FRANK G. ZSOKA APARTMENTS 11202 Buckeye Rd 17 Unit Apartment Building $949,000 ($55,824/Unit) 10.30% Cap Rate Cleveland, OH 44104

Green Bridge Real Estate is pleased to present the 17 Unit, Frank G. Zsoka Apartments located at 11202 Buckeye Road in Cleveland’s Woodland Hills Neighborhood, Cleveland, OH 44104 offered For Sale: $949,000 ($55,823 per unit). The Frank G. Zsoka Apartments consists of 6, approx. 1,025 sq.ft. Two Bedroom, One Bathroom Suites, and 11 approx. 565 sq.ft. One Bedroom, One Bathroom Suites on .159 Acres. The three story, all brick, approx. 16,010 Sq.Ft. Multi-Family property was built in 1927 and fully renovated in 2024. Out of State Owner Directs Immediate Sale of the currently 100% Occupied (17/17) Apartment Complex.
The previous three storefronts were Fully Renovated in 2024 to Three One-Bedroom, One Bathroom units from stud condition with New framing; New Sub-Flooring; New Kitchens, New Bathrooms, New Flooring and Forced Air Furnaces (tenant paid Gas). Since purchased in 2024, ownership has spent approx.. $87,000 on common area improvements, the addition of a Laundry area and in-unit renovations and appliances. All units have received updating with New Floors, Kitchen Cabinets and Bathroom surrounds. Newer Double Pane Vinyl Windows, Updated Electric with new panels and meters. All units have front and rear private entrances and rear decks were recently repaired.
The Six Two Bedroom suites are approximately 1,025 Sq.Ft. and the One Bedroom suites range in size from 565 Sq.Ft. to 650 Sq.Ft. (Storefront Units) each. Tenant Paid Electric (Baseboard Heat, Lights and Plugs). Landlord paid Hot Water, and Water / Sewer. The three One Bedroom, One Bathroom Units that were former storefronts have Forced Air Furnaces which is tenant paid (Gas). The Frank G. Zsoka Apartments are currently owner managed.
The property was recently appraised in July 2025 for $1,030,000 and is offered lower than the appraised value! Projected Net Operating Income at 100% Occupancy at market rents w/8% Management Fee and Real Estate Tax Adjustment is $97,730 or an 10.30% Cap at the Asking Price of $949,000. The Cap Rates for 2022, 2023, 2025 and 12 months trailing are 6.63%, 6.25%, 5.48% and 5.25% respectively. 8 of the 17 occupied units (52.94%) are subsidized with “guaranteed” rent payments provided by voucher based Federal and State Funding for assistance to housing insecure individuals. The potential exists to operate this complex as a “market” (no-subsidy) type of property or to continue to accept Voucher based subsidies, providing a stable, consistent tenant base with “guaranteed” rent payments. This is a Fantastic Opportunity to purchase a recently renovated, cash flowing building for a bargain price!
LOCATION
The Frank G. Zsoka Apartments are located in a designated Opportunity Zone helping stimulate development and providing development and tax savings incentives and just blocks away from the newly constructed Woodhill Station West, the $46.4 million first phase in a $250 million HUD development and the historic Shaker Square district. The property benefits from being three miles west of the Cleveland Clinic’s Main Campus and Case Western Reserve University. Located near the new Opportunity Corridor Boulevard connecting the area’s major highways to University Circle. The Apartments are conveniently located in a neighborhood where you can walk to grocery stores, drug stores, library, and Public transportation is also readily available within the neighborhood with a rapid transit station within walking distance.