2899 Hampton Rd Cleveland, OH 44120

Property Details for 2899 Hampton Rd

Year built

1930

Lot size

0.25 lot acres

Property size

30,000 SF

Property type

Commercial real estate

Description

This exceptional multifamily investment opportunity presents a unique 28-unit apartment building in Cleveland, Ohio, situated on a 0.25-acre lot. The property, comprised of four three-story buildings, boasts a classic Tudor architectural style, offering 28 spacious units ranging from 600 to 1300 square feet. Built in 1930 and renovated in 2019, 2020, and 2021, the property features a total of 30,000 square feet, with 28,000 square feet of net rentable space. Currently operating at 90% occupancy, the property generates a Net Operating Income (NOI) of $145,500, representing a 5.40% cap rate. However, a pro-forma analysis projects a significant increase in NOI to $268,900 and a 9.98% cap rate, highlighting the value-add potential. The asking price is $2,695,000, translating to $96,250 per unit and $89.83 per square foot. The property is zoned for multifamily use (MF) and enjoys a prime location minutes from the Cleveland Clinic, University Circle, and Case Western Reserve University. This presents a compelling opportunity for investors seeking a strong cash flow with significant upside potential in a desirable Cleveland location. The property's unique architectural character and spacious units provide a competitive advantage in the market. One additional pad is also available.