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Rarely does a property this well-positioned and well-built come to market in Cleveland Heights. This all-brick eight-unit building sits directly in the heart of Coventry Village, one of Greater Cleveland's most culturally vibrant neighborhood corridors. At $725,000 (just $90,625 per door), you are acquiring a hardened asset in a submarket where tenants plant roots and stay for years. Two units are vacant and actively being marketed, and once those lease up, you're looking at a stabilized effective gross income of $117,000 annually, already accounting for 5% vacancy. The real upside is clearly defined. Six of the eight units are oversized three-bedroom, one-bath apartments with a bonus room functioning as a fourth bedroom, an extremely rare floor plan that has been chronically underrented for years. Beautiful hardwood floors run throughout, the building features a newer boiler, updated electrical, vinyl windows, and on-site laundry for additional passive income. As leases turn and rents reach market, effective gross income rises to over $135,000 annually and NOI climbs to $61,835, an 8.53% proforma cap rate on the same $725,000 basis. The two basement two-bedroom units represent a clear cosmetic value-add layer on top of that organic rent growth. Then there's the parking. Garage parking at the rear is nearly impossible to find in Coventry and functions as both a retention tool and premium driver for the tenant profile you want here. Steps from the Grog Shop, Tommy's, Pacific East, and the B-Side Lounge, and minutes from the Cleveland Museum of Art, Severance Hall, and Little Italy. Cleveland Clinic, University Hospitals, and Case Western sustain a deep pool of professional renters within a five-minute drive, the workforce renter who values walkability and secure parking stays three years, not one. At $90,625 per door on an all-brick building with a clear path to an 8.53% proforma cap rate, this is a genuinely rare opportunity. Properties like this don't sit long.
Disclaimer: The accuracy of all information regardless of source, including but not limited to square footage and lot size, is deemed reliable but not guaranteed nor warranted and should be personally verified through personal inspection by and/or with the appropriate professionals.
Listed By
Agency Name: Russell Real Estate Services
Agency Contact: tal@premierclevelandinvesting.com, 216-870-8687