4316 Pearl Rd - Apartments FOR SALE


Cleveland, OH 44109- Old Brooklyn
$875,000 USD
212-381-6057
4316 Pearl Rd, Cleveland, OH for Sale
$875,000 USD
Apartments - FOR SALE
1/4
null | 9.77% Cap Rate

4316 Pearl Rd
Cleveland, OH 44109
Old Brooklyn


HIGHLIGHTS

  • Well Maintained 16 unit building
  • Close Proximity to I-480, the property sits minutes from MetroHealth's main campus and downtown Cleveland
  • All units have separate Utlities

OVERVIEW

A rare opportunity to acquire a large, all-brick mixed-use asset in the heart of Old Brooklyn — one of Cleveland's most stable and historic West Side neighborhoods. Positioned on Pearl Road just north of I-480, the property sits minutes from MetroHealth's main campus and downtown Cleveland, giving tenants and retail traffic direct access to two of the region's largest employment and healthcare corridors. This well-kept, professionally managed asset totals 16 units — 12 residential apartments over 4 ground-floor retail storefronts — and offers a rare combination of in-place cash flow, embedded upside, and a defensible, high-visibility corner location. Residential (12 Units) The apartment mix is composed of 3 one-bedroom/one-bath units, 6 two-bedroom/one-bath units, 2 three-bedroom/one-bath units, and 1 studio. All units feature separate utilities, allowing for heat, hot water and electric to be paid by the tenant. Many units have received recent floor, kitchen, and bathroom upgrades, supporting stronger rents and reduced near-term capex for a new owner. Four second-floor units along the Pearl Road frontage feature private balconies, while units along Spokane Avenue offer small porches — both rare, sought-after amenities in this submarket that support premium rents and lower turnover. Retail (4 Units) All four retail storefronts front Pearl Road, benefiting from strong traffic counts and street-level visibility in Old Brooklyn's active commercial corridor. Each retail unit includes basement access, offering tenants (or a new owner) additional storage or build-out potential — a meaningful value-add lever not typically found in comparable retail space. Recent Capital Improvements The roof has recently been recoated with a white polymer elastomeric coating, extending its useful life and improving energy efficiency — reducing near-term capital needs for a new buyer. Investment Highlights 16 total units (12 residential + 4 retail) in one all-brick building Located in Old Brooklyn, a stable, affordable West Side Cleveland submarket with consistent workforce rental demand Minutes from MetroHealth and Downtown Cleveland via I-480 At full occupancy and $97,007 (11.09%) at full market rents — meaningful, quantifiable upside without redevelopment risk Recently upgraded units reduce deferred maintenance exposure Rare private outdoor space (balconies/porches) supporting rent growth and retention High-visibility retail frontage on Pearl Road with basement value-add potential Separate Utlities for All Units Recently recoated roof

FOR SALE DETAILS

PRICE

$875,000 USD

PRICE/SF

$48 USD /SF

# OF UNITS

12

PRICE/UNIT

$72,917

CAP RATE

9.77%

% LEASED

88%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1912

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.22 AC

LAND SF

9,583 SF

ZONING

Residential

APN/PARCEL ID

014-15-076

ASK ABOUT THIS PROPERTY

Peter MatheosMatheos RealtyMore Info
212-381-6057

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Peter MatheosMatheos RealtyMore Info
212-381-6057

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