Cleveland Multifamily Investment
3209 Archwood Avenue, Cleveland, OH 44109
- Added:
- Oct 6, 2023
- Days on Market:
- 972
- Last Refresh:
- Apr 3 at 5:04 am
Property Features for 3209 Archwood Avenue
General Information
- Standard status
- Active
- Property subtype
- MF
Building Details
- Year Built
- 1929
Listing agent Erin Thomas License #2019005940, Ohio (440) 670-2300
Listing office KW Commercial | Citywide | Erin Thomas (440) 670-2300
Listing date Oct 6, 2023
Source Realnex
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 KW Commercial | Citywide | Erin Thomas
HighLights
- Significant value‑add opportunity: 12 vacant units offer immediate potential to increase rental income by $300,000+ per year.
- High‑demand location in a rapidly appreciating Cleveland market near Downtown, Metro Hospital, and trendy areas.
- Immediate cash flow: One building (3311) is operating at 95% occupancy.
- Approximately 50% of occupied units are through CMHA or Eden, ensuring guaranteed rent.
- Recent capital improvements: $260,000 in total CapEx improvements over the past 12 months, including $80,000 on the roof of one building this year.
- Opportunity to decrease heating expenses by converting to electric mini splits during unit turnovers.
Overview
Located in a rapidly appreciating Cleveland market near Downtown, Metro Hospital, and trendy areas, these twin apartment buildings offer a value-add opportunity. The property consists of 44 units across two identical buildings situated next to each other. One building operates at 95% occupancy and is expected to generate cash flow immediately. Approximately 50% of the occupied units are supported by CMHA or Eden, providing guaranteed monthly rent, particularly beneficial during renovations at the adjacent building. There is an opportunity to reduce heating expenses by converting the boiler heat to electric mini splits during unit turnovers. Electrical systems have been upgraded to breakers, and all windows are vinyl. Recent capital improvements include $80,000 spent on the roof of one building this year, with a total of $260,000 invested in both buildings over the past 12 months. The location is advantageous for tenants, offering proximity to highways, public transportation, job opportunities, and the zoo. The property is being sold with an additional parcel.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Cleveland
- County
- Cuyahoga
- State
- Ohio
- Longitude
- -81.7047926
- Latitude
- 41.4524535
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Twin apartment buildings with value-add potential in a prime location.
Where is this apartment building located?
The property is located at 3209 Archwood Avenue Cleveland, OH.
What is the asking price?
The asking price for this property is $2,499,000.
What are key features of this property?
This property features: Significant value‑add opportunity: 12 vacant units offer immediate potential to increase rental income by $300,000+ per year.; High‑demand location in a rapidly appreciating Cleveland market near Downtown, Metro Hospital, and trendy areas.; Immediate cash flow: One building (3311) is operating at 95% occupancy.
