2899 Hampton Rd Cleveland, OH 44120

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.