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3296-3300 E 149th St 22 Unit Apartment Building $1,300,000 ($59,091/Unit) 9.51% Cap Rate Cleveland, OH 44120
Executive Summary
Outstanding investment opportunity - add two fully renovated, high-income-producing apartment buildings to your portfolio. Together, these properties generate over $17,000 in monthly gross rental income. There is potential for even higher market rents, as the buildings house brand new tenants who moved in after the 2023 renovations. Enjoy a tax abatement on the property until 2038. Each building, completely updated in 2023, includes a tenant-operated, app-based laundry facility and individually metered units. Situated in Cleveland, a city with robust rental demand driven by its diverse economy and expanding healthcare and tech sectors, these properties are an ideal investment in a cost-effective and promising rental market. Capitalize on this chance to invest in one of the Midwest's most attractive rental markets. Current buildings are equipped with a property management team to ensure a seamless, hands-off ownership transition, if necessary for the buyer.
Financial Summary (Pro Forma - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts Under Contract
| Price | $1,300,000 | Apartment Style | Low-Rise |
| Price Per Unit | $59,091 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.18 AC |
| Cap Rate | 9.51% | Building Size | 16,720 SF |
| No. Units | 22 | Average Occupancy | 85% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 1923/2023 |
| Zoning | 2F | ||
| Price | $1,300,000 |
| Price Per Unit | $59,091 |
| Sale Type | Investment |
| Cap Rate | 9.51% |
| No. Units | 22 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 16,720 SF |
| Average Occupancy | 85% |
| No. Stories | 3 |
| Year Built/Renovated | 1923/2023 |
| Zoning | 2F |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 22 | $800.00 | 780 |
1 1
Property Taxes
| Parcel Numbers | Total Assessment | $351,960 (2024) | |
| Land Assessment | $13,720 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $338,240 (2024) | Tax Year | 2025 |
Property Taxes
Parcel Numbers
Land Assessment
$13,720 (2024)
Improvements Assessment
$338,240 (2024)
Total Assessment
$351,960 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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3296-3300 E 149th St
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