Little Italy Investment
1978 E 126th Street, Cleveland, OH 44106
New
MULTI_FAMILY - Cleveland, OH
Property size:
4,921 SFLot size:
0.06 AcresPrice / SF:
$152/SF- Added:
- May 28, 2026
- Days on Market:
- 1
- Last Refresh:
- May 28 at 5:06 pm
Property Features for 1978 E 126th Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 8
- Bathrooms
- 5
- Rooms
- Basement, Bedroom 8, Bedroom 6, Bathroom 1, Laundry Room, Bathroom 2, Bedroom 7, Bedroom 1, Bedroom 2, Bedroom 3, Bathroom 5, Bathroom 3, Bathroom 4, Bedroom 5, Bedroom 4
- Parking features
- On Street
- Appliances
- Dryer, Dishwasher, Microwave, Range, Refrigerator, Washer
- Standard status
- Active
- APN
- 120-32-048
- Size
- 4,921 SF
- Lot size
- 0.06 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- 397 C&K 0033 ALL
- Tax Annual Amount
- 9334
Utilities
- Sewer type
- Public Sewer
- Heating system
- Forced Air
- Water source
- Public
Building Details
- Year built
- 1900
- Floors in Building
- 3
- Building materials
- Brick, Block, Stone, VinylSiding
- Roof type
- Asphalt, Fiberglass
Listing agent Angie Molitoris License #390617 (216) 299-9503
Listing office Century 21 Homestar 31320 Solon Road, Suite 17, Solon, OH (440) 449-9100
Listing date May 28, 2026
MLS# 5213295
Listing URL
Copyright © 2026 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Rare 6‑unit investment property in Little Italy, offering strong cash flow potential.
- All apartments are remodeled: four 2‑bedroom/1‑bath units and two 1‑bedroom/1‑bath units.
- Prime location within walking distance to Little Italy's restaurants, shops, art district, Case Western Reserve University, Cleveland Clinic, and University Hospital.
- One furnished 2‑bedroom/1‑bath unit is successfully operated as a high‑demand Air B&B.
- Updated with new electrical wiring, PVC drain lines, copper plumbing, doors, and windows.
- Coin‑operated washers and dryers in the lower level provide additional income.
Overview
This 4,921 square foot multi-family property is located on a private street in Cleveland's Little Italy neighborhood. The property features six apartments: four 2-bedroom, 1-bath units and two 1-bedroom, 1-bath units, all remodeled. The building is a 3-level home situated on a dead-end street. One of the main level units is furnished and rented as an Air B&B. The lower level includes coin-operated washers and dryers, two furnaces, four hot water tanks, and a half bath. Updates include electrical wiring, PVC drain lines, copper plumbing, doors, and windows, with the building being fully insulated. The property is located near Little Italy's restaurants, shops, art district, Case Western Reserve University, Cleveland Clinic, and University Hospital, making it suitable for student rentals. The owner reports continuous tenancy with no vacancies since ownership. Street parking is available. The lot size is 0.0603 acres.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$606.3K
NOI $54,564 @ 9.00% cap · cautious / downside scenario
Moderate
$779.5K
NOI $54,564 @ 7.00% cap · market / base-case scenario
Aggressive
$1.09M
NOI $54,564 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
Calculated for Apartment 5plus
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $103.3k | $21.00 |
| − Vacancy | −$4.1k | −$0.84 |
| EGI | $99.2k | $20.16 |
| − OpEx | −$44.6k | −$9.07 |
| NOI | $54.6k | $11.09 |
4,921 SF · lease $21.00/SF/yr · vacancy 4.00% · expense 45.00%
Alternative Use Scenarios
Best Use
Apartment 5plus
$779.5K
$682.1K – $909.4K
NOI $54,564 @ 7.0% cap · market cap 7.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $84,062 @ 7.0% cap · market cap 11.21%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Short term rental ...
Location Insight
- Map
- Local Demand
- City
- Cleveland
- County
- Cuyahoga
- State
- Ohio
- Longitude
- -81.595806
- Latitude
- 41.509348
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Rare 6-plex near Little Italy, Cleveland.
Where is this apartment building located?
The property is located at 1978 E 126th Street Cleveland, OH.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Rare 6‑unit investment property in Little Italy, offering strong cash flow potential.; All apartments are remodeled: four 2‑bedroom/1‑bath units and two 1‑bedroom/1‑bath units.; Prime location within walking distance to Little Italy's restaurants, shops, art district, Case Western Reserve University, Cleveland Clinic, and University Hospital.
