16703 Harvard Rd - Apartments FOR SALE


Cleveland, OH 44128- Lee-Miles
$525,000 USD
216-374-3689
16703 Harvard Rd, Cleveland, OH for Sale
$525,000 USD
Apartments - FOR SALE
1/22
null | 8.2% Cap Rate

16703 Harvard Rd
Cleveland, OH 44128
Lee-Miles


HIGHLIGHTS

  • 6-unit multifamily asset with a strong unit mix: 3 one-bedroom / 3 two-bedroom
  • In-place NOI: approximately $43,068 annually
  • Offered at $525,000, delivering an in-place cap rate of approximately 8.2%
  • Value-add opportunity with immediate upside through leasing the vacant unit and optimizing rents, enhancing cash flow and overall return
  • Tenants pay gas and electric; owner covers water/sewer, common electric, insurance, taxes, and maintenance
  • Well-maintained, income-producing property with immediate cash flow and value-add potential through lease-up of vacant unit and rent optimization

OVERVIEW

Well-maintained 6-unit multifamily property featuring a desirable unit mix of three 2-bedroom apartments and three 1-bedroom apartments. Only one unit is currently vacant (can be leased prior to closing). The remaining units are occupied, including long-term residents, with one unit on a month-to-month lease. Recent capital improvements include a new sealed roof (2024), new hot water heater, and a foundation moisture barrier installed at the rear of the building, along with updated flooring, paint, and select appliances. The property also features an on-site parking lot. Tenants pay gas and electricity; the owner covers water, sewer, and trash. This is a low-maintenance, income-producing multifamily investment in strong rental condition with upside potential. No showings without a written offer.

FOR SALE DETAILS

PRICE

$525,000 USD

PRICE/SF

$112 USD /SF

# OF UNITS

6

PRICE/UNIT

$87,500

CAP RATE

8.2%

% 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

1965

PARKING SPACES

6

LAND DETAILS

LAND ACRES

0.14 AC

LAND SF

6,098 SF

ZONING

Commercial-Multi-Family

APN/PARCEL ID

140-15-023

ASK ABOUT THIS PROPERTY

Kas FilippovaeXp CommercialMore Info
216-374-3689

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Kas FilippovaeXp CommercialMore Info
216-374-3689

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