For Sale
  • For Sale
  • For Lease
  • Recently Sold
  • Property Lookup
  • Brokers
Back to Search
The Largest CRE Database in the US with Over 1 Million Listings

3209 Archwood Avenue Cleveland, OH 44109

View on Map
Loading data...
Loading data...
Loading data...
For Sale
$2,499,000

Twin apartment buildings with value-add potential in a prime location.

Type:MF
Added:
Oct 6, 2023
Days on Market:
916
Last Refresh:
Apr 3 at 5:04 am

Property Features for 3209 Archwood Avenue

General Information

Standard status
Active
Property subtype
MF

Building Details

Year Built
1929

We can help!

Listing Contact
Erin Thomas

Listing agent Erin Thomas License #2019005940, Ohio

Listing office KW Commercial | Citywide | Erin Thomas

Listing date Oct 6, 2023

Source Realnex

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 KW Commercial | Citywide | Erin Thomas


Overview

Cleveland Multifamily Investment Opportunity

Located in a rapidly appreciating Cleveland market near Downtown, Metro Hospital, and trendy areas, these twin apartment buildings offer a value-add opportunity. The property consists of 44 units across two identical buildings situated next to each other. One building operates at 95% occupancy and is expected to generate cash flow immediately. Approximately 50% of the occupied units are supported by CMHA or Eden, providing guaranteed monthly rent, particularly beneficial during renovations at the adjacent building. There is an opportunity to reduce heating expenses by converting the boiler heat to electric mini splits during unit turnovers. Electrical systems have been upgraded to breakers, and all windows are vinyl. Recent capital improvements include $80,000 spent on the roof of one building this year, with a total of $260,000 invested in both buildings over the past 12 months. The location is advantageous for tenants, offering proximity to highways, public transportation, job opportunities, and the zoo. The property is being sold with an additional parcel.
Location Intelligence

Current Use by Public Records

Apartment buildings

Suggested Use

Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Dental Office Nail Salon Building Supply Gym & Fitness Center Daycare Center

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

  • Map
  • Local Demand
City
Cleveland
County
Cuyahoga
State
Ohio
Longitude
-81.7047926
Latitude
41.4524535

FAQs

What type of property is this?
Apartment building - Twin apartment buildings with value-add potential in a prime location.
Where is this apartment building located?
The property is located at 3209 Archwood Avenue Cleveland, OH.
What is the asking price?
The asking price for this property is $2,499,000.
What are key features of this property?
This property features: Significant value‑add opportunity: 12 vacant units offer immediate potential to increase rental income by $300,000+ per year.; High‑demand location in a rapidly appreciating Cleveland market near Downtown, Metro Hospital, and trendy areas.; Immediate cash flow: One building (3311) is operating at 95% occupancy.
More about this property
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Please enter message