3707 Chatham AveCleveland, OH 44113
- Investment properties
- 1,040 SF
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
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
- How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
- Please email our support team at [email protected] and they will add the team member.
- How do I access a private listing?
- Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
- How can I contact the broker?
- We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
- How do I unsubscribe from emails?
- At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].