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16703 Harvard Rd 6 Unit Apartment Building $525,000 ($87,500/Unit) 8.20% Cap Rate Cleveland, OH 44128
Investment Highlights
- 6-unit multifamily asset with a strong unit mix: 3 one-bedroom / 3 two-bedroom
- Offered at $525,000, delivering an in-place cap rate of approximately 8.2%
- Tenants pay gas and electric; owner covers water/sewer, common electric, insurance, taxes, and maintenance
- In-place NOI: approximately $43,068 annually
- Value-add opportunity with immediate upside through leasing the vacant unit and optimizing rents, enhancing cash flow and overall return
- Well-maintained, income-producing property with immediate cash flow and value-add potential through lease-up of vacant unit and rent optimization
Executive Summary
Well-maintained 6-unit multifamily property featuring a desirable unit mix of three 2-bedroom apartments and three 1-bedroom apartments.
Only one unit is currently vacant (can be leased prior to closing). The remaining units are occupied, including long-term residents, with one unit on a month-to-month lease.
Recent capital improvements include a new sealed roof (2024), new hot water heater, and a foundation moisture barrier installed at the rear of the building, along with updated flooring, paint, and select appliances. The property also features an on-site parking lot. Tenants pay gas and electricity; the owner covers water, sewer, and trash. This is a low-maintenance, income-producing multifamily investment in strong rental condition with upside potential. No showings without a written offer.
Only one unit is currently vacant (can be leased prior to closing). The remaining units are occupied, including long-term residents, with one unit on a month-to-month lease.
Recent capital improvements include a new sealed roof (2024), new hot water heater, and a foundation moisture barrier installed at the rear of the building, along with updated flooring, paint, and select appliances. The property also features an on-site parking lot. Tenants pay gas and electricity; the owner covers water, sewer, and trash. This is a low-maintenance, income-producing multifamily investment in strong rental condition with upside potential. No showings without a written offer.
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| 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 | $99,999 |
| Annual Per SF | $9.99 |
| 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 | $525,000 | Building Class | C |
| Price Per Unit | $87,500 | Lot Size | 0.14 AC |
| Sale Type | Investment | Building Size | 4,692 SF |
| Cap Rate | 8.20% | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1965 |
| Property Subtype | Apartment | Parking Ratio | 1.62/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | Commercial-Multi-Family - Commercial-Multi-Family | ||
| Price | $525,000 |
| Price Per Unit | $87,500 |
| Sale Type | Investment |
| Cap Rate | 8.20% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 4,692 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1965 |
| Parking Ratio | 1.62/1,000 SF |
| Zoning | Commercial-Multi-Family - Commercial-Multi-Family |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
1 1
Walk Score®
Very Walkable (79)
Property Taxes
| Parcel Number | 140-15-023 | Total Assessment | $38,150 (2024) |
| Land Assessment | $3,990 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $34,160 (2024) | Tax Year | 2025 |
Property Taxes
Parcel Number
140-15-023
Land Assessment
$3,990 (2024)
Improvements Assessment
$34,160 (2024)
Total Assessment
$38,150 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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16703 Harvard Rd
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