880-884 Parkwood Rd - Apartments FOR SALE


Cleveland, OH 44108- Glenville
$250,000 USD
216-317-3463
880-884 Parkwood Rd, Cleveland, OH for Sale
$250,000 USD
Apartments - FOR SALE
1/18
null | Request Cap Rate

880-884 Parkwood Rd
Cleveland, OH 44108
Glenville


HIGHLIGHTS

  • The buildings are all-brick built in 1910, featuring three two-story buildings with separate metered apartments.
  • The site assembly includes four V/L parcels for onsite parking or future development.
  • Immense upside potential to tap into via property enhancements, with some plans in-place.
  • Within just 1-mile are some of Cleveland's most renowned points of interest.

OVERVIEW

Attention all contractors and investors, 880-884 Parkwood Road presents an amazing opportunity to renovate a 13-unit multifamily apartment building, being sold as part of a site-assembly totaling five parcels. The buildings are all-brick and were built in 1910. They span three two-story buildings that connect from the exterior facade. Proposed plans consist of 3 styles of one-bedroom, two-bedroom, and three-bedroom apartments all separately metered. The units feature high ceilings, four season rooms, offer an abundance of natural light and charming decorative fireplaces with desirable layouts for future renters. The apartments are surrounded by new-build construction in an ever-vast growing Glenville neighborhood of Cleveland. Nearby are all major hospitals, easy highway accessibility, and situated within a school zone. The majority of the demo has already been completed, offering the next owner a chance to finish existing plans in-place or the option to make their own personal customizations. A common basement with storage lockers, a laundry room, and the possibility to create an additional garden style apartment are all possible. The L-shape site assembly includes four V/L parcels zoned MF & Residential that could be used for on-site parking or future development. The site plan, architectural drawings, and environmental reports have been completed, a value-saving for future buyers. 880-884 Parkwood Road is conveniently located within a 1-mile radius from UH Rainbow Babies & Children Hospital, Veteran Hospital, Rockefeller Park, The Cleveland Museum of Art & Natural History, and Cleveland Botanical Gardens. This is a fantastic opportunity to purchase a value-add play in a Class C neighborhood with a huge upside for a bargain price.

FOR SALE DETAILS

PRICE

$250,000 USD

PRICE/SF

$15 USD /SF

# OF UNITS

13

PRICE/UNIT

$19,231

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1910

PARKING SPACES

15

LAND DETAILS

LAND ACRES

0.27 AC

LAND SF

11,761 SF

ZONING

MF-1

APN/PARCEL ID

108-27-023

ASK ABOUT THIS PROPERTY

Chrissy KovandaBerkshire Hathaway Professional RealtyMore Info
216-317-3463

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

Chrissy KovandaBerkshire Hathaway Professional RealtyMore Info
216-317-3463

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