4812 Lee Rd Cleveland, OH 44128
- Commercial real estate
- 14,400 SF
Current Use by Public Records
- Commercial real estate
Property Details for 4812 Lee Rd
- Year built
- 1939
- Property size
- 14,400 SF
- Property type
- Commercial real estate
Description
This well-maintained 16-unit apartment building, located at 4812 Lee Rd in Cleveland, Ohio (44128), presents a compelling investment opportunity. Built in 1939, the property boasts a total of 14,400 square feet, with each unit offering a spacious 900-square-foot, two-bedroom floor plan. The asking price is $1,225,000, translating to $85 per square foot and $76,563 per unit. The property benefits from numerous recent capital expenditures, including substantial unit renovations, new roofs, gutters, downspouts, landscaping, and updated signage. Individual utility metering and in-suite washer/dryer hookups enhance tenant convenience. Current in-place rents average $50-$125 below market competitors, suggesting significant upside potential. The property enjoys a prime location, minutes from major employment centers, public transportation, and key thoroughfares such as I-480, I-271, and I-77. Furthermore, it's conveniently situated only 20 minutes from Downtown Cleveland. This property is owned by a private West Coast investor and offers a rare chance to acquire a well-maintained, multifamily asset in a desirable Cleveland location. The property is situated in Cuyahoga County.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Cleveland
- County
- Cuyahoga
- State
- Ohio
- Longitude
- -81.5651826
- Latitude
- 41.4286199
