884 Parkwood Dr Cleveland, OH 44108

This distressed multifamily property, Parkwood Apartments, presents a compelling investment opportunity in Cleveland, Ohio. The 13-unit apartment building, totaling 16,824 square feet, sits on a 0.75-acre lot and boasts a pro-forma net operating income (NOI) of $132,269. Currently classified as Class D, the property offers significant value-add potential. Built in 1910, the all-brick structure comprises three interconnected two-story buildings. Demolition is largely complete, allowing the next owner to finalize existing plans for 1-bedroom, 2-bedroom, and 3-bedroom apartments, all separately metered. The property features high ceilings, four-season rooms, abundant natural light, and charming fireplaces. A common basement includes storage lockers and a laundry room, with potential for an additional apartment. The L-shaped site includes four vacant lots zoned for multifamily or residential use, ideal for parking or future development. Comprehensive site plans, architectural drawings, and environmental reports are available, saving the buyer considerable time and expense. The property's location in the growing Glenville neighborhood offers easy highway access and proximity to major hospitals, schools, and cultural attractions including University Hospitals Rainbow Babies & Children's Hospital, the Cleveland Museum of Art, and Rockefeller Park. The asking price is $359,900. The property's address is 884 Parkwood Dr, Cleveland, OH 44108. The APN is 10827061, 1027020, 10827021, 10827022, 10827023.