Value-Add Multifamily Apartment
2585 2625 Euclid Heights Blvd / 2715 2670 Noble Road Cleveland, OH 44106
2585 2625 Euclid Heights Blvd / 2715 2670 Noble Road, Cleveland, OH, 44106
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For Sale
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Pending
Four all-brick apartment buildings totaling 56 units, with recent boiler replacements and window upgrades across the portfolio.
Days on Market102
Property Features for 2585 2625 Euclid Heights Blvd / 2715 2670 Noble Road
General Information
- Standard status
- Pending
- Property subtype
- Multifamily
Listing agency
KW Commercial Keller Williams Advisor's Realty
Listed by
Jennifer Donathan · License #NV #2004004706
Source
Crexi
Added: Apr 12 Updated: Jul 22 at 9:40AM Checked: Jul 22 at 9:40AM
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Investment Insights
Based on property information with market context.
The offering is a four-building apartment portfolio totaling 56 units located in Cleveland Heights. The portfolio includes two buildings on Noble Road and two buildings on Euclid Heights Boulevard, which are approximately 3 miles apart but both within Cleveland Heights, and the properties must be purchased together.
Recent capital improvements include new boilers and replacement windows. At 2670 Noble Road, there is a single U-shaped, all-brick building with 20 units, including 13 two-bedroom units and 7 one-bedroom units, plus an underground garage with approximately 14 spaces. Units feature hardwood floors (with refinishing during turnovers as needed), and the building has onsite laundry in the basement operated by a third party; storage units are first-come, first-served with no extra tenant fee. Owner pays heat, water, sewer, and trash, while electric is separately metered to tenants (with gas stove gas where separately metered). Security cameras are operable.
At 2715 Noble Road, an all-brick, single L-shaped building contains 21 units (7 two-bedroom and 14 one-bedroom), with an off-street parking lot of approximately 24 spaces. The property has vinyl replacement windows, hardwood floors refinished as needed during turnovers, and two onsite laundry rooms in the basement operated by a third party; storage is first-come, first-served with no added fee. Owner pays heat, water, sewer, and trash, and electric and gas are separately metered for tenant responsibility.
At 2585 Euclid Heights, a single all-brick, three-story building with front porches includes 7 three-bedroom, 1-bath units (one in the basement), a flat roof, and a brand-new gas boiler; owner pays heat, water, trash, while tenants pay separately metered electric and gas for stoves. Garages in the rear accommodate 5 cars, with additional parking on-street. At 2625 Euclid Heights, a single all-brick, three-story building contains 8 units (six marketed as 2-bedroom, 1-bath with a bonus room, and two basement units with an additional small bonus room historically used as an office or study), with a flat roof, brand-new gas boiler, new vinyl windows, hardwood floors and woodwork throughout, and 8 rear garages (one per unit).
The seller reports rents are below market at all four properties. A non-recourse Fannie Mae loan is in place and must be assumed, and the seller will finance $438,000, with a proposed buyer down payment of 16%.
Recent capital improvements include new boilers and replacement windows. At 2670 Noble Road, there is a single U-shaped, all-brick building with 20 units, including 13 two-bedroom units and 7 one-bedroom units, plus an underground garage with approximately 14 spaces. Units feature hardwood floors (with refinishing during turnovers as needed), and the building has onsite laundry in the basement operated by a third party; storage units are first-come, first-served with no extra tenant fee. Owner pays heat, water, sewer, and trash, while electric is separately metered to tenants (with gas stove gas where separately metered). Security cameras are operable.
At 2715 Noble Road, an all-brick, single L-shaped building contains 21 units (7 two-bedroom and 14 one-bedroom), with an off-street parking lot of approximately 24 spaces. The property has vinyl replacement windows, hardwood floors refinished as needed during turnovers, and two onsite laundry rooms in the basement operated by a third party; storage is first-come, first-served with no added fee. Owner pays heat, water, sewer, and trash, and electric and gas are separately metered for tenant responsibility.
At 2585 Euclid Heights, a single all-brick, three-story building with front porches includes 7 three-bedroom, 1-bath units (one in the basement), a flat roof, and a brand-new gas boiler; owner pays heat, water, trash, while tenants pay separately metered electric and gas for stoves. Garages in the rear accommodate 5 cars, with additional parking on-street. At 2625 Euclid Heights, a single all-brick, three-story building contains 8 units (six marketed as 2-bedroom, 1-bath with a bonus room, and two basement units with an additional small bonus room historically used as an office or study), with a flat roof, brand-new gas boiler, new vinyl windows, hardwood floors and woodwork throughout, and 8 rear garages (one per unit).
The seller reports rents are below market at all four properties. A non-recourse Fannie Mae loan is in place and must be assumed, and the seller will finance $438,000, with a proposed buyer down payment of 16%.
Key Highlights
- Value‑add portfolio: 56 apartment units across four buildings at 2670 & 2715 Noble Rd and 2585 & 2625 Euclid Heights Blvd (purchased together).
- Recent capital improvements include new boilers and replacement windows across multiple properties in the portfolio.
- Rents are below market at all four properties; bringing rents to market is projected to add $6,080/month ($72,960/year).
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FAQs
What type of property is this?
Apartment building - Four all-brick apartment buildings totaling 56 units, with recent boiler replacements and window upgrades across the portfolio.
Where is this apartment building located?
The property is located at 2585 2625 Euclid Heights Blvd / 2715 2670 Noble Road Cleveland, OH.
What are key features of this property?
This property features: Value‑add portfolio: 56 apartment units across four buildings at 2670 & 2715 Noble Rd and 2585 & 2625 Euclid Heights Blvd (purchased together).; Recent capital improvements include new boilers and replacement windows across multiple properties in the portfolio.; Rents are below market at all four properties; bringing rents to market is projected to add $6,080/month ($72,960/year).
