1376 112Th St Cleveland, OH 44102
- Apartment buildings
- 54,828 SF
- 0.32 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 1376 112Th St
- Year built
- 1910
- Lot size
- 0.32 lot acres
- Property size
- 54,828 SF
- Property type
- Apartment buildings
Description
This exceptional 34-unit apartment building presents a compelling investment opportunity in Cleveland, Ohio. Located at 1376 W 112th St, this Class B, stabilized multifamily property boasts 54,828 square feet on a 0.321-acre lot. Built in 1910 and extensively renovated in 2019 (including new windows, roof, and exterior brickwork), the three-story building currently enjoys a 95% occupancy rate, generating a Net Operating Income (NOI) of $113,000, with a pro-forma NOI of $140,000. The asking price is $2,200,000, representing a price per square foot of $40.13 and a price per unit of $64,705.88. The property features on-site laundry facilities (equipment owned by the seller), and a boiler replacement is scheduled for May 2023. Situated in an improving neighborhood with high renter demand and proximity to the Detroit Avenue commercial corridor near the Lakewood border, this asset offers a strong current return (5.14% cap rate) and significant upside potential (6.36% pro-forma cap rate). Cleveland's resilient market and the property's strong historical occupancy make this a truly attractive investment prospect. The property's location within a revitalizing area, characterized by new food, lifestyle, and entertainment options, further enhances its long-term value.
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
- Cleveland
- County
- Cuyahoga
- State
- Ohio
- Longitude
- -81.7652
- Latitude
- 41.4833
