2549 Kenilworth Rd - Apartments FOR SALE


Cleveland, OH 44106
$885,000 USD
216-870-8687
2549 Kenilworth Rd, Cleveland, OH for Sale
$885,000 USD
Apartments - FOR SALE
1/39
null | Request Cap Rate

2549 Kenilworth Rd
Cleveland, OH 44106


HIGHLIGHTS

  • One of Cleveland's most dynamic neighborhoods
  • Prime location near Case Western Reserve, Notre Dame College, John Carroll University, Cleveland Clinic Main Campus and University Hospital Main Campu
  • Currently generates $9,920 per month
  • Proforma income - over $11,000 per month
  • Extremely large units featuring beautiful hardwood floors, spacious kitchens with peninsula islands and in-suite laundry
  • Updates in some units include - refinished hardwood floors, modern paint, and upgraded bathrooms and kitchens

OVERVIEW

Introducing a 7-unit brick building investment opportunity nestled in the coveted heart of Coventry in Cleveland Heights – a rare gem in an ideal, prime location. Boasting proximity to educational institutions like Case Western Reserve (4-minute drive) and Notre Dame College (11-minute drive), and John Carroll University (12-minute drive), as well as quick access to major healthcare centers – a mere 8-minute drive to Cleveland Clinic Main Campus and 6-minute drive to University Hospital Main Campus. Not to mention, the property is situated just steps away from live music venues, vibrant bars, delectable restaurants, and eclectic shopping destinations. This 7-unit is strategically positioned for success no matter which way you look! Fully occupied, this property currently generates $9,920 per month, with a proforma potential of over $11,000 per month. The extremely large units feature beautiful hardwood floors throughout, spacious kitchens with peninsula islands, and the convenience of in-suite laundry—an amenity highly sought after by tenants. Some units have already been updated with refinished hardwood floors, modern paint, and upgraded bathrooms and kitchens. To achieve the proforma numbers, all a new owner needs to do are some cosmetic upgrades to one unit and raise the rents on lease renewals for the remaining units. Each unit has separate electric meters, with tenants responsible for their own electric bills, while the boiler and water/sewer is paid by the owner. Additionally, the property includes five garage spaces, providing secure and convenient parking for tenants. Take advantage of this opportunity to invest in one of Cleveland's most dynamic neighborhoods, with immediate income and additional upside potential!

FOR SALE DETAILS

PRICE

$885,000 USD

PRICE/SF

$72 USD /SF

# OF UNITS

7

PRICE/UNIT

$126,429

CAP RATE

Request Cap Rate

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1920

PARKING SPACES

6

LAND DETAILS

LAND ACRES

0.19 AC

LAND SF

8,116 SF

ZONING

MF3

APN/PARCEL ID

685-05-002

ASK ABOUT THIS PROPERTY

Tal TamirRussell Real Estate ServicesMore Info
216-870-8687

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Tal TamirRussell Real Estate ServicesMore Info
216-870-8687

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