14-UNIT UPDATED CASH FLOWING MULTIFAMILY
Stabilized 13-Unit Apartment Building
Marketing description
1933 Lee Road | “Nineteen 33” Luxury Apartments
Cleveland Heights | Cain Park District
Offering Summary
Introducing Nineteen 33, a beautifully preserved 14-unit multifamily property in the heart of Cleveland Heights’ Cain Park district—an area seeing major private and municipal investment. The property blends classic Victorian architecture with extensive modern mechanical and cosmetic upgrades, offering both stabilized cash flow and measurable upside.
Property Highlights
14 Total Units — 12 large luxury apartments + 2 additional bonus units
New Roof
New Boiler Heating System
Recent CapEx: new windows throughout (2021), new digital meters & electrical panels, updated plumbing, new boiler system, and multiple renovated kitchens/baths
Numerous value-add improvements completed, including 7 fully rehabbed units and a basement conversion
Off-street private parking with additional guest spaces
Current Rents Below Market: Existing rents avg. $855 vs. market rents of $950–$975 per unit
Projected Annual Income: $143,760 | Net Operating Income: $90,964
High-Impact Drivers of Value
Prime Cleveland Heights location across from Cain Park, walkable to coffee shops, boutiques, and restaurants
Rapidly improving neighborhood anchored by new multifamily Class A development along Cedar Road
Strong local tenant base and proximity to synagogues, cultural centers, and major employers
Remaining upside with completion of final (14th) unit and potential rent repositioning
Investment Summary
Nineteen 33 offers investors a rare opportunity to acquire a fully occupied, mechanically updated Cleveland Heights asset with meaningful rent growth potential. The current owner has executed heavy capital improvements, leaving primarily cosmetic enhancements and rent alignment to market levels for the next operator.
Investment highlights
Strong Market Fundamentals
Cleveland ranks among the nation’s most resilient multifamily markets, driven by low entry costs, steady rent growth, and demand outpacing new supply.
Interest rates have begun to trend downward, restoring investor confidence and fueling renewed multifamily acquisition activity.
The Cleveland Heights submarket continues to outperform—tight vacancy, high retention, and a consistent influx of renters seeking walkable, amenity-rich neighborhoods.
Stabilized Income with Clear Upside
Current Gross Income: $143,760
Net Operating Income: $90,964
Below-Market Rents: Average in-place rent of $855 with market comparables achieving $950–$975+ per unit.
Completion of the final unit and light interior upgrades offer immediate value-add potential without major capital exposure.
Extensive Capital Improvements
Major CapEx completed including new boiler system, all new windows, updated electric panels, plumbing, and unit renovations.
Seven units fully rehabbed, with numerous cosmetic and mechanical upgrades throughout the building.
Modernized mechanicals and improved energy efficiency minimize future maintenance costs.
Prime Cleveland Heights Location
Ideally situated steps from Cain Park, surrounded by boutique retail, restaurants, and cafes along Lee and Cedar Roads.
Strong, established community with high owner-occupancy, long-term tenants, and excellent public amenities.
Proximity to University Circle, Cleveland Clinic, Case Western Reserve University, and major employment corridors.
Recession-Resilient Asset Class
Multifamily housing continues to outperform other commercial sectors due to stable occupancy, essential demand, and long-term rent durability.
Cleveland’s affordable rent-to-income ratio and diverse tenant base provide insulation from economic volatility, offering reliable cash flow in all cycles.
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