Celestial II 1608 Coventry Rd 21 Unit Apartment Building $1,417,500 ($67,500/Unit) Cleveland, OH 44118
INVESTMENT HIGHLIGHTS
- Celestial II is a stabilized, 27,541-square-foot, three-story apartment building offering 21 units and management on-site.
- The subject presents new ownership with a high-occupancy, income-generating asset that will be primarily a hands-off investment.
- Cleveland residents enjoy the Edgewater Park Beach, the Greater Cleveland Aquarium, the House of Blues, the Cleveland Metro Zoo, and more.
- Celestial II has a one-mile population of 13,561 and an average household income surpassing $77,100.
EXECUTIVE SUMMARY
Welcome to Celestial II, a fantastic multifamily investment opportunity at 1608 Coventry Road. This all-brick building features 21 apartments, a mix of two-bedroom and one-bath units. Ownership pays for heat, sewer, and water, while tenants pay for cooking gas and electricity. The building and property are well maintained, and the current manager may be willing to stay after the title transfer.
This turnkey building is currently fully occupied and offers immediate returns with the potential to increase rents in the future. It is a great opportunity for investors. As you view it, you'll love its beautiful architecture and exemplary charm!
This turnkey building is currently fully occupied and offers immediate returns with the potential to increase rents in the future. It is a great opportunity for investors. As you view it, you'll love its beautiful architecture and exemplary charm!
PROPERTY FACTS
| Price | $1,417,500 |
| Price Per Unit | $67,500 |
| Sale Type | Investment |
| No. Units | 21 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.63 AC |
| Building Size | 27,541 SF |
| No. Stories | 3 |
| Year Built | 1948 |
| Parking Ratio | 1.2/1,000 SF |
| Zoning | UT-A3H2 |
AMENITIES
UNIT AMENITIES
- Heating
- Kitchen
- Refrigerator
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 21 | - | - |
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PROPERTY TAXES
| Parcel Number | 672-26-082 | Improvements Assessment | $217,770 |
| Land Assessment | $25,445 | Total Assessment | $243,215 |
