3707 Chatham AveCleveland, OH 44113

Property Details for 3707 Chatham Ave

Year built

1880

Lot size

0.03 AC

Property size (Sq ft)

1,040 SF

Property type

Investment properties

Property subtype

Multifamily properties

Description

This renovated 1-unit multifamily property in Cleveland's desirable Ohio City/SoLo neighborhood presents a compelling investment opportunity. The 1,040 square foot, two-story home boasts a captivating blend of historic charm and modern updates. Built in 1880 and extensively renovated in 2018 and 2024, the property features exposed brick, beamed and vaulted ceilings, contemporary accent lighting, and LVT flooring throughout. The kitchen is a chef's dream, complete with stainless steel appliances, butcher-block counters, open shelving, and a ceramic tile backsplash. A fenced and shaded rear courtyard with a newer stamped concrete patio provides an inviting outdoor space. The home includes one and a half bathrooms, a stacking washer/dryer in the primary suite, and a new roof installed in summer 2024. Additional exterior updates were completed in 2024. The property sits on a 0.027-acre lot on a brick street, just one block south of Lorain Avenue, offering convenient walkability to restaurants, clubs, a gym, and the West Side Market. Currently operating at 100% occupancy with a stable, long-term tenant (lease through 5/1/2025 at $1,425/month plus utilities), this property offers a strong net operating income (NOI) of $17,100 and a 7.44% cap rate. The asking price is $229,900, translating to $221.06 per square foot. This property is zoned for single-family use and is an ideal investment for those seeking a high-return, low-maintenance asset in a vibrant urban setting. The property is easily leased, with the current tenant in their third year.

Location Insight

City

Cleveland

County

Cuyahoga

State

Ohio

Latitude

41.479

Longitude

-81.7111

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