Listed by Grealis Group
Unpriced
South Euclid 42
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 27,100
Units 42
Cap Rate 8.61%
NOI $323,140
Occupancy 89%
Tenancy Multi
Pro-Forma Cap Rate 12.10%
Pro-Forma NOI $453,083
Class C
Year Built 1962
Year Renovated 2026
Buildings 5
Acreage 2.390
Parking Spaces spaces
Investment Type Value Add
Sale Condition For sale by owner
Voucher-Driven Cash Flow in the Cleveland Suburbs
Marketing description
This South Euclid 42 is an investment opportunity in the stable suburban market of South Euclid, Ohio. Ownership has already done the heavy lifting, investing nearly $400,000 into interior renovations, mechanical systems, roofs, life-safety upgrades, and exterior improvements at the apartments. With major capital improvements substantially complete, new ownership can step in and focus on lease-up, targeting voucher-holding tenants in a market where CMHA two-bedroom rents are trending around $1,604 in 44121. With current average rents at approximately $1,200, the portfolio offers a clear path to meaningful value-add upside.
Investment highlights
- Nearly $400K Invested — Extensive upgrades completed, including interiors, mechanicals, roofs, life-safety, and exterior improvements
- Lease-Up Opportunity — With major capital work complete, new ownership can focus on occupancy and cash flow growth
- Clear Value-Add Upside — Current average rents around $1,200 provide room for meaningful rent growth
- Strong Voucher Demand — CMHA two-bedroom rents in 44121 are trending near $1,604
- Stable Suburban Market — Located in South Euclid, an established workforce housing market with steady rental demand
Listing Contacts
Listed by Grealis Group
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$323,140.00
$26,928.33/mo
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