3421 E 119th St - Apartments FOR SALE


Cleveland, OH 44120- Mount Pleasant
$335,000 USD
732-757-6393
3421 E 119th St, Cleveland, OH for Sale
$335,000 USD
Apartments - FOR SALE
1/26
null | Request Cap Rate

3421 E 119th St
Cleveland, OH 44120
Mount Pleasant


HIGHLIGHTS

  • 83% Occupied with In-Place Cash Flow — Five of six units currently occupied, generating $3,500/month in gross rental income
  • Immediate Lease-Up Upside — One vacant 2BR/1BA unit provides a clear path to approximately $4,200/month ($50,400 annually) at the existing $700/unit r
  • Consistent 2BR/1BA Unit Mix — All six units feature 2-bedroom / 1-bathroom layouts and are reported in good condition, supporting straightforward leas

OVERVIEW

3421 E 119th Street presents an opportunity to acquire a 6-unit multifamily property in Cleveland, Ohio, offering immediate in-place rental income with additional upside through the lease-up of the remaining vacant unit. The property features an attractive and consistent unit mix of six 2-bedroom / 1-bathroom apartments, with all units currently reported in good condition. Five of the six units are occupied at $700 per month, generating $3,500 in current gross monthly rental income, while one unit remains vacant. Stabilizing the property at the existing $700 rental rate would increase potential gross rental income to approximately $4,200 per month / $50,400 annually. With approximately 83% physical occupancy, an investor can acquire an already income-producing asset while retaining a clear path toward increasing revenue through the lease-up of Unit 6. The uniform 2-bedroom floor plans also provide a straightforward operating profile for leasing and property management. Located in Cleveland, the property offers investors an opportunity to add a manageable multifamily asset to an existing portfolio or establish a foothold in the Cleveland rental market. The combination of existing cash flow, good reported unit condition, and near-term vacancy upside makes 3421 E 119th Street particularly well suited for buy-and-hold investors seeking both current income and the ability to improve performance after acquisition.

FOR SALE DETAILS

PRICE

$335,000 USD

PRICE/SF

$38 USD /SF

# OF UNITS

6

PRICE/UNIT

$55,833

CAP RATE

Request Cap Rate

% LEASED

83%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1917

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.2 AC

LAND SF

8,763 SF

ZONING

2F

APN/PARCEL ID

130-20-043

ASK ABOUT THIS PROPERTY

Nikhil VishakantaWe InvestMore Info
732-757-6393

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Nikhil VishakantaWe InvestMore Info
732-757-6393

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