3308 Archwood AveCleveland, OH 44109

Property Details for 3308 Archwood Ave

Year built

1925

Lot size

0.23 AC

Property size (Sq ft)

17,124 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

Brookside Manor, a three-story, 17,124-square-foot apartment building in Cleveland, Ohio's Brooklyn Centre, presents a compelling investment opportunity. This Class C multifamily property, built in 1925 and extensively renovated from 2021-2024, boasts 18 units, each a spacious two-bedroom apartment. The property features a 15,000-square-foot net rentable area, offering a pro-forma cap rate exceeding 22.67% and a pro-forma NOI of $170,000. Recent upgrades include a new roof (2021) with dual access points, updated plumbing and a modern boiler system, modernized floor plans, improved stairs and secure entry systems, and comprehensive indoor/outdoor security surveillance. Residents enjoy convenient app-accessible laundry facilities and ample parking (one space per unit) in a recently repaved and painted lot (2022). Four dedicated maintenance and storage rooms are also included. Situated on a 0.23-acre lot, the property benefits from its proximity to Cleveland MetroHealth Hospital, shopping, and public transportation. The building's location within the Brooklyn Centre Historic District (since 1984) and its designation as a National Wildlife Federation registered community Wildlife Habitat Site (since 2008) add to its appeal. The asking price is $750,000, representing a price per unit of $41,667 and a price per square foot of $43.80. This property offers a strong return on investment and is ideal for attracting a diverse tenant base.

Location Insight

City

Cleveland

County

Cuyahoga

State

Ohio

Latitude

41.4527

Longitude

-81.7055

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