16703 HARVARD AVE Cleveland OH 44128-2254

Well-maintained 6-unit multifamily property featuring a desirable unit mix of three 2-bedroom apartments and three 1-bedroom apartments.

Only one unit is currently vacant (can be leased prior to closing). The remaining units are occupied, including long-term residents, with one unit on a month-to-month lease.

Recent capital improvements include a new sealed roof (2024), new hot water heater, and a foundation moisture barrier installed at the rear of the building, along with updated flooring, paint, and select appliances. The property also features an on-site parking lot. Tenants pay gas and electricity; the owner covers water, sewer, and trash. This is a low-maintenance, income-producing multifamily investment in strong rental condition with upside potential. No showings without a written offer.

• 6-unit multifamily asset with a strong unit mix: 3 one-bedroom / 3 two-bedroom
  
  

• In-place NOI: approximately $43,068 annually
  
  

• Offered at $525,000, delivering an in-place cap rate of approximately 8.2%
  
  

• Value-add opportunity with immediate upside through leasing the vacant unit and optimizing rents, enhancing cash flow and overall return
  
  

• Tenants pay gas and electric; owner covers water/sewer, common electric, insurance, taxes, and maintenance
  
  

• Recent capital improvements enhance long-term performance and reduce future CapEx:
  
  

  • New sealed roof with built-in drains (2024)
    
    

  • New hot water heater
    
    

  • Foundation moisture barrier installed at rear of building ($10,000)
    
    

  • Updated flooring, paint, and select appliances
    
    

• On-site parking lot
  
  

Well-maintained, income-producing property with immediate cash flow and value-add potential through lease-up of vacant unit and rent optimization