12511 Clifton BlvdLakewood, OH 44107

Property Details for 12511 Clifton Blvd

Year built

1943

Lot size

1.77 AC

Property size (Sq ft)

84,528 SF

Property type

Other apartment buildings

Property subtype

Residential income properties

Description

This exceptional investment opportunity presents a portfolio of two well-maintained apartment buildings totaling 75 units, situated on Clifton Boulevard in Lakewood, Ohio's prestigious Gold Coast submarket. The portfolio comprises The Traymore, featuring 29 spacious two-bedroom units, and Clifton Cove, offering 46 one-bedroom units. Spanning 84,528 square feet on a 1.77-acre lot, this property boasts a current occupancy rate of 92%, ensuring immediate cash flow for the investor. Significant capital improvements exceeding $1.2 million have been implemented since 2022, including renovations to 75-80% of the units, minimizing the need for immediate repairs and maximizing operational efficiency. The current rent roll and normalized expenses project an impressive 8.3% capitalization rate, with a clear path to achieving double-digit returns through strategic rent optimization and further cosmetic upgrades. This prime location within one of Cleveland's most sought-after rental markets guarantees strong tenant demand and long-term stability. The portfolio offers a compelling combination of immediate income generation and significant value-add potential, making it an ideal investment for discerning buyers seeking high returns in a desirable location. The asking price for this exceptional multifamily investment is $5,250,000.

Location Insight

City

Lakewood

County

Cuyahoga

State

Ohio

Latitude

41.4887

Longitude

-81.7756

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