4316 Pearl Rd 12 Unit Apartment Building $875,000 ($72,917/Unit) 9.77% Cap Rate Cleveland, OH 44109

A rare opportunity to acquire a large, all-brick mixed-use asset in the heart of Old Brooklyn — one of Cleveland's most stable and historic West Side neighborhoods. Positioned on Pearl Road just north of I-480, the property sits minutes from MetroHealth's main campus and downtown Cleveland, giving tenants and retail traffic direct access to two of the region's largest employment and healthcare corridors.
This well-kept, professionally managed asset totals 16 units — 12 residential apartments over 4 ground-floor retail storefronts — and offers a rare combination of in-place cash flow, embedded upside, and a defensible, high-visibility corner location.
Residential (12 Units)
The apartment mix is composed of 3 one-bedroom/one-bath units, 6 two-bedroom/one-bath units, 2 three-bedroom/one-bath units, and 1 studio. All units feature separate utilities, allowing for heat, hot water and electric to be paid by the tenant. Many units have received recent floor, kitchen, and bathroom upgrades, supporting stronger rents and reduced near-term capex for a new owner. Four second-floor units along the Pearl Road frontage feature private balconies, while units along Spokane Avenue offer small porches — both rare, sought-after amenities in this submarket that support premium rents and lower turnover.
Retail (4 Units)
All four retail storefronts front Pearl Road, benefiting from strong traffic counts and street-level visibility in Old Brooklyn's active commercial corridor. Each retail unit includes basement access, offering tenants (or a new owner) additional storage or build-out potential — a meaningful value-add lever not typically found in comparable retail space.
Recent Capital Improvements
The roof has recently been recoated with a white polymer elastomeric coating, extending its useful life and improving energy efficiency — reducing near-term capital needs for a new buyer.
Investment Highlights
16 total units (12 residential + 4 retail) in one all-brick building
Located in Old Brooklyn, a stable, affordable West Side Cleveland submarket with consistent workforce rental demand
Minutes from MetroHealth and Downtown Cleveland via I-480
At full occupancy and $97,007 (11.09%) at full market rents — meaningful, quantifiable upside without redevelopment risk
Recently upgraded units reduce deferred maintenance exposure
Rare private outdoor space (balconies/porches) supporting rent growth and retention
High-visibility retail frontage on Pearl Road with basement value-add potential
Separate Utlities for All Units
Recently recoated roof