1376 112Th StCleveland, OH 44102

Property Details for 1376 112Th St

Year built

1910

Lot size

0.32 AC

Property size (Sq ft)

54,828 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 34-unit apartment building presents a compelling investment opportunity in Cleveland, Ohio. Located at 1376 W 112th St, this Class B, stabilized multifamily property boasts 54,828 square feet on a 0.321-acre lot. Built in 1910 and extensively renovated in 2019 (including new windows, roof, and exterior brickwork), the three-story building currently enjoys a 95% occupancy rate, generating a Net Operating Income (NOI) of $113,000, with a pro-forma NOI of $140,000. The asking price is $2,200,000, representing a price per square foot of $40.13 and a price per unit of $64,705.88. The property features on-site laundry facilities (equipment owned by the seller), and a boiler replacement is scheduled for May 2023. Situated in an improving neighborhood with high renter demand and proximity to the Detroit Avenue commercial corridor near the Lakewood border, this asset offers a strong current return (5.14% cap rate) and significant upside potential (6.36% pro-forma cap rate). Cleveland's resilient market and the property's strong historical occupancy make this a truly attractive investment prospect. The property's location within a revitalizing area, characterized by new food, lifestyle, and entertainment options, further enhances its long-term value.

Location Insight

City

Cleveland

County

Cuyahoga

State

Ohio

Latitude

41.4833

Longitude

-81.7652

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