2729 Euclid Heights Blvd Cleveland, OH 44106

This 8-unit apartment building in Cleveland Heights, Ohio, presents a compelling investment opportunity. Located at 2729 Euclid Heights Blvd, this three-story, 14,118 square foot building, constructed in 1920, offers a blend of classic charm and income potential. Currently generating a Net Operating Income (NOI) of $49,641, with a 5.14% cap rate, the property boasts a pro-forma NOI of $77,979 and an 8.08% pro-forma cap rate, indicating significant upside potential. The asking price is $965,000, or $120,625 per unit, and $68.35 per square foot. The building is fully occupied, currently generating $9,905 in monthly income. Six covered garage spots provide convenient tenant parking. Each unit features beautiful hardwood floors, large windows, and separate electric meters. Some units have recently undergone renovations, including refinished hardwood floors, updated kitchens and bathrooms, and fresh paint. Additional cosmetic upgrades could easily increase monthly income to nearly $13,000. Its prime location offers easy access to major medical centers (Cleveland Clinic and University Hospitals), universities (Case Western Reserve, Notre Dame College, and John Carroll University), and the vibrant Coventry Village, with its diverse restaurants, shops, and entertainment venues. This property is a rare opportunity to acquire a stabilized multifamily investment in a highly desirable Cleveland Heights neighborhood.