,280 Sq Ft multi-family home with updates throughout.
      627 E 126Th St, Cleveland, OH 44108
      View Details
    • $359,900
      16,824 SF

      Parkwood Apartments: 13 Units

      Distressed Multifamily Investment Opportunity
      884 Parkwood Dr, Cleveland, OH 44108
      View Details
    • $89,999
      Pending

      Cleveland Multifamily Rehab Opportunity

      Multifamily property with potential for Section 8 rental income.
      600 E 103Rd St, Cleveland, OH 44108
      View Details
    • $105,000
      3,264 SF

      Well-Maintained Duplex: Investment Opportunity

      Spacious two-unit duplex with potential for a third bedroom.
      12329 Fairport Ave, Cleveland, OH 44108
      View Details
    • New
      $199,900
      3,676 SF

      Cash-Flowing Duplex in Cleveland

      Turn-key duplex with income, upside, and development potential.
      676-678 E 91St St, Cleveland, OH 44108
      View Details
    • New
      $179,900
      2,965 SF

      Updated Duplex in Cleveland, OH

      Recently updated Cleveland duplex with strong income potential and low maintenance.
      11412 Tuscora Ave, Cleveland, OH 44108
      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.
    646 123rd St
    Cleveland, OH 44108-2330
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.