30600 Euclid Ave - Apartments FOR SALE


Wickliffe, OH 44092
$2,350,000 USD
440-655-5472
30600 Euclid Ave, Wickliffe, OH for Sale
$2,350,000 USD
Apartments - FOR SALE
1/15
null | 7.89% Cap Rate

30600 Euclid Ave
Wickliffe, OH 44092


HIGHLIGHTS

  • 100% Occupied 28-Unit Apartment Community; cash-flowing asset with embedded upside through continued interior renovations
  • Renovated Units Achieving $900–$1,095/Month; Value-Add Opportunity — Below-Market Rents on Un-Renovated Units
  • Individually Metered Electric — Tenants Pay Electric; On-Site Coin Laundry (2 Washers / 2 Dryers)
  • 38 On-Site Parking Spaces on 1.16 Acres
  • Located on Euclid Ave in Wickliffe, a Lake County suburb of Cleveland with convenient access to I-90 and the broader east-side employment corridor

OVERVIEW

Wilshire Manor is a 28-unit, garden-style apartment community located at 30600 Euclid Ave in Wickliffe, Ohio, just off I-90 in Cleveland's east-side submarket. Built in 1962 of solid brick construction, the property sits on a 1.16-acre site and offers 38 parking spaces along with an on-site coin laundry facility. The unit mix is uniform — all 28 units are spacious 1-bedroom/1-bath layouts of approximately 750 square feet, with an average in-place rent of $902/month. Ownership has executed a disciplined renovation program over the past several years, and a meaningful share of the unit interiors have already been fully rehabbed, commanding rents at or above $900–$1,095/month. The remaining classic units, still leasing in the $725–$860/month range, represent a clear value-add opportunity for a new owner to continue the renovation program and capture additional rent growth as leases turn. The asset is currently 100% occupied. Underwriting the current rent roll at a standard 5% vacancy factor against actual 2025 operating expenses produces a net operating income of approximately $185,467 — a cap rate of roughly 7.9% at the $2,350,000 asking price. Individual gas heat with tenants responsible for electric, helping insulate ownership from utility volatility. Financial statements (2025 full-year and 2026 year-to-date P&Ls, current rent roll) are available upon executing an NDA to qualified buyers upon request. This is an excellent opportunity for a value-add multifamily investor to acquire a stabilized, cash-flowing asset with embedded upside through continued interior renovations and rent optimization in a strong Cleveland-area rental submarket.

FOR SALE DETAILS

PRICE

$2,350,000 USD

PRICE/SF

$116 USD /SF

# OF UNITS

28

PRICE/UNIT

$83,929

CAP RATE

7.89%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

28-Unit Value-Add Multifamily | Wickliffe, OH

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1962

PARKING SPACES

38

LAND DETAILS

LAND ACRES

1.16 AC

LAND SF

50,530 SF

ZONING

RMF

APN/PARCEL ID

29-B-003-E-01-038

ASK ABOUT THIS PROPERTY

Ruset PatrascuPhoenix9 Realty, Inc.More Info
440-655-5472

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Ruset PatrascuPhoenix9 Realty, Inc.More Info
440-655-5472

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