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630-634 Eddy Rd 5 Unit Apartment Building $325,000 ($65,000/Unit) Cleveland, OH 44108
Investment Highlights
- Extensively updated property with newer HVAC, roof, windows, and interiors.
- Located near parks, retail, transit, and offers excellent access to Downtown Cleveland.
Executive Summary
Excellent opportunity to acquire a fully occupied 5-unit apartment building located in the Forest Hills neighborhood. All five units feature 2 bedrooms and 1 bathroom, providing a highly desirable and consistent unit mix for tenants. The property currently generates $4,879/month in gross rental income, with tenants responsible for gas and electric, helping minimize owner expenses. Recent improvements include newer HVAC systems, updated flooring, plumbing, bathrooms, kitchens, windows, roof, landscaping, and one unit was recently fully remodeled, making this a strong turnkey, low-maintenance investment opportunity with a proven rental history. The property is conveniently located near local parks, shopping, dining, public transportation, and major freeway access, with quick access to Downtown Cleveland and surrounding employment centers. The Forest Hills area offers a strong rental market with walkability to neighborhood amenities and nearby retail conveniences, supporting long-term tenant demand. Ideal opportunity for investors seeking immediate cash flow with additional upside potential through future rent optimization.
Property Facts
| Price | $325,000 | Lot Size | 0.12 AC |
| Price Per Unit | $65,000 | Building Size | 3,232 SF |
| Sale Type | Investment | Average Occupancy | 100% |
| No. Units | 5 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1918 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Building Class | C | ||
| Zoning | MF-2 - Two-family residence district | ||
| Price | $325,000 |
| Price Per Unit | $65,000 |
| Sale Type | Investment |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 3,232 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1918 |
| Opportunity Zone |
Yes |
| Zoning | MF-2 - Two-family residence district |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 5 | - | - |
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 110-04-050 | Improvements Assessment | $24,500 |
| Land Assessment | $1,820 | Total Assessment | $26,320 |
Property Taxes
Parcel Number
110-04-050
Land Assessment
$1,820
Improvements Assessment
$24,500
Total Assessment
$26,320
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630-634 Eddy Rd
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