17506 Nottingham RdCleveland, OH 44119

Property Details for 17506 Nottingham Rd

Year built

1962

Lot size

0.45 AC

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This 10-unit apartment building in Cleveland, OH, presents a compelling value-add investment opportunity. Located on Nottingham Rd, near the Waterloo Arts District and Euclid Beach Park, this property boasts a desirable location. The building, constructed in 1962 and renovated in 2023, features a mix of studio, one-bedroom, and two-bedroom units, totaling 9,630 square feet of rentable space. Currently operating at 90% occupancy, the property generates a strong NOI of $50,319, representing a 7.75% cap rate. Significant recent improvements include new appliances (refrigerators and ranges), vinyl flooring, window AC units, updated electrical systems, and exterior enhancements. The property also includes a coin-operated laundry facility, adding to its income potential. A pro-forma NOI of $72,922 projects an 11.24% cap rate, highlighting the substantial upside potential. The basement offers the possibility of adding an additional unit. The 0.448-acre lot provides ample space, and off-street parking is available for residents and guests, along with a private covered garage. This fee-simple ownership opportunity offers immediate cash flow and significant long-term growth potential. The asking price is $649,000, or $64,900 per unit. The property is zoned for low-density apartments.

Location Insight

City

Cleveland

County

Cuyahoga

State

Ohio

Latitude

41.5805

Longitude

-81.5583

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