Features & Amenities

Interior

  • Total Bedrooms

    N/A

  • Bathrooms

    N/A

  • Basement YN

    YES

  • Heating YN

    YES

  • Heating

    Natural Gas, Radiant

  • Pet friendly

    N/A

Exterior

  • Garage

    No

  • Pool

    No

Area & Lot

  • Lot Size(acres)

    0.12

  • Property Type

    Commercial Sale

  • Property Sub Type

    Apartment

Price

  • Sales Price

    $1,840,000

  • Tax Amount

    $48,152

  • Sq. Footage

    N/A

  • Price/SqFt

    N/A

HOA

  • Association

    No

School District

  • Elementary School

    Cleveland Hts-Univer - 1810

  • Middle School

    N/A

  • High School

    N/A

Property Features

  • Stories

    3

  • Sewer

    Public Sewer

  • Water Source

    Public

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Location

County

Cuyahoga

Elementary School

Cleveland Hts-Univer - 1810

Middle School

High School

Listing Courtesy of Tal Tamir , Russell Real Estate Services

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Agent Austin Lape

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Austin Lape

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This is a portfolio built for the investor who understands that the best deals are bought, not found. Ten single-family homes across three of the strongest inner-ring east-side suburbs, priced as a package at $1,840,000 against an aggregate individual-unit comp value of $2.3M to $2.4M. That is roughly $464,000 of instant equity sitting on the closing table, plus the optionality to piece the portfolio off one house at a time as leases turn. Entry and location are the play. Cash flow is the bonus.

The portfolio is 7 homes in Cleveland Heights, 1 in University Heights, and 2 in Richmond Heights, all 3BR/1.5BA or 4BR/1.5BA. Most have been renovated and are occupied by long-term tenants, with 8 of 10 on leases running through mid-2026 into 2027 and 2 on month-to-month. Current gross rent is $182,100 annually after recent increases, against market rent of $215,100. That is roughly 18% organic upside as leases roll, with zero vacancy today.

Location is what makes this portfolio different from a scattered-site buy. Cleveland Heights gives you Cedar-Lee, Coventry, and a school district that trades to owner-occupants at full retail. University Heights sits on the John Carroll and Cedar Center corridor. Richmond Heights benefits from Town Square redevelopment and I-271 access. These are retail-grade zip codes, which is the entire reason the sell-off strategy works. You are not trying to wholesale out of rough areas. You are unwinding into a market that actively bids for your product.

The numbers: $1,840,000 ask / $184,000 per door / 6.4% current cap / 7.4% proforma cap / $117k+ current NOI / $135k+ proforma NOI / 100% occupancy / $182,100 in-place gross rent / $218,700 market rent. Point of sale has been ordered. Inspections are scheduled over the next week.  Please note: No Seller Financing available.

3589 Cedarbrook Road

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