5058 Broadway Ave Cleveland, OH 44127

Property Details for 5058 Broadway Ave

Year built

1963

Lot size

0.24 lot acres

Property size

6,927 SF

Property type

Small apartment buildings

Description

This well-maintained, 12-unit apartment building in Cleveland, Ohio presents a compelling investment opportunity. Located on Broadway Avenue, a designated RTA priority corridor, this three-story building boasts 6,927 square feet on a 0.24-acre lot. Built in 1963 and recently renovated (within the last 1-3 years), the property includes ten one-bedroom and two two-bedroom units, with a current occupancy rate of 92%. Four units participate in the CMHA program. The building's strong financial performance is reflected in its current NOI of $53,505 and a pro-forma NOI of $64,126, translating to an 8.23% cap rate and a pro-forma cap rate of 9.87%. The asking price is $650,000, or $54,167 per unit, and the price per square foot is $93.84. The property's convenient location near downtown Cleveland and various neighborhood amenities makes it highly attractive to renters. Utilities are split between owner (water, sewer, trash, gas for heating and hot water) and tenants (electricity). This stabilized investment offers a strong return and significant upside potential. The property's location on a major transportation corridor further enhances its long-term value and appeal. This turnkey opportunity is ideal for investors seeking a stable, high-performing asset in a growing Cleveland neighborhood.