Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    2899 Hampton Rd Cleveland, OH 44120

    For Sale
    $2,695,000

    Cleveland Multifamily Value-Add Opportunity

    Property size:
    30,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    367
    This exceptional multifamily investment opportunity presents a unique 28-unit apartment building in Cleveland, Ohio, situated on a 0.25-acre lot. The property, comprised of four three-story buildings, boasts a classic Tudor architectural style, offering 28 spacious units ranging from 600 to 1300 square feet. Built in 1930 and renovated in 2019, 2020, and 2021, the property features a total of 30,000 square feet, with 28,000 square feet of net rentable space. Currently operating at 90% occupancy, the property generates a Net Operating Income (NOI) of $145,500, representing a 5.40% cap rate. However, a pro-forma analysis projects a significant increase in NOI to $268,900 and a 9.98% cap rate, highlighting the value-add potential. The asking price is $2,695,000, translating to $96,250 per unit and $89.83 per square foot. The property is zoned for multifamily use (MF) and enjoys a prime location minutes from the Cleveland Clinic, University Circle, and Case Western Reserve University. This presents a compelling opportunity for investors seeking a strong cash flow with significant upside potential in a desirable Cleveland location. The property's unique architectural character and spacious units provide a competitive advantage in the market. One additional pad is also available.

    Property Features for 2899 Hampton Rd

    General Information

    Property type
    Multifamily properties
    Square Feet
    30,000 SF
    Class
    C
    Lot Size
    10,890 SF

    Building Details

    Year Built
    1930
    Buildings
    4
    Stories
    3
    Units
    28

    HighLights

    • 28‑unit multifamily property in Cleveland, OH on a 0.25‑acre lot.
    • Classic Tudor‑style building, totaling 30,000 square feet with 28,000 square feet of net rentable space; units range from 600 to 1,300 square feet.
    • Renovated in 2019, 2020, and 2021; currently 90% occupied with a $145,500 NOI and 5.40% cap rate.
    • Pro forma analysis projects $268,900 NOI and a 9.98% cap rate; $2,695,000 asking price ($96,250 per unit, $89.83 per square foot).
    • Prime location near Cleveland Clinic, University Circle, and Case Western Reserve University; zoned MF; one additional pad available.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Food Market Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.589346
    Latitude
    41.4799079

    Nearby Similar for Sale

    • New
      $485,000
      0.08 Acres

      Portfolio of Four Cleveland Properties

      Four properties with income potential in Cleveland and Lorain, Ohio.
      6306 Flowerdale Ave, Cleveland, OH 44144
      View Details
    • $148,500
      Pending

      Renovated Tenant-Occupied Triplex For Sale

      Completely renovated, tenant-occupied triplex with strong rental income.
      12322 Fairport Ave, Cleveland, OH 44118
      View Details
    • $148,500
      Pending

      Renovated Tenant-Occupied Cleveland Triplex

      Completely renovated, tenant-occupied triplex with strong rental income.
      12322 Fairport Ave, Cleveland, OH 44118
      View Details
    • New
      $485,000
      0.08 Acres

      Updated Multifamily Portfolio Opportunity

      Four-property portfolio with income potential and recent updates.
      6306 Flowerdale Ave, Cleveland, OH 44144
      View Details
    • $300,000
      Pending

      Charming Edgewater Duplex with Updates

      Well-maintained duplex in Edgewater with turnkey investment potential.
      10211 Baltic Rd, Cleveland, OH 44102
      View Details
    • $579,900
      0.10 Acres

      Renovated Triplex in Ohio City

      Completely renovated, tax abated triplex near West 25th Street.
      3823 John Ave, Cleveland, OH 44113
      View Details

    FAQs

    What type of property is this?
    Multifamily property - Cleveland Multifamily Value-Add Opportunity
    Where is this multifamily property located?
    The property is located at 2899 Hampton Rd Cleveland, OH.
    What is the asking price?
    The asking price for this property is $2,695,000.
    What are key features of this property?
    This property features: 28-unit multifamily property in Cleveland, OH on a 0.25-acre lot.; Classic Tudor-style building, totaling 30,000 square feet with 28,000 square feet of net rentable space; units range from 600 to 1,300 square feet.; Renovated in 2019, 2020, and 2021; currently 90% occupied with a $145,500 NOI and 5.40% cap rate.
    Request Owner's contact information
    2899 Hampton Rd Cleveland, OH 44120
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2899 Hampton Rd
    Cleveland, OH 44120
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    2899 Hampton Rd Cleveland, OH 44120
    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
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.