3438 Bosworth Rd - Apartments FOR SALE


Cleveland, OH 44111- West Boulevard
$675,000 USD
216-374-3689
3438 Bosworth Rd, Cleveland, OH for Sale
$675,000 USD
Apartments - FOR SALE
1/8
null | 4.82% Cap Rate

3438 Bosworth Rd
Cleveland, OH 44111
West Boulevard


HIGHLIGHTS

  • 10,450 SF · 11 units (3×2BD/1BA | 8×1BD/1BA) · 3 stories · Built 1925
  • 73% occupied (8 of 11 units) — 3 recently renovated vacancies, move-in ready
  • $140,000–$250,000+ in capital improvements completed by seller
  • Full roof replacement · Complete plumbing stack overhaul · All-new water heaters
  • Section 8 (CMHA) tenant in place at $1,034/month — above market rate
  • CMHA payment standards: ~$1,050/mo for 1BD · ~$1,150/mo for 2BD

OVERVIEW

3438 Bosworth Road is an 11-unit brick multifamily building located in the West Boulevard / Kamms Corner neighborhood of Cleveland, Ohio. Built in 1925 and spanning 10,450 SF across three stories, the property is offered for sale at $675,000 ($61,364/unit). The building features a unit mix of 3 two-bedroom/one-bath and 8 one-bedroom/one-bath apartments, currently 73% occupied (8 of 11 units). Three recently renovated vacancies are move-in ready with no additional capital required. One unit is leased to a Section 8 (CMHA) tenant at $1,034/month — above market rate — with utilities included in the CMHA payment. The seller has completed a comprehensive capital improvement program estimated at $140,000–$250,000+, covering a full roof replacement, complete plumbing stack overhaul, all-new water heaters building-wide, partial furnace replacement (6 of 11 units), and common area restoration. The property carries current Lead Certification. On-site coin laundry via CSC ServiceWorks. At stabilization, the asset projects NOI of $68,005 (low blended) to $105,987 (peak/CMHA), implying cap rates of 10.07% to 15.70% at asking price. 3438 Bosworth Road is situated in the West Boulevard / Kamms Corner neighborhood on Cleveland's west side — one of the city's most stable, owner-occupied residential communities. The property sits on West Boulevard, a key north-south arterial connecting Lorain Avenue to Rocky River Drive and Lakewood, with walkable access to Kamms Corner's retail and dining corridor on Lorain Avenue (13,700+ vehicles/day). Downtown Cleveland is approximately 7 miles east via Lorain Ave / I-90. Cleveland-Hopkins International Airport is approximately 8 miles via I-480. Rocky River Reservation and Brookside Reservation of the Cleveland Metroparks are within 2–3 miles. Regional connectivity via I-90, I-480, and I-71.

FOR SALE DETAILS

PRICE

$675,000 USD

PRICE/SF

$65 USD /SF

# OF UNITS

11

PRICE/UNIT

$61,364

CAP RATE

4.82%

% LEASED

73%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Bosworth Place

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1925

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.16 AC

LAND SF

6,882 SF

ZONING

2F

APN/PARCEL ID

018-13-118

ASK ABOUT THIS PROPERTY

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216-374-3689

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216-374-3689

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