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Nelacrest Garden Luxury Apartments 15951-15991 Nelacrest Rd 60 Unit Apartment Building $3,000,000 ($50,000/Unit) 6% Cap Rate Cleveland Heights, OH 44112
Investment Highlights
- Predominately Two Bedroom Unit Layout
- Excellent Entry Point Value Add Opportunity
- Garden Style Apartments
Executive Summary
60 UNIT GARDEN APARTMENT BUILDING
50 TWO BEDROOM APARTMENTS | 10 ONE BEDROOM APARTMENTS
Nelacrest Apartments is a 60-unit garden-style multifamily community located at 15951–15991 Nelacrest Road in East Cleveland, Ohio, offered at a highly competitive entry price of $3,000,000 ($50,000 per unit). The property consists of five buildings with a unit mix of 50 two-bedroom and 10 one-bedroom apartments, originally constructed in 1955 and significantly improved over past three years with approximately $550,000+ in capital expenditures, including renovations to interiors, roofs, common areas, and site improvements. Current rents range from approximately $625 to $750 for one-bedroom units and $725 to $1,150 for two-bedroom units, with renovated units consistently achieving higher rent levels, while several vacant units present immediate lease-up upside. The property is currently generating approximately $182,000+ in Net Income. On a stabilized basis, gross income is projected to reach approximately $580,000.
50 TWO BEDROOM APARTMENTS | 10 ONE BEDROOM APARTMENTS
Nelacrest Apartments is a 60-unit garden-style multifamily community located at 15951–15991 Nelacrest Road in East Cleveland, Ohio, offered at a highly competitive entry price of $3,000,000 ($50,000 per unit). The property consists of five buildings with a unit mix of 50 two-bedroom and 10 one-bedroom apartments, originally constructed in 1955 and significantly improved over past three years with approximately $550,000+ in capital expenditures, including renovations to interiors, roofs, common areas, and site improvements. Current rents range from approximately $625 to $750 for one-bedroom units and $725 to $1,150 for two-bedroom units, with renovated units consistently achieving higher rent levels, while several vacant units present immediate lease-up upside. The property is currently generating approximately $182,000+ in Net Income. On a stabilized basis, gross income is projected to reach approximately $580,000.
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $3,000,000 | Apartment Style | Garden |
| Price Per Unit | $50,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 4.55 AC |
| Cap Rate | 6% | Building Size | 55,200 SF |
| Sale Condition | Deferred Maintenance | Average Occupancy | 82% |
| No. Units | 60 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1955/2025 |
| Property Subtype | Apartment | Parking Ratio | 1.8/1,000 SF |
| Zoning | Multifamily - Multifamily 60-Unit | ||
| Price | $3,000,000 |
| Price Per Unit | $50,000 |
| Sale Type | Investment |
| Cap Rate | 6% |
| Sale Condition | Deferred Maintenance |
| No. Units | 60 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 4.55 AC |
| Building Size | 55,200 SF |
| Average Occupancy | 82% |
| No. Stories | 2 |
| Year Built/Renovated | 1955/2025 |
| Parking Ratio | 1.8/1,000 SF |
| Zoning | Multifamily - Multifamily 60-Unit |
Amenities
Unit Amenities
- Air Conditioning
- Disposal
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Carpet
- Freezer
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Online Services
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 10 | - | 550 |
| 2+1 | 50 | - | 750 |
1 1
Fairly walkable
40/100
Exceptionally drivable
90/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 673-18-041 | Total Assessment | $344,365 |
| Land Assessment | $118,370 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $225,995 | Tax Year | 2025 |
Property Taxes
Parcel Number
673-18-041
Land Assessment
$118,370
Improvements Assessment
$225,995
Total Assessment
$344,365
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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Photos
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Street
Map
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Contact the Sale Advisor
Nelacrest Garden Luxury Apartments | 15951-15991 Nelacrest Rd