8702 Detroit Ave - Apartments FOR SALE


Cleveland, OH 44102- Edgewater
$950,000 USD
216-298-3471
8702 Detroit Ave, Cleveland, OH for Sale
$950,000 USD
Apartments - FOR SALE
1/24
null | 9.31% Cap Rate

8702 Detroit Ave
Cleveland, OH 44102
Edgewater


HIGHLIGHTS

  • Cash-flowing investment opportunity located in one of Cleveland’s fastest-growing neighborhoods.

OVERVIEW

Gordon Square Mixed-Use Apartments is a stabilized, cash-flowing investment opportunity located in one of Cleveland’s fastest-growing neighborhoods. This 3-story mixed-use building consists of 15 residential units (a mix of 1- and 2-bedrooms) and 1 ground-floor retail space. The residential units are 100% occupied, offering strong in-place income, while the vacant retail unit provides immediate value-add potential through lease-up or creative reuse. In 2021, ownership completed extensive capital improvements, enhancing long-term performance and reducing future capital expenditure risk. Recent Renovations (2021): • Full electrical upgrades in all units • New windows throughout • New rear steel doors and main entrance doors • In-unit electric hot water tanks • New furnaces in each unit – tenants pay heat and electric • New main water line from street with potential for unit sub-metering Investment Highlights: ? 15 Fully Occupied Residential Units – Consistent cash flow from day one ?? 1 Ground-Floor Retail Unit – Vacant, prime value-add through lease-up ??? Comprehensive 2021 Renovations – Major systems already updated ?? Operational Efficiency – Tenants pay all utilities (electric, heat, hot water) ?? Rent Upside – Apartment rents are $200+ below market on average ?? Exceptional Location – In the heart of Gordon Square Arts District, a rapidly gentrifying and walkable neighborhood ??? Neighborhood Momentum – Surrounded by new development, restaurants, entertainment, and public transit

FOR SALE DETAILS

PRICE

$950,000 USD

PRICE/SF

$71 USD /SF

# OF UNITS

15

PRICE/UNIT

$63,333

CAP RATE

9.31%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1920

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.19 AC

LAND SF

8,059 SF

ZONING

GR

APN/PARCEL ID

001-08-008

ASK ABOUT THIS PROPERTY

Peter GrealisGrealis GroupMore Info
216-298-3471

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Peter GrealisGrealis GroupMore Info
216-298-3471

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