40-Unit Apartment
2450 Overlook Road, Cleveland Heights, OH 44106
For Sale
New
$3,200,000
Apartments include in-unit laundry, equipped kitchens, controlled entry, fitness facilities, and garage and surface parking.
Property Size15,518 SF
Days on Market5
Property Features for 2450 Overlook Road
General Information
Standard status
Size
Class
Property subtype
Zoning
Property Condition
Severity
Evidence
Units
Unit Mix
Multifamily Units
Additional Details
Asking Price
Amenities
in-unit washers and dryers
fully equipped kitchens
complimentary Wi-Fi
controlled key-fob access
24-hour security cameras
fitness facilities
garage and surface parking
Building Details
Building Size
Year Built
Buildings
Stories
Units
Listing Agency:
Greater Cleveland
Listed By:
Dontez Sanders · License #2026000475
(216) 288-3819
Source:
Realnex
Added: Nov 5
Changed: Nov 8
Last Checked: Nov 8 at 3:11PM
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 Greater Cleveland
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Investment Insights
Based on property information with market context.
This 40-unit apartment property in Cleveland Heights was built in 1915 and is identified with the zoning designation HISH DEN APT. The apartment mix comprises 34 one-bedroom units and six two-bedroom units. Residents have in-unit washers and dryers, equipped kitchens, complimentary Wi-Fi, key-fob entry, security cameras, fitness facilities, and garage and surface parking.
The property is near Cleveland Clinic, University Hospitals, Case Western Reserve University, University Circle, Little Italy, and Coventry Village. Its combination of one- and two-bedroom apartments and on-site amenities provides a clear profile as an established multifamily property.
The property is near Cleveland Clinic, University Hospitals, Case Western Reserve University, University Circle, Little Italy, and Coventry Village. Its combination of one- and two-bedroom apartments and on-site amenities provides a clear profile as an established multifamily property.
Key Highlights
- 40 apartments: 34 one‑bedroom units and six two‑bedroom units
- Built in 1915
- In‑unit washers and dryers and equipped kitchens
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$153,401
Cap Rate
4.79%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,068,020
$3.1M
Cap Rate 7%
$2,191,443
$2.2M
Cap Rate 9%
$1,704,456
$1.7M
Market Conditions
NOI Build-Up for 15,518 SF
Gross rent
$296.1K $19.08/SF
− Vacancy
−$17.2K −$1.11/SF
EGI
$278.9K $17.97/SF
− OpEx
−$125.5K −$8.09/SF
NOI
$153.4K $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 Rate 5%
$3,068,020
Cap Rate 7%
$2,191,443
Cap Rate 9%
$1,704,456
Alternative Uses
Best Use
Apartment 5plus
$2.19M
$1.92M – $2.56M
NOI $153,401 @ 7.0% cap · market cap 4.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.88M
$2.52M – $3.36M
NOI $201,784 @ 7.0% cap · market cap 6.31%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
40
Residential units
Location Intelligence
Trade Area within ½ mile
4,541
Businesses Nearby
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Business Placement
Demographics for 44106, OH
26,608
Population
13,287
Households
2
Avg Household Size
29
Median Age
47%
College-Educated
89%
High-School Grad
4.3 sq mi
ZIP Area
6,188
Density / Sq Mi
$42,869
Median Household Income
$27,056
Median Earnings
$1,024
Median Rent
$241,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Properties on Market for Apartment buildings in Cuyahoga County
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Apartments include in-unit laundry, equipped kitchens, controlled entry, fitness facilities, and garage and surface parking.
Where is this apartment building located?
The property is located at 2450 Overlook Road Cleveland Heights, OH.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: 40 apartments: 34 one‑bedroom units and six two‑bedroom units; Built in 1915; In‑unit washers and dryers and equipped kitchens
