1672 Lockwood Ave East Cleveland, OH 44112

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.