14036 Superior Rd East Cleveland, OH 44118

Property Details for 14036 Superior Rd

Year built

1923

Lot size

0.24 lot acres

Property size

27,908 SF

Property type

Commercial real estate

Description

This 27,908 square foot, four-story apartment building located at 14036 Superior Rd, East Cleveland, OH 44118, presents a compelling value-add investment opportunity. Built in 1923, the property features 23 units: 10 two-bedroom, one-bathroom units (approximately 900 sq ft each) and 13 one-bedroom, one-bathroom units (approximately 850 sq ft each). Currently 82% occupied (19 of 23 units), the building sits on a 0.24-acre lot and includes 10 parking spaces. Recent capital improvements include a refreshed boiler system, roof patching with a five-year warranty, parapet wall repairs, and updated paint, flooring, and bathrooms in 80% of the units. The property benefits from a stable tenant base, with 63% of gross income derived from subsidy-based tenants. Landlord-paid utilities include heat, trash, water, and sewer. A large on-site manager's suite offers potential conversion to a rental unit or office space. The existing laundry room with six or more hookups presents an opportunity to generate additional income. The projected net annual operating income at 90% occupancy and market rents, after accounting for real estate taxes and an 8% management fee, is $104,085, representing a 9.68% capitalization rate at the asking price of $1,075,000 ($46,739 per unit). Significant income growth potential exists through increased occupancy, unit conversions (dining areas to bedrooms), and laundry facility development. The property's location in the Forest Hills neighborhood, adjacent to Forest Hills Park and bordering East Cleveland and Cleveland Heights, offers convenient access to I-90, Mayfield Road, Little Italy, Case Western Reserve University, the Cleveland Clinic, and the Coventry Shopping district. Public transportation is readily available.