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Bosworth Place 3438 Bosworth Rd 11 Unit Apartment Building $675,000 ($61,364/Unit) 4.82% Cap Rate Cleveland, OH 44111
Investment Highlights
- 10,450 SF · 11 units (3×2BD/1BA | 8×1BD/1BA) · 3 stories · Built 1925
- $140,000–$250,000+ in capital improvements completed by seller
- Section 8 (CMHA) tenant in place at $1,034/month — above market rate
- 73% occupied (8 of 11 units) — 3 recently renovated vacancies, move-in ready
- Full roof replacement · Complete plumbing stack overhaul · All-new water heaters
- CMHA payment standards: ~$1,050/mo for 1BD · ~$1,150/mo for 2BD
Executive Summary
3438 Bosworth Road is an 11-unit brick multifamily building located in the West Boulevard / Kamms Corner neighborhood of Cleveland, Ohio. Built in 1925 and spanning 10,450 SF across three stories, the property is offered for sale at $675,000 ($61,364/unit).
The building features a unit mix of 3 two-bedroom/one-bath and 8 one-bedroom/one-bath apartments, currently 73% occupied (8 of 11 units). Three recently renovated vacancies are move-in ready with no additional capital required. One unit is leased to a Section 8 (CMHA) tenant at $1,034/month — above market rate — with utilities included in the CMHA payment.
The seller has completed a comprehensive capital improvement program estimated at $140,000–$250,000+, covering a full roof replacement, complete plumbing stack overhaul, all-new water heaters building-wide, partial furnace replacement (6 of 11 units), and common area restoration. The property carries current Lead Certification. On-site coin laundry via CSC ServiceWorks. At stabilization, the asset projects NOI of $68,005 (low blended) to $105,987 (peak/CMHA), implying cap rates of 10.07% to 15.70% at asking price.
3438 Bosworth Road is situated in the West Boulevard / Kamms Corner neighborhood on Cleveland's west side — one of the city's most stable, owner-occupied residential communities. The property sits on West Boulevard, a key north-south arterial connecting Lorain Avenue to Rocky River Drive and Lakewood, with walkable access to Kamms
Corner's retail and dining corridor on Lorain Avenue (13,700+ vehicles/day).
Downtown Cleveland is approximately 7 miles east via Lorain Ave / I-90. Cleveland-Hopkins International Airport is approximately 8 miles via I-480. Rocky River Reservation and Brookside Reservation of the Cleveland Metroparks are within 2–3 miles. Regional connectivity via I-90, I-480, and I-71.
The building features a unit mix of 3 two-bedroom/one-bath and 8 one-bedroom/one-bath apartments, currently 73% occupied (8 of 11 units). Three recently renovated vacancies are move-in ready with no additional capital required. One unit is leased to a Section 8 (CMHA) tenant at $1,034/month — above market rate — with utilities included in the CMHA payment.
The seller has completed a comprehensive capital improvement program estimated at $140,000–$250,000+, covering a full roof replacement, complete plumbing stack overhaul, all-new water heaters building-wide, partial furnace replacement (6 of 11 units), and common area restoration. The property carries current Lead Certification. On-site coin laundry via CSC ServiceWorks. At stabilization, the asset projects NOI of $68,005 (low blended) to $105,987 (peak/CMHA), implying cap rates of 10.07% to 15.70% at asking price.
3438 Bosworth Road is situated in the West Boulevard / Kamms Corner neighborhood on Cleveland's west side — one of the city's most stable, owner-occupied residential communities. The property sits on West Boulevard, a key north-south arterial connecting Lorain Avenue to Rocky River Drive and Lakewood, with walkable access to Kamms
Corner's retail and dining corridor on Lorain Avenue (13,700+ vehicles/day).
Downtown Cleveland is approximately 7 miles east via Lorain Ave / I-90. Cleveland-Hopkins International Airport is approximately 8 miles via I-480. Rocky River Reservation and Brookside Reservation of the Cleveland Metroparks are within 2–3 miles. Regional connectivity via I-90, I-480, and I-71.
Property Facts
| Price | $675,000 | Apartment Style | Low-Rise |
| Price Per Unit | $61,364 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 4.82% | Building Size | 10,450 SF |
| No. Units | 11 | Average Occupancy | 73% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1925 |
| Zoning | 2F | ||
| Price | $675,000 |
| Price Per Unit | $61,364 |
| Sale Type | Investment |
| Cap Rate | 4.82% |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 10,450 SF |
| Average Occupancy | 73% |
| No. Stories | 3 |
| Year Built | 1925 |
| Zoning | 2F |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | - | - |
| 2+1 | 3 | - | - |
1 1
Moderately walkable
60/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 018-13-118 | Improvements Assessment | $163,520 |
| Land Assessment | $7,245 | Total Assessment | $170,765 |
Property Taxes
Parcel Number
018-13-118
Land Assessment
$7,245
Improvements Assessment
$163,520
Total Assessment
$170,765
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Bosworth Place | 3438 Bosworth Rd
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