Nineteen 33 Apartments 1933 Lee Rd 14 Unit Apartment Building $825,000 ($58,929/Unit) 9.71% Cap Rate Cleveland, OH 44118

Green Bridge Real Estate is pleased to present the Nineteen 33 Apartments, located at 1933 Lee Road, Cleveland Heights, OH 44106. Offered for sale at $825,000 ($58,928 per unit), this 14-unit multifamily building represents a premier, turnkey addition to any commercial portfolio.
Constructed in 1935, this impressive 12,976 square foot, three-story, all-brick Victorian styled building sits on a 0.289-acre lot. The property features a unit mix of 12 expansive one-bedroom, one-bathroom suites (approximately 814 sq. ft. each) and 2 studio suites. The building is currently 100% occupied across its 13 rent-ready units, driving an exceptional 9.71% Actual Cap Rate on a current NOI of $80,132.
Investors can capitalize on clear, immediate upside. Bringing the 13 active units to a modest market rent of $1,050 elevates the pro-forma NOI to $96,549—a massive 11.70% Cap Rate at the asking price (factoring in an 8% management fee and real estate tax adjustment). Additional value can be unlocked by finishing the 14th unit (a studio suite requiring an estimated $30,000 rehab, please use your own estimates), which already has a city-approved zoning variance in place.
Extensive recent capital improvements ensure very little deferred maintenance and minimal management oversight:
• New Roof (2025)
• Cosmetically Refreshed Kitchens & Baths in 8/13 Units (2025)
• New Electrical Meters & Unit Wiring (2022)
• New Windows (2021)
• Updated Boiler Heating System
• New 75 Gal Hot Water Tanks (2026)
The asset includes a 14-space surface parking lot. Utilities are optimized with tenants paying their own electric, while the landlord covers heat, trash, water, and sewer. One set of Washer & Dryers provide additional income.
The City of Cleveland Heights Point of Sale Inspection has been completed and is valid thru Feb, 2027 requiring just a $5,700 escrow.
Unbeatable Location Advantage:
Situated directly across the street from the scenic acreage of Cain Park, residents enjoy a highly walkable neighborhood steps from vibrant local coffee shops, boutiques, and restaurants. The property is just minutes away from University Circle, Case Western Reserve University, University Hospitals, and the World Headquarters of the Cleveland Clinic, making it an incredibly high-demand location for both area professionals and students.