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Windward Place Apartments 18051 Lake Shore Blvd 21 Unit Apartment Building $1,100,000 ($52,381/Unit) 7.54% Cap Rate Cleveland, OH 44119
Investment Highlights
- Rents Over 10% Below Market
- Individually Metered Gas and Electric
- One Block from Lake Erie
- 20 Year Lead-Free Certificate
Executive Summary
Windward Place Apartments consists of 21 one-bedroom, one-bathroom units located one block from Lake Erie on Cleveland’s Lakeshore Boulevard. This well maintained property offers investors a chance to own in a convenient and popular submarket. With average rent currently at $733 per month—over 10% below market rates—a new owner can start generating cash flow immediately, with strong potential to boost income by aligning rents with the market. Windward Place benefits from a 20 Year Lead-Free Certification. The structure is all brick with vinyl windows. Heat is supplied by individual furnaces. Amenities include coin-laundry and on-site garage and surface parking.
Property Facts
| Price | $1,100,000 | Building Class | C |
| Price Per Unit | $52,381 | Lot Size | 0.36 AC |
| Sale Type | Investment | Building Size | 17,727 SF |
| Cap Rate | 7.54% | Average Occupancy | 90% |
| No. Units | 21 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1962 |
| Property Subtype | Apartment | Parking Ratio | 1.18/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | N/Av, Cleveland | ||
| Price | $1,100,000 |
| Price Per Unit | $52,381 |
| Sale Type | Investment |
| Cap Rate | 7.54% |
| No. Units | 21 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.36 AC |
| Building Size | 17,727 SF |
| Average Occupancy | 90% |
| No. Stories | 3 |
| Year Built | 1962 |
| Parking Ratio | 1.18/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | N/Av, Cleveland |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Carpet
Site Amenities
- Controlled Access
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 21 | - | 650 |
1 1
Property Taxes
| Parcel Number | 114-07-009 | Improvements Assessment | $241,045 |
| Land Assessment | $16,450 | Total Assessment | $257,495 |
Property Taxes
Parcel Number
114-07-009
Land Assessment
$16,450
Improvements Assessment
$241,045
Total Assessment
$257,495
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Windward Place Apartments | 18051 Lake Shore Blvd
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