16226 Arcade Ave, Cleveland, OH 44110

Located just steps from the vibrant Waterloo Arts District, this newly updated 5-unit apartment building offers a rare opportunity to own a well positioned asset in one of Cleveland’s most creative and rapidly growing neighborhoods.

The property features a diverse unit mix, including a spacious 3 bedroom unit , two 2 bedroom units, one 1 bedroom, and one studio, appealing to a wide range of tenants and maximizing rental flexibility. Recent updates such as kitchen, baths, floors, vinyl windows and paint enhance both the functionality and appeal of the building. All of the mechanicals and roof are less then 10 years old and each unit has its own furnace. No immediate capex needed.

Currently fully occupied and bringing in over 40,000 / year with a proforma income over $60,000 annually. Additional $80/ mo from storage rental in the garages. Switching to a tenant garage fee would generate more income and offer an additional amenity to 3 tenants.

All tenants are M2M allowing you to capitalize on the proforma income immediately after ownership.

Tenants pay gas and electric and taxes in this area are lower, creating more significant income. Trash is $90/mo, insurance 250/ mo and taxes just over $4000/ year. The owner currently operates below a 40% expense ratio.

Tenants will enjoy multiple parking options with a RARE detached 3 car garage, a private driveway, and ample street parking. Whether you're looking for a stabilized investment or a value add opportunity in a high demand rental corridor, this property delivers location, versatility, and long term upside.