801 Literary Rd Cleveland, OH 44113-4438

Property Details for 801 Literary Rd

Year built

1913

Construction

WOOD

Lot size

0.05 lot acres

Property size

3,900 SF

Zone code

GR

Property type

Warehouses

APN

004-16-071

APU

416071

Description

This exceptional mixed-use property in Cleveland's vibrant Tremont neighborhood presents a compelling investment opportunity. The 3,900 square foot building, constructed in 1913, sits on a 0.05-acre lot (APN 004-16-071) and is zoned for commercial use. Currently generating substantial rental income from a thriving hair salon and a stylishly updated apartment, this property offers significant potential for increased revenue. The ground floor salon features six styling stations, a bathroom, and a kitchen/break area, with potential for conversion into a separate unit. The second floor apartment boasts a modern industrial aesthetic, including a spacious kitchen, living room, laundry room, two bedrooms, and two bathrooms. A luxurious master suite with a heated bathroom floor is located on the third floor, with the possibility of creating a third separate unit by enclosing the soffit. Three balconies offer stunning downtown views. Six parking spaces are included. The salon currently generates $2,892 in monthly rent, and the apartment generates $3,914, both with a 3% annual rent increase. This property is ideal for investors seeking multiple income streams or homeowners looking to offset mortgage costs, capitalizing on Tremont's growing demand for residential and commercial space. The asking price is $1,450,000 ($371.79/sq ft).

Location Insight

City

Cleveland

County

Cuyahoga

State

Ohio

Longitude

-81.6859

Latitude

41.4819

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments