Fairview Court Multifamily Investment
For Sale
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12300-12304 Fairview Court, Cleveland, OH 44106
Eight-unit multifamily property in Cleveland's historic Little Italy neighborhood.
Property Size4,422 SF
Price / SF$180.89
Days on Market213
Property Features for 12300-12304 Fairview Court
General Information
Standard status
Active
Size
4,422 SF
Class
C
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$48,243
Site & Location
Neighborhood
University
Building Details
Year Built
1900
Year Renovated
2010
Buildings
2
Stories
2
Units
8
Tenancy
Multi
Listing Agency:
Shoreway Realty Group
Listed By:
Kathleen Bassett · License #OH 2012001595
(440) 503-8867
Source:
Crexi
Added: Mar 27
Changed: Oct 25
Last Checked: Oct 24 at 5:16PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Shoreway Realty Group
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Investment Insights
Based on property information with market context.
The Fairview Court opportunity features eight separate units housed within two side-by-side buildings, connected by a central courtyard. Situated in the heart of Cleveland's Little Italy, the location benefits from its proximity to University Circle, home to the Cleveland Clinic, University Hospitals, Case Western Reserve University, and Cleveland’s Arts and Culture District. The property is fully occupied and offers income and appreciation potential in a historic location. The area is experiencing new development projects and large-scale renovations aimed at preserving the neighborhood's 19th-century integrity. Little Italy was established in the late 19th century by immigrants, primarily from Italy's Abruzzi region. The property size is 4422 square feet.
Key Highlights
- Prime location in the heart of Little Italy, a historic and culturally rich neighborhood.
- Close proximity to major institutions like the Cleveland Clinic, University Hospitals, and Case Western Reserve University (CWR).
- Eight fully occupied units providing immediate income and appreciation potential.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$49,031
Cap Rate
6.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$980,620
$980.6K
Cap Rate 7%
$700,443
$700.4K
Cap Rate 9%
$544,789
$544.8K
Market Conditions
NOI Build-Up for 4,422 SF
Gross rent
$92.9K $21.00/SF
− Vacancy
−$3.7K −$0.84/SF
EGI
$89.1K $20.16/SF
− OpEx
−$40.1K −$9.07/SF
NOI
$49.0K $11.09/SF
Area
Cleveland, OH
Vacancy
4.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$980,620
Cap Rate 7%
$700,443
Cap Rate 9%
$544,789
Alternative Uses
Best Use
Apartment 5plus
$700.4K
$612.9K – $817.2K
NOI $49,031 @ 7.0% cap · market cap 6.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.08M
$944.2K – $1.26M
NOI $75,538 @ 7.0% cap · market cap 9.44%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Location Intelligence
Trade Area within ½ mile
4,541
Businesses Nearby
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Business Placement
Demographics for 44106, OH
26,608
Population
13,287
Households
2
Avg Household Size
29
Median Age
47%
College-Educated
89%
High-School Grad
4.3 sq mi
ZIP Area
6,188
Density / Sq Mi
$42,869
Median Household Income
$27,056
Median Earnings
$1,024
Median Rent
$241,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Eight-unit multifamily property in Cleveland's historic Little Italy neighborhood.
Where is this apartment building located?
The property is located at 12300-12304 Fairview Court Cleveland, OH.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Prime location in the heart of Little Italy, a historic and culturally rich neighborhood.; Close proximity to major institutions like the Cleveland Clinic, University Hospitals, and Case Western Reserve University (CWR).; Eight fully occupied units providing immediate income and appreciation potential.
