15951 Nelacrest Rd, East Cleveland, OH 44112 For Sale

NELACREST GARDEN APARTMENTS

60 UNIT GARDEN APARTMENT BUILDING

50 TWO BEDROOM APARTMENTS | 10 ONE BEDROOM APARTMENTS

Nelacrest Apartments is a 60-unit garden-style multifamily community located at 15951–15991 Nelacrest Road in East Cleveland, Ohio, offered at a highly competitive entry price of $3,000,000 ($50,000 per unit). The property consists of five buildings with a unit mix of 50 two-bedroom and 10 one-bedroom apartments, originally constructed in 1955 and significantly improved over past three years with approximately $750,000+ in capital expenditures, including renovations to interiors, roofs, common areas, and site improvements. Current rents range from approximately $625 to $750 for one-bedroom units and $725 to $1,150 for two-bedroom units, with renovated units consistently achieving higher rent levels, while several vacant units present immediate lease-up upside. The property is currently generating approximately $431,000 in annual income. On a stabilized basis, gross income is projected to reach approximately $580,000, supporting a pro forma cap rate approaching the 9.5% to 10% range. The asset last traded in July 2024 for $3.075 million, positioning the offering near basis with meaningful remaining upside through continued unit renovations, lease-up of vacancy, and rent optimization.

RCA | RUSSELL COMMERCIAL ADVISORY | RUSSELL REAL ESTATE SERVICES | DISCLAIMER: PHOTOGRAPHS IN MARKETING MATERIALS ENHANCED WITH RENDERING TECHNIQUES | NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE TO THE ACCURACY OR COMPLETENESS OF THE PHOTOGRAPHY. RENDERINGS OR INFORMATION PRESENTED OR CONTAINED HEREIN, AND SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, WITHDRAWAL WITHOUT NOTICE, AND TO ANY SPECIAL LISTING CONDITIONS IMPOSED BY THE PROPERTY OWNER(S). AS APPLICABLE, WE MAKE NO REPRESENTATION AS TO THE CONDITION OF THE PROPERTY (OR PROPERTIES) IN QUESTION. THE MARKETING INFORMATION AND/OR INFORMATION SUBMITTED HEREIN IS NOT GUARANTEED. ALTHOUGH OBTAINED FROM RELIABLE RESOURCES, IT IS SUBJECT TO ERRORS, OMISSIONS, PRIOR SALE AND WITHDRAWAL FROM THE MARKET WITHOUT NOTICE. BROKER HAS MADE NO INVESTIGATION AND MAKES NO REPRESENTATION OF THE PROPERTY. THE INFORMATION CONTAINED HEREIN IS SUBJECT TO INSPECTION AND VERIFICATION BY ALL PARTIES RELYING ON IT. NO LIABILITY FOR ITS INACCURACY, ERRORS OR OMISSIONS IS ASSUMED BY THE SELLER OR BROKER. ALL ACREAGE, SQUARE FOOTAGE, AND DIMENSIONS ARE APPROXIMATE. THIS OFFERING MAYBE WITHDRAWN, MODIFIED, OR CANCELED WITHOUT NOTICE AT ANY TIME. PROPERTY IS SUBJECT TO PRIOR SALE. THIS IS NOT A SOLICITATION OR OFFERING TO RESIDENTS OF ANY STATE OR JURISDICTION WHERE PROHIBITED BY LAW.