Fully Renovated 21-Unit Apartment
For Sale
$2,150,000
20000 Van Aken Blvd, Shaker Heights, OH 44122
Turnkey, fully renovated multifamily asset positioned for stabilized cash flow and an easy investor transition.
Property Size19,237 SF
Days on Market93
Property Features for 20000 Van Aken Blvd
General Information
Standard status
Active
Size
19,237 SF
Property subtype
Multifamily
Additional Details
Business Included
Yes
Multifamily Units
21
Building Details
Building Size
19,237 SF
Year Built
1952
Listing Agency:
NAI Pleasant Valley
(330) 715-4801
Listed By:
Evan Pannell · License #2017005596
Source:
Naiglobal
Added: Jun 2
Changed: Aug 27
Last Checked: Sep 1 at 4:46PM
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 NAI Pleasant Valley
Investment Insights
Based on property information with market context.
This fully renovated 21-unit apartment building presents a turnkey opportunity for investors seeking stabilized cash flow. The property has been updated throughout, offering a ready-to-operate configuration without requiring immediate capital planning. With a focus on long-term consistency, the renovation supports durable income potential for an owner looking for dependable performance.
Set in one of Cleveland’s most coveted suburbs, the building offers residents practical access to major employment and cultural drivers, along with proximity to Downtown Cleveland. The area also benefits from a highly rated public school system and an established network of parks, retail districts, and cultural amenities.
For buyers and operators, this asset is an attractive fit for a hands-on investor or an institutional-style buyer seeking a stabilized, renovated multifamily holding. Its turnkey nature and fully renovated condition make it particularly compelling for those looking to deploy capital with minimal disruption and maintain a steady operating profile.
Set in one of Cleveland’s most coveted suburbs, the building offers residents practical access to major employment and cultural drivers, along with proximity to Downtown Cleveland. The area also benefits from a highly rated public school system and an established network of parks, retail districts, and cultural amenities.
For buyers and operators, this asset is an attractive fit for a hands-on investor or an institutional-style buyer seeking a stabilized, renovated multifamily holding. Its turnkey nature and fully renovated condition make it particularly compelling for those looking to deploy capital with minimal disruption and maintain a steady operating profile.
Key Highlights
- Fully renovated 21‑unit multifamily property
- Year built: 1952
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$190,164
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.84%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,803,280
$3.8M
Cap Rate 7%
$2,716,629
$2.7M
Cap Rate 9%
$2,112,933
$2.1M
Market Conditions
NOI Build-Up for 19,237 SF
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.
Gross rent
$367.0K $19.08/SF
− Vacancy
−$21.3K −$1.11/SF
EGI
$345.8K $17.97/SF
− OpEx
−$155.6K −$8.09/SF
NOI
$190.2K $9.89/SF
Area
Cuyahoga County, OH
Vacancy
5.80%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,803,280
Cap Rate 7%
$2,716,629
Cap Rate 9%
$2,112,933
Alternative Uses
Best Use
Apartment 5plus
$2.72M
$2.38M – $3.17M
NOI $190,164 @ 7.0% cap · market cap 8.84%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$15.41M
$13.49M – $17.98M
NOI $1,078,947 @ 7.0% cap · market cap 50.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
777
Businesses Nearby
Explore this area
Business Placement
Demographics for 44122, OH
36,268
Population
17,795
Households
2
Avg Household Size
45
Median Age
62%
College-Educated
97%
High-School Grad
12.5 sq mi
ZIP Area
2,901
Density / Sq Mi
$97,469
Median Household Income
$58,334
Median Earnings
$1,509
Median Rent
$304,300
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 - Turnkey, fully renovated multifamily asset positioned for stabilized cash flow and an easy investor transition.
Where is this apartment building located?
The property is located at 20000 Van Aken Blvd Shaker Heights, OH.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: Fully renovated 21‑unit multifamily property; Year built: 1952
