2549 Kenilworth Rd Cleveland Heights, OH 44106

Property Details for 2549 Kenilworth Rd

Year built

1920

Property size

14,420 SF

Property type

Apartment buildings

Description

This 7-unit apartment building in Cleveland Heights, Ohio, offers a compelling investment opportunity. Located at 2549 Kenilworth Rd, this three-story, 14,420 square foot building, constructed in 1920, boasts a prime location minutes from Case Western Reserve University, Notre Dame College, John Carroll University, University Hospitals, and the Cleveland Clinic. Currently generating $9,920 in monthly income ($56,432 NOI) with a 6.38% cap rate, the property presents significant upside potential. Pro-forma projections indicate a NOI of $68,555 and a 7.75% cap rate, achievable through minor cosmetic upgrades and lease adjustments. All seven units are currently occupied and feature spacious layouts with hardwood floors, in-suite laundry, and kitchens with peninsula islands. Some units have recently undergone renovations, including refinished hardwood floors, updated bathrooms, and fresh paint. Five garage spaces provide additional tenant parking. Separate electric meters for each unit simplify utility management. The building's strong location, combined with its current income and potential for increased profitability, makes this a highly attractive investment. The asking price is $885,000 ($126,428.57 per unit and $61.37 per square foot).

Location Insight

City

Cleveland Heights

County

Cuyahoga

State

Ohio

Longitude

-81.5892

Latitude

41.5084