1578 W 116th St - Apartments FOR SALE


Cleveland, OH 44102- Edgewater
$525,000 USD
216-403-9294
1578 W 116th St, Cleveland, OH for Sale
$525,000 USD
Apartments - FOR SALE
1/11
null | 7.65% Cap Rate

1578 W 116th St
Cleveland, OH 44102
Edgewater


HIGHLIGHTS

  • New Roof (2023)
  • All Suites Updated over the last 5 years
  • Each Suite with Private Balcony
  • Tenant Paid Gas and Electric
  • Immediate Cash Flow with Upside in Bringing Rents to Market

OVERVIEW

The property consists of six 2 bedroom units with private balconies and separately metered utilities. All units have been upgraded over the last five years and a new roof was installed in 2023. Property is located in the popular Edgewater neighborhood of Cleveland. Residents are less than 15 minutes from Downtown Cleveland and have immediate access to all points in Northeast Ohio by car or public transportation. A new investor has the opportunity to obtain immediate cash flow in a fully occupied property with no immediate deferred maintenance.

FOR SALE DETAILS

PRICE

$525,000 USD

PRICE/SF

$77 USD /SF

# OF UNITS

6

PRICE/UNIT

$87,500

CAP RATE

7.65%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1927

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.18 AC

LAND SF

7,841 SF

ZONING

GR

APN/PARCEL ID

001-22-040

ASK ABOUT THIS PROPERTY

Nick SoederAdams Lynch AssociatesMore Info
216-403-9294

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Nick SoederAdams Lynch AssociatesMore Info
216-403-9294

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.