Property Description

Rarely does a property this well-positioned and well-built come to market in Cleveland Heights. This all-brick eight-unit building sits directly in the heart of Coventry Village, one of Greater Cleveland's most culturally vibrant neighborhood corridors. At $725,000 (just $90,625 per door), you are acquiring a hardened asset in a submarket where tenants plant roots and stay for years. Two units are vacant and actively being marketed, and once those lease up, you're looking at a stabilized effective gross income of $117,000 annually, already accounting for 5% vacancy. The real upside is clearly defined. Six of the eight units are oversized three-bedroom, one-bath apartments with a bonus room functioning as a fourth bedroom, an extremely rare floor plan that has been chronically underrented for years. Beautiful hardwood floors run throughout, the building features a newer boiler, updated electrical, vinyl windows, and on-site laundry for additional passive income. As leases turn and rents reach market, effective gross income rises to over $135,000 annually and NOI climbs to $61,835, an 8.53% proforma cap rate on the same $725,000 basis. The two basement two-bedroom units represent a clear cosmetic value-add layer on top of that organic rent growth. Then there's the parking. Garage parking at the rear is nearly impossible to find in Coventry and functions as both a retention tool and premium driver for the tenant profile you want here. Steps from the Grog Shop, Tommy's, Pacific East, and the B-Side Lounge, and minutes from the Cleveland Museum of Art, Severance Hall, and Little Italy. Cleveland Clinic, University Hospitals, and Case Western sustain a deep pool of professional renters within a five-minute drive, the workforce renter who values walkability and secure parking stays three years, not one. At $90,625 per door on an all-brick building with a clear path to an 8.53% proforma cap rate, this is a genuinely rare opportunity. Properties like this don't sit long.

Property Features

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