15432 Lake Shore Boulevard Cleveland, OH 44110
ABSOLUTELY GORGEOUS!! The perfect addition for any real estate portfolio. Completely renovated top to bottom - Newer: plumbing, electric, HVAC, roof, gutters and vinyl windows (120 of them!!). 19 unit apartment building (6 - studio, 8 - 1 Bed, 5 - 2 bed units) with 3 retail storefronts and an office space. Incredible occupancy rate - apartments will be 100% occupied by the end of the month. Adjacent parcel also included providing 13 - 16 parking spaces. Literally, every unit was gutted and remodeled. Each unit boasts refinished hardwood floors, 8 ft ceilings, updated kitchens (include: refrigerator, stove and microwave), updated bathrooms, in unit tank-less water heaters, furnaces and electric panels. Retail storefronts have also been completely renovated. Current gross rent w/ laundry is $190, 992 - this does not include the office space (owner occupies) or the "rent ready" 2850 Sqft vacant retail storefront. ENORMOUS POTENTIAL for INCREASED INCOME: (1) Current rents are well below CMHA rental benchmarks (2) 5000 Sqft basement could be converted to add 4 additional 2 bedroom units and a 1 bedroom unit (3) Charging for parking spaces - $50 per month. Current cap rate 7.85 - could be considerably higher. Located in a high traffic and high rental demand area. Close to highway access, minutes from downtown Cleveland, close to Cleveland Clinic, University Hospital, Euclid Hospital, Lake Erie parks and beaches, restaurants, shopping and public transit. This is an exceptional property, location and opportunity!!!
- Property TypeCondo
- NeighborhoodThompson
- CountyCuyahoga
- Taxes$11,504
- HOA/Condo/Coop Fees$0
- Days on Site34 Days
- MLS StatusActive
- MLS ID Number5037580
- Home Size Source N/A
- Year Built1920
- Lot Size0.3411 Acres
- Full BathsN/A
- Partial BathsN/A
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General Features
- Building Features Private Restrooms
- Parking Additional ParkingNo GarageParking Lot
- Parking Spaces 16
- Sewer Public Sewer
- Basement FullUnfinished
- Number of Stories 3Three Or More3
- Acreage 0.3411
- Water Public
- Zoning See Remarks
- Property Sub Type Apartment
- Attached Garage No
- Listing Conditions Standard
Interior Features
- Cooling Central Air
- Heating Forced AirHot WaterSteam
- Laundry Features Coinoperated
Exterior Features
- Roof Rubber
Community Features
- Township Cleveland
- Building Features Private Restrooms