889 E 143RD ST Cleveland OH 44110-3442

Value-Add 4-Unit with 15% Proforma Cap Rate Potential

889 E 143rd is a true value-add multifamily opportunity positioned just south of the growing Collinwood Arts District. This 4-unit building consists entirely of spacious 2-bedroom units and offers investors the chance to significantly increase cash flow while stepping into a property where many major capital improvements have already been completed.

Once stabilized and brought to market rents of $950+/unit, the property is projected to produce a proforma cap rate near 15%, creating substantial upside through lease-up and improved management alone.

Major Updates Completed

• New roof (2025)
• Unit 3: all new windows (2025)
• All hot water tanks replaced (2026)
• All furnaces serviced and operating well (2026)
• Electrical cleaned up and improved
• Thousands invested into pest-proofing and remediation

Current Unit Status

• Unit 1: Non-paying tenant; eviction needed
• Unit 2: Long-term tenant paying $475/mo + $50 water reimbursement
• Unit 3: Vacant, cleaned out, ready for light cosmetic updates before placement
• Unit 4: Paying $800/mo

Why Investors Will Like It

• Significant rental upside
• Light-to-moderate stabilization strategy
• Major mechanical updates already completed
• Strong cash flow potential after stabilization
• Affordable basis with room to force appreciation

Area Highlights

Located near the shops, galleries, restaurants, and nightlife of the Collinwood Arts District, including local favorite Six Shooter Coffee. The property also benefits from proximity to Euclid’s major waterfront redevelopment initiative focused on expanding public Lake Erie access and revitalizing the surrounding area.

Ideal for investors seeking strong future returns, manageable renovations, and long-term appreciation potential in one of Northeast Ohio’s evolving east side corridors.

Property Highlights

• Proforma 15% cap rate once stabilized at market rents of $950+/unit
• Significant value-add opportunity through lease-up, rent increases, and expense optimization
• All units are spacious 2-bedroom layouts with strong long-term rental demand
• Current upside through eviction of non-paying tenant and placement of vacant unit
• Unit 3 already cleaned out and ready for light cosmetic updates before lease-up
• New roof installed in 2025
• Unit 3 features all new windows (2025)
• All hot water tanks replaced in 2026
• All furnaces serviced and operating well in 2026
• Electrical system cleaned up and improved
• Thousands invested into pest-proofing and remediation
• Opportunity to increase utility reimbursements and improve NOI
• Located near the growing Collinwood Arts District
• Minutes from Six Shooter Coffee, local restaurants, galleries, and nightlife
• Benefits from nearby Euclid waterfront redevelopment and Lake Erie access improvements
• Affordable entry point with strong upside potential for investors seeking forced appreciation