Property Description

Unique Cleveland eastside multifamily portfolio opportunity featuring five buildings plus an additional parcel of land, totaling 18 units with a diverse unit mix of studios, 1-bedroom, 2-bedroom, 3-bedroom, and one 5-bedroom unit. The portfolio is currently fully vacant and offers significant value-add potential through renovation, lease-up, and stabilization. Proforma projections show annual gross rental revenue of $211,800 and proforma NOI of $147,898, with area rent comps supporting strong upside across the unit mix. Projected market rents include up to $1,100 for 2-bedroom units, $1,350$1,400 for 3-bedroom units, and $1,750 for the 5-bedroom unit. Properties require varying levels of renovation, with most major capital improvements factored into the proforma. Comparable neighborhood sales support an estimated ARV around $1.2M, creating a strong margin for repositioning. Ideal for investors looking to renovate and refinance, reposition and hold, or sell as a stabilized package. Buildings are located within close proximity to each other, helping streamline management, and are near parks, schools, restaurants, and major Cleveland employment centers. Properties may be purchased individually or as a package. Contact Erin Thomas at KW Commercial for full financials, rent comps, and tour details. Buyer to verify all information.

Property Features

Local Schools