28-Unit Value-Add Multifamily | Wickliffe, OH 30600 Euclid Ave 28 Unit Apartment Building $2,350,000 ($83,929/Unit) 7.89% Cap Rate Wickliffe, OH 44092

Wilshire Manor is a 28-unit, garden-style apartment community located at 30600 Euclid Ave in Wickliffe, Ohio, just off I-90 in Cleveland's east-side submarket. Built in 1962 of solid brick construction, the property sits on a 1.16-acre site and offers 38 parking spaces along with an on-site coin laundry facility.
The unit mix is uniform — all 28 units are spacious 1-bedroom/1-bath layouts of approximately 750 square feet, with an average in-place rent of $902/month. Ownership has executed a disciplined renovation program over the past several years, and a meaningful share of the unit interiors have already been fully rehabbed, commanding rents at or above $900–$1,095/month. The remaining classic units, still leasing in the $725–$860/month range, represent a clear value-add opportunity for a new owner to continue the renovation program and capture additional rent growth as leases turn.
The asset is currently 100% occupied. Underwriting the current rent roll at a standard 5% vacancy factor against actual 2025 operating expenses produces a net operating income of approximately $185,467 — a cap rate of roughly 7.9% at the $2,350,000 asking price. Individual gas heat with tenants responsible for electric, helping insulate ownership from utility volatility.
Financial statements (2025 full-year and 2026 year-to-date P&Ls, current rent roll) are available upon executing an NDA to qualified buyers upon request.
This is an excellent opportunity for a value-add multifamily investor to acquire a stabilized, cash-flowing asset with embedded upside through continued interior renovations and rent optimization in a strong Cleveland-area rental submarket.