2729 Euclid Heights Blvd, Cleveland Heights, OH 44106

This all-brick eight-unit apartment building in Coventry Village features a mix of oversized three-bedroom layouts and two-bedroom basement units. Six units include three bedrooms plus a bonus room that functions as a fourth bedroom, and hardwood floors are described throughout. The building includes on-site laundry and has received several improvements, including a newer boiler, updated electrical, and vinyl windows. Two units are currently vacant and actively being marketed, positioning the property for stabilization as those units lease up.

The property is described as being directly in the heart of Coventry Village, an area described as one of Greater Cleveland’s culturally vibrant neighborhood corridors. It is stated to be steps from the Grog Shop, Tommy’s, Pacific East, and the B-Side Lounge, with additional nearby destinations including the Cleveland Museum of Art, Severance Hall, and Little Italy. The listing also notes that major area employers such as Cleveland Clinic, University Hospitals, and Case Western are within a short drive.

From an income and operations standpoint, the remarks indicate an effective gross income of $117,000 annually once the two vacant units lease up, already accounting for 5% vacancy. The listing further provides a pro forma effective gross income of over $135,000 annually and NOI of $61,835, along with an 8.83% pro forma cap rate on the stated asking price. Rear garage parking is highlighted as a retention and tenant attraction feature in the Coventry area.