1672 Lockwood Ave East Cleveland, OH 44112

Property Details for 1672 Lockwood Ave

Year built

1915

Property size

5,864 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a fully occupied six-unit apartment building located at 1672 Lockwood Ave, East Cleveland, Ohio 44112. The property boasts 5,864 square feet on a 4,800 square foot lot and features a mix of four two-bedroom and two one-bedroom units. Each unit includes basement storage. Substantial renovations were completed in 2020 and 2024, encompassing electrical, plumbing, and mechanical upgrades throughout. The building, constructed in 1915, is a three-story brick structure with six on-site parking spaces. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $24,096, representing a 10.71% capitalization rate. Pro forma NOI is projected at $28,816, yielding a 12.81% cap rate. The asking price is $225,000, or $37,500 per unit, and $38.37 per square foot. The property is zoned for multi-family use and benefits from a city-granted easement of exclusive use to an adjacent vacant lot, providing potential for additional parking or other uses. This stabilized investment presents a compelling opportunity for immediate cash flow and future appreciation potential, situated conveniently just half a mile from University Circle. The property is classified as a Class C multifamily building.