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    15632 Euclid Ave East Cleveland, OH 44112

    Sponsored
    For Sale
    $899,000

    51-Unit Value-Add Opportunity in Ohio

    Property size:
    34,332 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    393
    This 51-unit apartment building, located at 15632 Euclid Ave, East Cleveland, OH 44112, presents a compelling value-add investment opportunity. The property, built in 1927, comprises 34,332 square feet across four stories, sitting on a 0.343-acre lot (APN 673-11-007). Currently vacant, it offers a clean shell ready for complete rehabilitation. The building is zoned 4080 - APTS 40+ U, allowing for a high-density apartment configuration. The asking price is $899,000, translating to $17,627 per unit and $26.19 per square foot. While the current NOI is $0 due to vacancy, the pro-forma NOI is projected at $302,940, resulting in a pro-forma cap rate of 33.70%. The property's unit mix includes 50 one-bedroom units and one two-bedroom unit. Its location provides easy access to public transportation, catering to the high demand for one-bedroom rentals in the area. This presents a fantastic opportunity for investors seeking significant returns through value-add renovations. The property's substantial size and potential for high occupancy make it an attractive investment prospect. Further details are available upon request.

    Property Features for 15632 Euclid Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    34,332 SF
    Class
    C
    Lot Size
    14,941 SF

    Building Details

    Year Built
    1927
    Stories
    4
    Units
    51

    HighLights

    • Exceptional Value‑Add Opportunity.
    • High demand for one‑bedroom rentals.
    • Excellent public transportation access.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    East Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.571789379249
    Latitude
    41.540085161601

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    FAQs

    What type of property is this?
    Multifamily property - 51-Unit Value-Add Opportunity in Ohio
    Where is this multifamily property located?
    The property is located at 15632 Euclid Ave East Cleveland, OH.
    What is the asking price?
    The asking price for this property is $899,000.
    What are key features of this property?
    This property features: Exceptional Value-Add Opportunity.; High demand for one-bedroom rentals.; Excellent public transportation access.
    Request Owner's contact information
    15632 Euclid Ave East Cleveland, OH 44112
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    East Cleveland, OH 44112
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    15632 Euclid Ave East Cleveland, OH 44112
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