Incredible investment opportunity in desirable Cleveland Heights! CAP RATE 14% - WOW! Well maintained 11 unit brick mixed use building raking in income. 5 commercial units and 6 residential made up of 3 - 1 bedroom units and 3 - 2 bedroom units. 100% occupied! Great opportunity for investors to add to their portfolio, or first time investors to take advantage of the lucrative cash flow. Current gross rent is at $8,925 per month, ($107,100 annually)! Located in a desirable and growing area with easy access to public transportation and major highways. The neighborhood offers a variety of dining, shopping, and entertainment options, making it an attractive location for tenants. Recently appraised at $630,000, providing $80,000 in equity from day 1! Overall, this is an excellent investment opportunity with great potential for income and appreciation. Don't miss your chance to own this fantastic property in a desirable location! Priced to sell! Hurry this will not last long! Contact agent for income/expenses.
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 8.83% 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 8.83% proforma cap rate, this is a genuinely rare opportunity. Properties like this don't sit long.
Court ordered sale. Attention Investors! Prime location & opportunity to renovate this incredible building. Conveniently located on public transportation, near Little Italy, CWRU, main campus of CC & UH and minutes to University Circle. In addition, it's close to some of the best restaurants in town. There are 10 - 2 BR units, 1 - 1 BR unit and 1 efficiency. Owner pays sewer, water & gas. Everything is set up for the new buyer to put in individual gas meters. Buyer to assume the POS which is approx. $250k. Much of the work has been completed. The City of Cleve. Hts will work with the buyer in establishing a much lower POS, approx. $10k, when they see the buyer's proposal for renovations - scope of work. All tenants are month to month with no leases. Units are under rented for the area. The gas company did a new line from the street to the building several years ago. This is a great opportunity for cash buyers or those with a rehab loan. Proof of funds or preapproval letter before showing will be approved. Need a minimum of 24 - 48 hours' notice to show. NO Wholesalers or assignment deals.
Welcome to this updated 12-unit multifamily investment opportunity, ideally located . The L-shaped building features three separate addresses. 989 Oxford Rd, 2521 Noble Rd, and 2525 Noble Rd with 2521 Noble Rd serving as the main address for county records and water/sewer services. Unit Breakdown: 4 One-Bedroom Units: Located at 989 Oxford Rd, Units A1 through A4 ,8 Two-Bedroom Units: 2521 Noble Rd, Units B1 through B4 2525 Noble Rd, Units C1 through C4, Building Features: Separately metered gas and electric for each unit, Individual furnaces in each unit for tenant-controlled heating, Three shared laundry rooms, one for each 4-unit section, each housing a water heater (one replaced in March 2025), 12 garages plus a maintenance shed, New roof installed in 2024, All new windows throughout the building. Complete interior remodels in every unit, including: New flooring, Updated walls and finishes, Modern fixtures and lighting, New appliances.
Cleveland Heights is located in Ohio. Cleveland Heights, Ohio has a population of 45,267. Cleveland Heights is less family-centric than the surrounding county with 20.55% of the households containing married families with children. The county average for households married with children is 23.83%.
The median household income in Cleveland Heights, Ohio is $62,823. The median household income for the surrounding county is $55,109 compared to the national median of $69,021. The median age of people living in Cleveland Heights is 36.5 years.
The average high temperature in July is 81.9 degrees, with an average low temperature in January of 21.5 degrees. The average rainfall is approximately 38.3 inches per year, with 67.8 inches of snow per year.
