Harwood Apartments 17901 Lake Shore Blvd Immeuble residentiel 18 lots 1 129 434 € (62 746 €/Lot) Taux de capitalisation 8,50 % Cleveland, OH 44119

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), updated boiler systems, new electrical panels, 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 $105,665. Current gross rents total $193,376, 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 all-cash or conventionally financed offers with a 30-day due diligence period and 45-day closing timeline. Proof of funds or lender pre-approval is required for offer submission.