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$ 1,290,000
Est. payment /mo
New
17901 Lake Shore BLVD Cleveland, OH 44119
0.34 Acres Lot
UPDATED:
Key Details
Property Type Commercial
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision East Shore Park
MLS Listing ID 5163040
HOA Y/N No
Year Built 1977
Annual Tax Amount $22,682
Tax Year 2024
Lot Size 0.337 Acres
Acres 0.3374
Property Sub-Type Apartment
Property Description
17901 Lakeshore Blvd presents a rare opportunity to acquire a fully occupied, 18-unit apartment building in Cleveland's high-demand Lakeshore corridor. This well-maintained property (built in 1977) features 9 one-bedroom (avg. 750 SF) and 9 two-bedroom units (avg. 925 SF), offering a balanced mix for stable cash flow. Recent upgrades include roofs (2017), units, updated boiler systems, new electrical panels, parking lot, and landscaped grounds, minimizing immediate capital needs. With 100% occupancy and in-place rents below market rates, investors can unlock immediate upside through strategic rent increases. The prime location provides walkable access to Lake Erie, shopping centers, and quick commutes to downtown Cleveland, universities, and major employers.
Financial Highlights:
Priced at $1,290,000 ($71,666/unit), this asset delivers an 8.5% cap rate with an annual NOI of $111,199. Current gross rents total $195,188, with 1-bedrooms averaging $840/month (vs. $869 market) and 2-bedrooms at $933/month (vs. $1,037 market), creating a potential $28,728 annual income boost. The GRM of 6.67 underscores strong value relative to peer properties. Expense ratios are optimized with recent system upgrades, and long-term tenants reduce turnover costs.
Investment Value:
This property is ideal for investors seeking low-risk value-add potential. Below-market rents allow for gradual increases, while the 100% occupancy and updated infrastructure ensure immediate cash flow. Demographics show strong demand, with a 5-mile population of 174,362 and median household income of $56,574. The Lakeshore location also attracts professionals and students, with proximity to Case Western Reserve University and Cleveland Clinic ensuring consistent rental demand.
Sale Terms:
Seller will consider cash or conventionally financed offers with a 30-day due diligence period and 30-day closing timeline. Proof of funds and/or lender pre-approval is required for offer submission.
Financial Highlights:
Priced at $1,290,000 ($71,666/unit), this asset delivers an 8.5% cap rate with an annual NOI of $111,199. Current gross rents total $195,188, with 1-bedrooms averaging $840/month (vs. $869 market) and 2-bedrooms at $933/month (vs. $1,037 market), creating a potential $28,728 annual income boost. The GRM of 6.67 underscores strong value relative to peer properties. Expense ratios are optimized with recent system upgrades, and long-term tenants reduce turnover costs.
Investment Value:
This property is ideal for investors seeking low-risk value-add potential. Below-market rents allow for gradual increases, while the 100% occupancy and updated infrastructure ensure immediate cash flow. Demographics show strong demand, with a 5-mile population of 174,362 and median household income of $56,574. The Lakeshore location also attracts professionals and students, with proximity to Case Western Reserve University and Cleveland Clinic ensuring consistent rental demand.
Sale Terms:
Seller will consider cash or conventionally financed offers with a 30-day due diligence period and 30-day closing timeline. Proof of funds and/or lender pre-approval is required for offer submission.
Location
State OH
County Cuyahoga
Interior
Heating Forced Air
Fireplace No
Exterior
Water Access Desc Public
Building
Sewer Public Sewer
Water Public
Schools
School District Cleveland Municipal - 1809
Others
Tax ID 114-02-022
Special Listing Condition Standard
Listed by Lei Jiang • OwnerLand Realty, Inc. • lei@jiangrealestate.com, 216-280-0218
