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2899 Hampton Rd Cleveland, OH 44120

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Cleveland Multifamily Value-Add Opportunity

Property size:
30,000 SF

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

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Listing Contact
Justin L Campbell
Justin L Campbell

Listing Agency: Russell Real Estate Services Listing Agent: Justin L Campbell

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

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Property Insight Report

Overview

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 Profile Insight Report Location Intelligence

Current Use by Public Records

Commercial real estate

Suggested Use

Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

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

Location Insight

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

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.
(440) 892-2211 Call to check price and availability
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