For Sale
$210,000

1905 Fulton RdCleveland, OH 44113

1-Unit Condo, 8.86% Cap Rate, High Occupancy

Overview

Added:
Dec 11, 2024
Days on market:
114
This stabilized multifamily investment opportunity presents a 1-unit condominium located at 1905 Fulton Rd, 1B, Cleveland, OH 44113, in the desirable Ohio City neighborhood. The property, built in 1914 and extensively renovated in 2021, boasts 977 square feet and features a 2-bedroom unit with a direct view of Library Park. Recent upgrades include refinished floors, updated kitchen with stainless steel appliances, granite countertops, and a ceramic tile backsplash. A recently installed stacking washer/dryer adds convenience. The formal dining room overlooks a fenced rear garden and includes a pass-through from the kitchen and a plate rail. A renovated bathroom features retro-style hexagonal ceramic tile and modern fixtures. Additional amenities include a covered front balcony, a storage locker in the common basement, and assigned off-street parking. The property is currently leased at $1,550 per month (plus utilities) through June 1, 2025, with only two tenants in the past five years, demonstrating high tenant retention. The property sits on a 0.001-acre lot, is a 4-story building, and is zoned for condominium use. The asking price is $210,000, representing a price per square foot of $214.94 and a strong 8.86% cap rate with a current Net Operating Income (NOI) of $18,600 and 100% occupancy. The APN is 00336804. This is an exceptional opportunity for investors seeking a stable, high-return investment in a prime Cleveland location.

Highlights

  • Stabilized multifamily investment opportunity in desirable Ohio City, Cleveland.
  • 977 sq ft, 2-bedroom condo with recent renovations (2021), including updated kitchen and bathroom.
  • Currently leased at $1,550/month through June 1, 2025, with exceptional tenant retention.
  • Strong 8.86% cap rate, $18,600 NOI, and $210,000 asking price ($214.94/sq ft).

Property Details for 1905 Fulton Rd

Property type
Residential income homes
Square Feet
977 SF
Year Built/Renovated
1914/2021
Buildings
1
Stories
4
Lot Size (sq. ft)
44 SF
Units
1

Location Insight

City
Cleveland
County
Cuyahoga
State
Ohio
Latitude
41.48276850363
Longitude
-81.710579056702
1905 Fulton Rd, Cleveland, Ohio

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1905 Fulton Rd
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