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2744 Mayfield Rd 12 Unit Apartment Building $650,000 ($54,167/Unit) Cleveland, OH 44106
Executive Summary
This 12-unit multifamily property offers a strong value-add opportunity in a proven rental submarket with consistent demand for renovated units. The asset features an all 2-bedroom / 1-bath unit mix, a highly desirable layout that supports long-term tenant stability and broad renter appeal.
The property is currently operating below its full income potential, presenting a clear path for investors to drive value through interior upgrades, operational improvements, and professional management. A phased renovation strategy allows for upside while maintaining occupancy and cash flow during the repositioning process.
Located in a well-established Cleveland Heights rental corridor, the asset benefits from solid fundamentals, strong tenant demand, and favorable long-term market dynamics. Upon stabilization, the property supports increased cash flow and meaningful forced appreciation, making it an ideal acquisition for investors seeking both near-term upside and durable long-term performance.
The property is currently operating below its full income potential, presenting a clear path for investors to drive value through interior upgrades, operational improvements, and professional management. A phased renovation strategy allows for upside while maintaining occupancy and cash flow during the repositioning process.
Located in a well-established Cleveland Heights rental corridor, the asset benefits from solid fundamentals, strong tenant demand, and favorable long-term market dynamics. Upon stabilization, the property supports increased cash flow and meaningful forced appreciation, making it an ideal acquisition for investors seeking both near-term upside and durable long-term performance.
Property Facts
| Price | $650,000 | Building Class | C |
| Price Per Unit | $54,167 | Lot Size | 0.16 AC |
| Sale Type | Investment | Building Size | 16,791 SF |
| No. Units | 12 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1924 |
| Property Subtype | Apartment | Parking Ratio | 1.43/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | MF3 | ||
| Price | $650,000 |
| Price Per Unit | $54,167 |
| Sale Type | Investment |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 16,791 SF |
| No. Stories | 3 |
| Year Built | 1924 |
| Parking Ratio | 1.43/1,000 SF |
| Zoning | MF3 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Carpet
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | 469 |
| 1+1 | 1 | - | 710 |
| 2+1 | 14 | - | 1,400 |
1 1
Walk Score®
Very Walkable (76)
Property Taxes
| Parcel Number | 685-10-005 | Improvements Assessment | $201,670 |
| Land Assessment | $17,150 | Total Assessment | $218,820 |
Property Taxes
Parcel Number
685-10-005
Land Assessment
$17,150
Improvements Assessment
$201,670
Total Assessment
$218,820
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2744 Mayfield Rd
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