Edgewater Multifamily Investment
For Sale
Contact for pricing
Pending
1368 West Blvd, Cleveland, OH 44102
Fifteen-unit apartment building in Cleveland's desirable Edgewater neighborhood.
Property Size11,250 SF
Days on Market188
Property Features for 1368 West Blvd
General Information
Standard status
Pending
Size
11,250 SF
Class
C
Property subtype
Multifamily
Building Details
Year Built
1920
Buildings
1
Stories
4
Units
15
Listing Agency:
Russell Commercial Advisory
Listed By:
Tal Tamir · License #OH 2018001908
Source:
Crexi
Added: Feb 5
Changed: Aug 8
Last Checked: Jul 25 at 12:09PM
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 Russell Commercial Advisory
Investment Insights
Based on property information with market context.
Located in Cleveland's Edgewater neighborhood, this 15-unit apartment building, constructed in 1920, is situated on the historic West Boulevard corridor, a few blocks from Edgewater Park and Lake Erie. The property is near Lakewood, the Gordon Square arts district, and the West Boulevard-Cudell RTA Red Line station, where a $19 million transit-oriented development is underway. The building is fully occupied, with rents ranging from $750 to $1,099 per month, resulting in a total annual gross rent of $163,728. The units, each approximately 700-750 square feet, feature generous closet space. Three units are configured as two-bedrooms, while the remaining units are oversized one-bedroom apartments. Most units have individual breakers and separately metered electric. Water and sewer billback is implemented on newer leases at $50 per month. Recent capital improvements include two new hot water tanks, a new Tekmar boiler control system (with a boiler that is 5-7 years old), and vinyl windows throughout. Ten of the fifteen units have been updated, and the non-renovated units feature original hardwood floors. The property presents an opportunity to continue rent improvements.
Key Highlights
- Solid cash‑flowing asset with a 7.5% cap rate at the asking price, projecting to 8.43% proforma.
- Located in Cleveland's desirable Edgewater neighborhood, near Edgewater Park, Lake Erie beaches, and the Gordon Square arts district.
- Significant upside potential through rent increases and utility bill backs.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
263
Businesses Nearby
Explore this area
Business Placement
Demographics for 44102, OH
43,347
Population
22,984
Households
1.9
Avg Household Size
35
Median Age
25%
College-Educated
80%
High-School Grad
6.1 sq mi
ZIP Area
7,106
Density / Sq Mi
$40,303
Median Household Income
$34,958
Median Earnings
$911
Median Rent
$99,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fifteen-unit apartment building in Cleveland's desirable Edgewater neighborhood.
Where is this apartment building located?
The property is located at 1368 West Blvd Cleveland, OH.
What is the asking price?
The asking price for this property is $1,175,000.
What are key features of this property?
This property features: Solid cash‑flowing asset with a 7.5% cap rate at the asking price, projecting to 8.43% proforma.; Located in Cleveland's desirable Edgewater neighborhood, near Edgewater Park, Lake Erie beaches, and the Gordon Square arts district.; Significant upside potential through rent increases and utility bill backs.
