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563 E 118th St 11 Unit Apartment Building $550,000 ($50,000/Unit) 15.85% Cap Rate Cleveland, OH 44108
EXECUTIVE SUMMARY
12 unit apartment building, out of which 11 units are rented. The 12th unit is used as a storage currently. Out of 11 units rented, there are 8, 1BR, 1BA units and 3, 2BR, 1BA units. A solid brick building with porches in the front and back. On bus lane and the stop is right next to the building. High visibility and easy to rent.
Several improvements including over 80 windows replaced. New kitches and bathrooms in some units. 2 new furnaces and 9 new water heaters.
Roof is original but two sections were treated with elastomeric coating.
Lead certified by the city until July, 2027.
Several improvements including over 80 windows replaced. New kitches and bathrooms in some units. 2 new furnaces and 9 new water heaters.
Roof is original but two sections were treated with elastomeric coating.
Lead certified by the city until July, 2027.
DATA ROOM Click Here to Access
- Offering Memorandum
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| 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 | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| 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
| Price | $550,000 | Apartment Style | Low-Rise |
| Price Per Unit | $50,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.26 AC |
| Cap Rate | 15.85% | Building Size | 10,443 SF |
| No. Units | 11 | Average Occupancy | 92% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1913/2019 |
| Zoning | APTS 7-19 - 4010 - WALK-UP APTS 7-19 U | ||
| Price | $550,000 |
| Price Per Unit | $50,000 |
| Sale Type | Investment |
| Cap Rate | 15.85% |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.26 AC |
| Building Size | 10,443 SF |
| Average Occupancy | 92% |
| No. Stories | 2 |
| Year Built/Renovated | 1913/2019 |
| Zoning | APTS 7-19 - 4010 - WALK-UP APTS 7-19 U |
AMENITIES
UNIT AMENITIES
- Balcony
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 8 | $800.00 | 720 |
| 2+1 | 3 | $800.00 | 850 |
1 1
Walk Score®
Very Walkable (73)
PROPERTY TAXES
| Parcel Number | 111-05-006 | Total Assessment | $72,135 (2024) |
| Land Assessment | $5,985 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $66,150 (2024) | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
111-05-006
Land Assessment
$5,985 (2024)
Improvements Assessment
$66,150 (2024)
Total Assessment
$72,135 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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Lester Apartments
563 E 118th St
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