Property
Beds
None
Full Baths
None
1/2 Baths
None
Year Built
1920
Sq.Footage
N/A
Pride of Ownership Meets Cash-Flowing Opportunity | 7-Unit Near Shaker Square that has been lovingly maintained by the current owner as if it were his own residence, this all-2-bedroom building offers large units with great layouts and untapped upsideāall just minutes from the shops, restaurants, and transit of Shaker Square. Currently fully occupied at $5,700/month, with market rents over $8,300/month, this property offers nearly $40K/year in NOI growth through simple rent adjustmentsāno major renovations needed. Most tenants are long-term and on month-to-month leases, giving the next owner the ability to increase rents almost immediately. One unit is Section 8, with the tenant contributing $400 toward rent. Property will cash flow $238/ unit/ month AFTER debt service once rents are increased. Within the last 10 years the building has undergone significant improvements , including:New vinyl windows throughout, Interior updates in all units, Modernized systems (electrical, hot, etc) , Coin-operated laundry (owner-owned), Private parking lot with potential for added revenue, Individually metered electric and gas ā tenants pay their own heat and utilities, Boiler retired with electric baseboard heat & Sewer line under went extensive repair in 2025. Verified lead-free certificate (good through Jan 2026) and no Point-of-Sale requirements like neighboring Shaker Heights, this property offers peace of mind and smooth operations. Value-add potential doesnāt stop at rentsācharge for parking and utilities, or simply bring units to market rate for a projected cap rate over 10%. This is a high-performing asset in a sought-after rental corridor And with a DSCR over 1.25%, it qualifies for most financing options, making it ideal for both new and seasoned multifamily investors.
Features & Amenities
Interior
-
Total Bedrooms
N/A
-
Bathrooms
N/A
-
Basement YN
YES
-
Cooling YN
NO
-
Cooling
Wall/Window Unit(s), None
-
Heating YN
YES
-
Heating
Electric, Hot Water, Steam
-
Pet friendly
N/A
Exterior
-
Garage
No
-
Parking
Driveway, Off Street, Parking Lot
-
Pool
No
-
Waterfront YN
NO
Area & Lot
-
Lot Size(acres)
0.1928
-
Property Type
Commercial Sale
-
Property Sub Type
Apartment
Price
-
Sales Price
$499,000
-
Tax Amount
$16,575
-
Sq. Footage
N/A
-
Price/SqFt
N/A
HOA
-
Association
No
School District
-
Elementary School
Shaker Heights CSD - 1827
-
Middle School
N/A
-
High School
N/A
Property Features
-
Sewer
Public Sewer
-
Water Source
Public
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Location
County
Cuyahoga
Elementary School
Shaker Heights CSD - 1827
Middle School
High School
Listing Courtesy of Erin Thomas , Keller Williams Living
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