Property Description

Turnkey Five-Unit Apartment Building | 8% Cap Rate | Cleveland's West Park Neighborhood Add an established income-producing property to your portfolio with this renovated five-unit apartment building in Cleveland's sought-after West Park neighborhood. Situated on Lorain Avenue in the 44111 ZIP code, the property offers convenient access to I-71, I-90, and nearby shopping. The unit mix features three one-bedroom apartments, one two-bedroom apartment, and one four-bedroom, two-bath apartment. Renovations were completed between 2017 and 2022, with the four-bedroom, two-bath conversion completed in 2026. A large rear parking lot provides convenient off-street parking. The property generates $4,695 in monthly rent plus $715 in utility reimbursements, totaling $5,410 per month, or $64,920 annually. Tenants enjoy the convenience of one monthly bill covering rent and utility reimbursements. Utilities consist of two electric meters, two gas meters, one water meter, and one dumpster service bill. The tenant in Unit 1 serves as the onsite manager and maintains the property in exchange for a waiver of the monthly utility reimbursement fee. Offering a 8% cap rate, renovated units, and onsite management, this turnkey property is an attractive opportunity for investors seeking a stabilized asset in an established West Side neighborhood.

Property Features

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