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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1933 Lee Rd Cleveland Heights, OH 44118

    • Small apartment buildings
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-5339995
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Small apartment buildings

    Property Details for 1933 Lee Rd

    Property type
    Small apartment buildings

    Description

    This exceptional investment opportunity presents a 12-unit apartment building located at 1933 Lee Road, Cleveland Heights, Ohio, 44118. The property, a solid brick structure, boasts a mix of recently renovated units and long-term tenants, ensuring a stable income stream with significant growth potential. While the exact square footage is unavailable, the building sits on a 0.289-acre lot. The current occupancy rate is approximately 70%, generating substantial cash flow. Detailed financial information, including rent rolls and expense reports, will be provided upon request to qualified buyers. This multifamily property offers a compelling blend of immediate returns and long-term appreciation. The recent renovations to many units have allowed for increased rental rates, enhancing the overall profitability. The property's location in Cleveland Heights provides convenient access to local amenities and transportation. This is an ideal acquisition for investors seeking a proven, cash-flowing asset with room for further value enhancement and increased profitability. The opportunity to acquire a well-maintained, income-producing property in a desirable location like Cleveland Heights is rare and should not be missed. Serious inquiries only.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland Heights
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.5651046
    Latitude
    41.5067819

    Comparable in this City

    • $794,000

      Cleveland Heights Brick Apartment Complex

      14-unit apartment complex near Downtown Cleveland and universities.
      14174 Superior Rd, Cleveland, OH 44118
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    • $309,900
      Pending

      Cleveland Heights Duplex Investment Opportunity

      Side-by-side duplex near Cedar/Lee district with updates throughout.
      3331 Cedarbrook Rd, Cleveland Heights, OH 44118
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    • $290,000
      1,889 SF

      Cleveland Heights Multifamily Investment Opportunity

      Four-bedroom home with income potential in a walkable neighborhood.
      1686 Lee Rd, Cleveland, OH 44118
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    • $309,900
      3,278 SF

      Updated Triplex in Cleveland Heights

      Well-maintained triplex with updated units, new roof, and plumbing.
      1676 Glenmont Rd, Cleveland Heights, OH 44118
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    • New
      $175,000
      2,864 SF

      East Cleveland Multifamily Investment Opportunity

      Three-unit property with income potential near University Circle.
      1526 Eddington Rd, Cleveland, OH 44118
      View Details
    • $328,888
      3,474 SF

      Updated Cleveland Heights Duplex

      Income-generating duplex in Cleveland Heights, ideal for investors or owner-occupants.
      3423 Beechwood Ave, Cleveland, OH 44118
      View Details

    Similar Nearby for Sale

    • $794,000

      Cleveland Heights Brick Apartment Complex

      14-unit apartment complex near Downtown Cleveland and universities.
      14174 Superior Rd, Cleveland, OH 44118
      View Details
    • $309,900
      Pending

      Cleveland Heights Duplex Investment Opportunity

      Side-by-side duplex near Cedar/Lee district with updates throughout.
      3331 Cedarbrook Rd, Cleveland Heights, OH 44118
      View Details
    • $290,000
      1,889 SF

      Cleveland Heights Multifamily Investment Opportunity

      Four-bedroom home with income potential in a walkable neighborhood.
      1686 Lee Rd, Cleveland, OH 44118
      View Details
    • $309,900
      3,278 SF

      Updated Triplex in Cleveland Heights

      Well-maintained triplex with updated units, new roof, and plumbing.
      1676 Glenmont Rd, Cleveland Heights, OH 44118
      View Details
    • New
      $175,000
      2,864 SF

      East Cleveland Multifamily Investment Opportunity

      Three-unit property with income potential near University Circle.
      1526 Eddington Rd, Cleveland, OH 44118
      View Details
    • $328,888
      3,474 SF

      Updated Cleveland Heights Duplex

      Income-generating duplex in Cleveland Heights, ideal for investors or owner-occupants.
      3423 Beechwood Ave, Cleveland, OH 44118
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Land for Rent in Cleveland

      Land available for rent in a dense Cleveland suburb.
      3640 Mayfield Rd, Cleveland, OH 44118
      View Details
    • Contact for pricing
      7,025 SF

      JCU Gateway Retail Opportunity

      Prime University Heights Retail Space
      2639 Warrensville Ctr Rd, University Heights, OH 44118
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      43,018 SF

      University Heights Retail Center

      Prime Retail Space, Multiple Units Available
      2193 Taylor Rd, University Heights, OH 44118
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      317,266 SF

      Oakwood Commons Retail Center

      Prime South Euclid Shopping Center Space Available
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      1,800 SF

      Retail Space in Cleveland Heights

      Retail space available in a busy Cleveland Heights neighborhood.
      1800-1836 Coventry Rd, Cleveland Heights, OH 44118
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    • Contact for pricing
      55,000 SF

      Severance Town Center Retail Space

      125,000 SF retail space in Severance Town Center.
      3452-3640 Mayfield Rd, Cleveland Heights, OH 44118
      View Details
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    1933 Lee Rd
    Cleveland Heights, OH 44118
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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