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1933 Lee Rd
Cleveland, OH 44118 Cleveland Heights

$825,000 USD

Apartments For Sale  •  12,976 SF

Property Details

  • Property Type Apartments
  • Total Building Size 12,976 SF
  • Lot Size 0.29 AC
  • Building Class C
  • Year Built 1935
  • Zoning S2
30 Transit Score
70 Walk Score

Highlights

Immediate High Yield: Operates at a 9.71% Actual Cap Rate on a current NOI of $80,132, with 100% occupancy across its 13 rent-ready units.
Massive Pro-Forma Upside: Raising active units to a modest market rent of $1,050 elevates the pro-forma NOI to $96,549—a massive 11.70% Cap Rate
Many Capital Improvements Completed including New Roof, Boiler and 8 Units Cosmetically refreshed w/updated kitchens and baths
Value-Add Potential: Finish the 14th unit (a studio suite requiring an estimated $30,000 rehab, buyer to verify) to capture additional rental income
Low Escrow Requirement: The mandatory Cleveland Heights Point of Sale Inspection is completed and valid through Feb. 2027, requiring $5,700 escrow

Amenities

  • 24 Hour Access
  • Tenant Controlled HVAC
  • Smoke Free
  • Kitchen
  • Sprinkler System
  • Range
  • Tub/Shower
  • Walk-Up
  • Smoke Detector

Public Transportation

Commuter RailDriveWalkDistance
Cleveland Lakefront Station (Blue Line - Greater Cleveland Regional Transit Authority Rapid Transit (The Rapid), Green Line - Greater Cleveland Regional Transit Authority Rapid Transit (The Rapid)) 21 min - 9.2 mi
AirportDriveWalkDistance
Cleveland-Hopkins International 36 min - 19.4 mi

Parking Details

Parking Available: Yes
Reserved: No
Spaces Provided: 15
Type: Surface
Included in Rent: Yes
Matthew King 440-552-5858 Green Bridge Real Estate
Matthew King 440-552-5858 Green Bridge Real Estate