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18911 Bella Dr 12 Unit Apartment Building $1,025,000 ($85,417/Unit) 7.36% Cap Rate Cleveland, OH 44119
Investment Highlights
- Resilient residential community located on Bella Drive in Cleveland
- Generous unit layouts provide comfortable living environments
- Landscaped grounds enhance curb appeal and resident satisfaction
- Traditional architectural appeal with well-maintained exterior presentation
- Recent interior refresh includes quality fixtures and finishes
- Secure entry systems promote resident peace of mind Ongoing maintenance keeps major building systems current
Executive Summary
18911 Bella Drive presents a mostly renovated 12-unit multifamily asset with significant capital improvements already completed. Ownership has renovated 8 of 12 units over the past two years, achieving strong rent growth while maintaining stable occupancy. The property has undergone full lead abatement and holds a 20-year lead-free certification, significantly reducing regulatory risk. Additional recent capital improvements include a new roof, updated entry doors, renovated laundry rooms, and upgraded mechanical systems. This offering represents a rare opportunity to acquire a largely de-risked, near-stabilized asset with in-place income and remaining upside by increasing rents to market, maximizing an 8% CAP
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$112,210
|
$9.35
|
| Other Income |
$7,809
|
$0.65
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$120,019
|
$10.00
|
| Taxes |
$15,998
|
$1.33
|
| Operating Expenses |
$28,565
|
$2.38
|
| Total Expenses |
$44,563
|
$3.71
|
| Net Operating Income |
$75,456
|
$6.29
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $112,210 |
| Annual Per SF | $9.35 |
| Other Income | |
|---|---|
| Annual | $7,809 |
| Annual Per SF | $0.65 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $120,019 |
| Annual Per SF | $10.00 |
| Taxes | |
|---|---|
| Annual | $15,998 |
| Annual Per SF | $1.33 |
| Operating Expenses | |
|---|---|
| Annual | $28,565 |
| Annual Per SF | $2.38 |
| Total Expenses | |
|---|---|
| Annual | $44,563 |
| Annual Per SF | $3.71 |
| Net Operating Income | |
|---|---|
| Annual | $75,456 |
| Annual Per SF | $6.29 |
Property Facts
| Price | $1,025,000 | Building Class | C |
| Price Per Unit | $85,417 | Lot Size | 0.36 AC |
| Sale Type | Investment | Building Size | 12,000 SF |
| Cap Rate | 7.36% | Average Occupancy | 100% |
| No. Units | 12 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1962 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | MF-1 | ||
| Price | $1,025,000 |
| Price Per Unit | $85,417 |
| Sale Type | Investment |
| Cap Rate | 7.36% |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.36 AC |
| Building Size | 12,000 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1962 |
| Opportunity Zone |
Yes |
| Zoning | MF-1 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Smoke Free
- Walk-Up
- Smoke Detector
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 114-23-033 | Total Assessment | $154,560 (2025) |
| Land Assessment | $21,840 (2025) | Annual Taxes | $15,998 ($1.33/SF) |
| Improvements Assessment | $132,720 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
114-23-033
Land Assessment
$21,840 (2025)
Improvements Assessment
$132,720 (2025)
Total Assessment
$154,560 (2025)
Annual Taxes
$15,998 ($1.33/SF)
Tax Year
2026
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18911 Bella Dr
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