6,882 Sqft Lot
6,882 Sqft Lot
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID 5219798
HOA Y/N No
Year Built 1925
Annual Tax Amount $17,664
Tax Year 2025
Lot Size 6,882 Sqft
Acres 0.158
Property Sub-Type Apartment
Property Description
neighborhood of Cleveland, Ohio. Built in 1925 and spanning 10,450 SF across three stories, the property is offered
for sale at $675,000 ($61,364/unit).
The building features a unit mix of 3 two-bedroom/one-bath and 8 one-bedroom/one-bath apartments, currently 73%
occupied (8 of 11 units). Three recently renovated vacancies are move-in ready with no additional capital required.
One unit is leased to a Section 8 (CMHA) tenant at $1,034/month — above market rate — with utilities included in the
CMHA payment.
The seller has completed a comprehensive capital improvement program estimated at $140,000–$250,000+,
covering a full roof replacement, complete plumbing stack overhaul, all-new water heaters building-wide, partial
furnace replacement (6 of 11 units), and common area restoration. The property carries current Lead Certification.
On-site coin laundry via CSC ServiceWorks. At stabilization, the asset projects NOI of $68,005 (low blended) to
$105,987 (peak/CMHA), implying cap rates of 10.07% to 15.70% at asking price.
Location
State OH
County Cuyahoga
Rooms
Basement Unfinished
Interior
Heating Forced Air, Gas
Cooling None
Fireplace No
Exterior
Parking Features None, On Street
Water Access Desc Public
Roof Type Asphalt,Fiberglass
Building
Story 3
Sewer Public Sewer
Water Public
Schools
School District Cleveland Municipal - 1809
Others
Tax ID 018-13-118
Special Listing Condition Standard
NEARBY SCHOOLS & PROPERTIES
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1991 Crocker Rd. Suite 600, Westlake, OH, 44145, United States