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Harwood Apartments 17901 Lake Shore Blvd 18 Unit Apartment Building $1,290,000 ($71,667/Unit) 8.50% Cap Rate Cleveland, OH 44119
INVESTMENT HIGHLIGHTS
- Numbers-driven
- Strong rental location
- Balances stability and upside
EXECUTIVE SUMMARY
Property Description:
17901 Lakeshore Blvd presents a rare opportunity to acquire a fully occupied, 18-unit apartment building in Cleveland’s high-demand Lakeshore corridor. This well-maintained property (built in 1977) features 9 one-bedroom (avg. 750 SF) and 9 two-bedroom units (avg. 925 SF), offering a balanced mix for stable cash flow. Recent upgrades include roofs (2017), updated boiler systems, new electrical panels, and landscaped grounds, minimizing immediate capital needs. With 100% occupancy and in-place rents below market rates, investors can unlock immediate upside through strategic rent increases. The prime location provides walkable access to Lake Erie, shopping centers, and quick commutes to downtown Cleveland, universities, and major employers.
Financial Highlights:
Priced at $1,290,000 ($71,666/unit), this asset delivers an 8.5% cap rate with an annual NOI of $105,665. Current gross rents total $193,376, with 1-bedrooms averaging $840/month (vs. $869 market) and 2-bedrooms at $933/month (vs. $1,037 market), creating a potential $28,728 annual income boost. The GRM of 6.67 underscores strong value relative to peer properties. Expense ratios are optimized with recent system upgrades, and long-term tenants reduce turnover costs.
Investment Value:
This property is ideal for investors seeking low-risk value-add potential. Below-market rents allow for gradual increases, while the 100% occupancy and updated infrastructure ensure immediate cash flow. Demographics show strong demand, with a 5-mile population of 174,362 and median household income of $56,574. The Lakeshore location also attracts professionals and students, with proximity to Case Western Reserve University and Cleveland Clinic ensuring consistent rental demand.
Sale Terms:
Seller will consider all-cash or conventionally financed offers with a 30-day due diligence period and 45-day closing timeline. Proof of funds or lender pre-approval is required for offer submission.
Video: https://youtu.be/c8AtAXD5O-4?si=p77coE80ljvmhBVO
17901 Lakeshore Blvd presents a rare opportunity to acquire a fully occupied, 18-unit apartment building in Cleveland’s high-demand Lakeshore corridor. This well-maintained property (built in 1977) features 9 one-bedroom (avg. 750 SF) and 9 two-bedroom units (avg. 925 SF), offering a balanced mix for stable cash flow. Recent upgrades include roofs (2017), updated boiler systems, new electrical panels, and landscaped grounds, minimizing immediate capital needs. With 100% occupancy and in-place rents below market rates, investors can unlock immediate upside through strategic rent increases. The prime location provides walkable access to Lake Erie, shopping centers, and quick commutes to downtown Cleveland, universities, and major employers.
Financial Highlights:
Priced at $1,290,000 ($71,666/unit), this asset delivers an 8.5% cap rate with an annual NOI of $105,665. Current gross rents total $193,376, with 1-bedrooms averaging $840/month (vs. $869 market) and 2-bedrooms at $933/month (vs. $1,037 market), creating a potential $28,728 annual income boost. The GRM of 6.67 underscores strong value relative to peer properties. Expense ratios are optimized with recent system upgrades, and long-term tenants reduce turnover costs.
Investment Value:
This property is ideal for investors seeking low-risk value-add potential. Below-market rents allow for gradual increases, while the 100% occupancy and updated infrastructure ensure immediate cash flow. Demographics show strong demand, with a 5-mile population of 174,362 and median household income of $56,574. The Lakeshore location also attracts professionals and students, with proximity to Case Western Reserve University and Cleveland Clinic ensuring consistent rental demand.
Sale Terms:
Seller will consider all-cash or conventionally financed offers with a 30-day due diligence period and 45-day closing timeline. Proof of funds or lender pre-approval is required for offer submission.
Video: https://youtu.be/c8AtAXD5O-4?si=p77coE80ljvmhBVO
DATA ROOM Click Here to Access
FINANCIAL SUMMARY (ACTUAL - 2024) 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 - 2024) 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 | $1,290,000 | Building Class | C |
| Price Per Unit | $71,667 | Lot Size | 0.34 AC |
| Sale Type | Investment | Building Size | 14,619 SF |
| Cap Rate | 8.50% | Average Occupancy | 100% |
| Gross Rent Multiplier | 6.67 | No. Stories | 3 |
| No. Units | 18 | Year Built | 1977 |
| Property Type | Multifamily | Parking Ratio | 1.44/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | MF-C1, Cleveland - multifamily use | ||
| Price | $1,290,000 |
| Price Per Unit | $71,667 |
| Sale Type | Investment |
| Cap Rate | 8.50% |
| Gross Rent Multiplier | 6.67 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.34 AC |
| Building Size | 14,619 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1977 |
| Parking Ratio | 1.44/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | MF-C1, Cleveland - multifamily use |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Disposal
- Storage Space
- Security System
- Ceiling Fans
- Refrigerator
- Range
SITE AMENITIES
- Fenced Lot
- Laundry Facilities
- Security System
- Laundry Service
- Public Transportation
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 9 | $895.00 | 750 |
| 2+1 | 9 | $995.00 | 924 |
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PROPERTY TAXES
| Parcel Number | 114-02-022 | Total Assessment | $219,730 |
| Land Assessment | $15,435 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $204,295 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
114-02-022
Land Assessment
$15,435
Improvements Assessment
$204,295
Total Assessment
$219,730
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
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VIDEOS
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Harwood Apartments | 17901 Lake Shore Blvd
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