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    East Cleveland Apartment Building Title is generated by Realmo AI

    15000 Euclid Avenue, East Cleveland, OH 44112

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    For Sale
    $2,950,000

    41-unit apartment building with recent improvements and income potential.

    Type:MF, MF-MID
    Added:
    Feb 19, 2026
    Days on Market:
    105
    Last Refresh:
    Apr 3 at 4:57 am

    Property Features for 15000 Euclid Avenue

    General Information

    Standard status
    Active
    Property subtype
    MF, MF-MID

    Building Details

    Year Built
    1915

    We can help!

    Listing Contact
    Douglas J. Ryan
    Douglas J. Ryan

    Listing agent Douglas J. Ryan License #393609, Ohio

    Listing office KW Commercial | Classic Properties of Columbus LLC- Upper Arlington OH 43221 - Upper Arlington OH 43221 - Upper Arlington OH 43221

    Listing date Feb 19, 2026

    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 | Classic Properties of Columbus LLC- Upper Arlington OH 43221 - Upper Arlington OH 43221 - Upper Arlington OH 43221

    HighLights

    • Significant recent improvements to electrical, plumbing, and unit interiors.
    • Opportunity to increase unit count or add common areas by finishing shell units in the lower level.
    • Potential for impressive returns based on market rents and affordable housing programs.
    • Low‑maintenance masonry construction with separately metered electric.
    • Convenient amenities including on‑site laundry, electronic keyed entry, security cameras, and improved fire alarm system.
    • Desirable location near public transportation, parks, shopping, recreation, and University Circle.

    Overview

    The Grasmere Apartments, located in East Cleveland, feature 41 units and benefit from recent improvements to electrical and plumbing systems, as well as refreshed units. The low-maintenance masonry construction includes separately metered electric. The owner is in the process of leasing the building, presenting an opportunity for new management. The building has the potential to provide returns, utilizing a history of market rents and affordable housing programs. Several shell units remain in the lower level, offering the opportunity to increase the number of total units or enhance common areas. On-site laundry, electronic keyed entry, security cameras, and a recently improved fire alarm system provide convenience for residents. The market has responded well to Section 8 and Eden vouchers. Grasmere Apartments offer affordable one and two-bedroom units in the 44112 area of Cleveland, close to public transportation, parks, shopping, recreation, and University Circle. The units feature newer appliances, walk-in closets, and upgraded kitchens and bathrooms. The property is intended for use as an apartment building, multifamily property, or residential income property.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    East Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.5762262
    Latitude
    41.5352625

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    FAQs

    What type of property is this?
    Apartment building - 41-unit apartment building with recent improvements and income potential.
    Where is this apartment building located?
    The property is located at 15000 Euclid Avenue East Cleveland, OH.
    What is the asking price?
    The asking price for this property is $2,950,000.
    What are key features of this property?
    This property features: Significant recent improvements to electrical, plumbing, and unit interiors.; Opportunity to increase unit count or add common areas by finishing shell units in the lower level.; Potential for impressive returns based on market rents and affordable housing programs.
    (614) 374-6919
    We can help!
    Listing Contact
    Douglas J. Ryan
    Douglas J. Ryan
    Real Estate License ID: 393609, Ohio
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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