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16226 Arcade Ave 5 Unit Apartment Building $325,000 ($65,000/Unit) Cleveland, OH 44110
Investment Highlights
- EASY Value add in just increasing rents (3 bed is rented at just $600!)
- Overall turnkey and easy to cash flow and keep occupied!
- $80/ mo additional income from storage rental in the garage
- Located in Waterloo Arts district which is a unique shopping and restaurant community immersed in an art scene.
- M2M tenants allow you to add significant value without significant repairs immediately.
Executive Summary
Located just steps from the vibrant Waterloo Arts District, this newly updated 5-unit apartment building offers a rare opportunity to own a well positioned asset in one of Cleveland’s most creative and rapidly growing neighborhoods.
Great value add in increasing rents. For example, the 3 bed is $600 (m2m) and market should be over $1250/mo! Even the 2 bed is getting $800 and could be at $1000.
UNIT MIX:
1 - 3 bedroom unit
2- 2 bedroom units
1- 1 bedroom
1- studio
Currently fully occupied and bringing in over $40,000 / year with a proforma income over $60,000 annually. All tenants are M2M allowing you to capitalize on the proforma income immediately after ownership. HUGE value add in just increasing rents!
Rare 3 car garage is currently used as a strorage rental and brings in an additional $80/mo.
UPDATES:
Recently updated with kitchen, baths, floors, vinyl windows and paint enhance both the functionality and appeal of the building.
All of the mechanicals and roof are less then 10 years old and each unit has its own furnace. No immediate capex needed.
Tenants pay gas and electric + taxes are LOW in this area- creating more significant income.
Trash is $90/mo, insurance 250/ mo and taxes just over $4000/ year. The owner currently operates below a 40% expense ratio!
Whether you're looking for a stabilized investment or a value add opportunity in a high demand rental corridor, this property delivers location, versatility, and long term upside.
Great value add in increasing rents. For example, the 3 bed is $600 (m2m) and market should be over $1250/mo! Even the 2 bed is getting $800 and could be at $1000.
UNIT MIX:
1 - 3 bedroom unit
2- 2 bedroom units
1- 1 bedroom
1- studio
Currently fully occupied and bringing in over $40,000 / year with a proforma income over $60,000 annually. All tenants are M2M allowing you to capitalize on the proforma income immediately after ownership. HUGE value add in just increasing rents!
Rare 3 car garage is currently used as a strorage rental and brings in an additional $80/mo.
UPDATES:
Recently updated with kitchen, baths, floors, vinyl windows and paint enhance both the functionality and appeal of the building.
All of the mechanicals and roof are less then 10 years old and each unit has its own furnace. No immediate capex needed.
Tenants pay gas and electric + taxes are LOW in this area- creating more significant income.
Trash is $90/mo, insurance 250/ mo and taxes just over $4000/ year. The owner currently operates below a 40% expense ratio!
Whether you're looking for a stabilized investment or a value add opportunity in a high demand rental corridor, this property delivers location, versatility, and long term upside.
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| 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 | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| 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 | $325,000 | Apartment Style | Townhome |
| Price Per Unit | $65,000 | Lot Size | 0.18 AC |
| Sale Type | Investment | Building Size | 2,912 SF |
| Gross Rent Multiplier | 7.67 | Average Occupancy | 100% |
| No. Units | 5 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1910 |
| Property Subtype | Apartment | ||
| Zoning | y | ||
| Price | $325,000 |
| Price Per Unit | $65,000 |
| Sale Type | Investment |
| Gross Rent Multiplier | 7.67 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Lot Size | 0.18 AC |
| Building Size | 2,912 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1910 |
| Zoning | y |
Amenities
Unit Amenities
- Cable Ready
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | $550.00 | - |
| 1+1 | 1 | $650.00 | - |
| 3+1 | 1 | $600.00 | - |
| 2+1 | 2 | $800.00 | - |
1 1
Fairly walkable
40/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 113-20-049 | Total Assessment | $40,600 |
| Land Assessment | $4,025 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $36,575 | Tax Year | 2025 |
Property Taxes
Parcel Number
113-20-049
Land Assessment
$4,025
Improvements Assessment
$36,575
Total Assessment
$40,600
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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16226 Arcade Ave
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