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200-204 Solon Rd 14 Unit Apartment Building $945,000 ($67,500/Unit) 8.03% Cap Rate Bedford, OH 44146
EXECUTIVE SUMMARY
Discover an exceptional investment opportunity at 200-204 Solon Rd, a fully occupied 14-unit apartment building located in the heart of Bedford, Ohio. This well-maintained, two-story property, built in 1957, offers a stable income stream and desirable tenant amenities, making it an attractive addition to any commercial real estate portfolio. The 7.6% CAP rate is an actual CAP rate and not a pro-forma.
Property Highlights:
Unit Composition: 14 spacious apartments, fully leased, providing consistent rental income. Each unit has their own gas furnace and central AC
Building 200 = 2 hot water tanks
Building 204 = 1 hot water tank
Occupancy: 100% occupied, reflecting strong tenant demand in the Bedford market.
Parking: Dedicated garage space for each tenant, a rare and highly sought-after feature that enhances tenant satisfaction and retention.
Location: Situated in the 44146 ZIP code, just 12 miles southeast of Cleveland, in one of Greater Cleveland’s most historic suburbs. Residents enjoy easy access to I-271, I-480, and Route 8 for seamless commuting.
Community Features: Located in a vibrant area with convenience stores, supermarkets, auto malls, and diverse dining and shopping options along Broadway Avenue in Bedford’s historic downtown.
Investment Potential:
This core investment property, with occupancy at 90% or higher, offers immediate cash flow and long-term stability. The Bedford City School District serves the area, and nearby educational institutions, such as Cuyahoga Community College (6.6 miles away), add to the area’s appeal for renters. The property’s proximity to major employers and recreational amenities ensures sustained demand. This could be an excellent 1031 exchange opportunity.
Please do not disturb the tenants. Please no tours until an accepted offer is in place with a tour/inspection contingency.
Call George Hoover for more details @ (440) 821-0203
Property Highlights:
Unit Composition: 14 spacious apartments, fully leased, providing consistent rental income. Each unit has their own gas furnace and central AC
Building 200 = 2 hot water tanks
Building 204 = 1 hot water tank
Occupancy: 100% occupied, reflecting strong tenant demand in the Bedford market.
Parking: Dedicated garage space for each tenant, a rare and highly sought-after feature that enhances tenant satisfaction and retention.
Location: Situated in the 44146 ZIP code, just 12 miles southeast of Cleveland, in one of Greater Cleveland’s most historic suburbs. Residents enjoy easy access to I-271, I-480, and Route 8 for seamless commuting.
Community Features: Located in a vibrant area with convenience stores, supermarkets, auto malls, and diverse dining and shopping options along Broadway Avenue in Bedford’s historic downtown.
Investment Potential:
This core investment property, with occupancy at 90% or higher, offers immediate cash flow and long-term stability. The Bedford City School District serves the area, and nearby educational institutions, such as Cuyahoga Community College (6.6 miles away), add to the area’s appeal for renters. The property’s proximity to major employers and recreational amenities ensures sustained demand. This could be an excellent 1031 exchange opportunity.
Please do not disturb the tenants. Please no tours until an accepted offer is in place with a tour/inspection contingency.
Call George Hoover for more details @ (440) 821-0203
DATA ROOM Click Here to Access
PROPERTY FACTS Under Contract
| Price | $945,000 | Building Class | C |
| Price Per Unit | $67,500 | Lot Size | 0.56 AC |
| Sale Type | Investment | Building Size | 19,685 SF |
| Cap Rate | 8.03% | Average Occupancy | 100% |
| No. Units | 14 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1957 |
| Property Subtype | Apartment | Parking Ratio | 1.52/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R-3 | ||
| Price | $945,000 |
| Price Per Unit | $67,500 |
| Sale Type | Investment |
| Cap Rate | 8.03% |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.56 AC |
| Building Size | 19,685 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1957 |
| Parking Ratio | 1.52/1,000 SF |
| Zoning | R-3 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Ceiling Fans
- Eat-in Kitchen
- Refrigerator
- Range
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 14 | $1,040 | 850 |
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PROPERTY TAXES
| Parcel Number | 813-21-002 | Improvements Assessment | $213,850 |
| Land Assessment | $33,985 | Total Assessment | $247,835 |
PROPERTY TAXES
Parcel Number
813-21-002
Land Assessment
$33,985
Improvements Assessment
$213,850
Total Assessment
$247,835
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200-204 Solon Rd
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