12700 Shaker Blvd Cleveland, OH 44120
- Commercial real estate
- 115,748 SF
Current Use by Public Records
- Shaker Hall / Apartment Building
Property Details for 12700 Shaker Blvd
- Year built
- 1940
- Property size
- 115,748 SF
- Property type
- Commercial real estate
Description
Shaker Hall Apartments, a seven-story elevator building located at 12700 Shaker Blvd in Cleveland, Ohio's Shaker Square neighborhood (zip code 44120), presents a compelling value-add investment opportunity. This multifamily property boasts 103 units within a 115,748 square foot building constructed in 1940. The property currently enjoys a 92% occupancy rate and commands an attractive 7.01% capitalization rate with an asking price of $7,000,000. Significant capital improvements exceeding $700,000 have been completed within the last two years, encompassing suite and common area renovations, elevator upgrades, and roof replacements. Amenities include on-site garage parking and coin-operated laundry facilities. The building is zoned for multi-family use. The owner currently covers gas heat, electricity, water, and sewer utilities. Shaker Hall benefits from its prime location, offering residents proximity to numerous restaurants and shops within Shaker Square, as well as convenient access to downtown Cleveland, University Circle, and major employers via both car and public transportation. This property represents a strong investment in a desirable and thriving Cleveland submarket. The building consists of one structure.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Cleveland
- County
- Cuyahoga
- State
- Ohio
- Longitude
- -81.5945925
- Latitude
- 41.4835096
