15632 Euclid Ave East Cleveland, OH 44112
- Commercial real estate
- 34,332 SF
- 0.34 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 15632 Euclid Ave
- Year built
- 1927
- Lot size
- 0.34 lot acres
- Property size
- 34,332 SF
- Property type
- Commercial real estate
- APN
- 673-11-007
Description
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- East Cleveland
- County
- Cuyahoga
- State
- Ohio
- Longitude
- -81.571789379249
- Latitude
- 41.540085161601
