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

  • The six-unit apartment building at 1578 W 116th Street received a new roof in 2023 and has had all units updated over the last five years.
  • Each unit has a scenic private balcony.
  • Each resident covers their own gas and electric payments.
  • This investment opportunity presents immediate cashflow with upside in bringing rents to market rates.

OVERVIEW

1578 W 116th Street is a six-unit apartment building comprising six two-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. The property is located in Cleveland's popular Edgewater neighborhood. 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

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

Nick SoederAdams Lynch AssociatesMore Info
216-403-9294

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