The LaVerne Apartments 9605 Lorain Ave 15 Unit Apartment Building $1,199,000 ($79,933/Unit) Cleveland, OH 44102

Green Bridge Real Estate is pleased to present the Recently Renovated and Stabilized, 17 Unit LaVerne Apartments located at 9605 Lorain Road in Cleveland’s West Boulevard Neighborhood, Cleveland, OH 44102 offered For Sale: $1,199,000 ($70,529 per unit). The LaVerne Apartments consists of 6 Two Bedroom, One Bathroom Suites, 9 One Bedroom, One Bathroom Suites and 2 Street Retail Units on .292 Acres. The three story, all brick, approx. 15,571 Sq.Ft. Mixed Use property was built in 1910. Currently 100% Occupied (17/17). The majority of units recently Fully Renovated in 2024 from stud condition with New framing; New Sub-Flooring; New Kitchens, New Bathrooms, New Flooring; New Roof in June 2021, & Security System with cameras. New Boiler (Steam) and Supply Lines installed in 2014; Newer Double Pane Vinyl Windows, Updated Lighting and Electric new panels and meters. All units have front and rear private entrances and rear decks were rebuilt with treated, composite decking material. Lead based Paint Certification received and on file with the City of Cleveland.
Tenant Paid Electric (Lights and Plugs). Landlord paid Heat, Hot Water, and Water / Sewer. Outstanding Turn-Key Investment with little to no deferred maintenance and needing very little management. The LaVerne Apartments are meticulously Managed by a Third Party for the ownership. There are hookups ready for a total of 2 sets of Washer and Dryers to provide additional income. The brand new, fenced, lit and secure, rear surface parking lot provides approx. 15 parking spaces. Projected Net Operating Income at 100% Occupancy at market rents w/6% Management Fee and Real Estate Tax Adjustment is $90,091 or a 7.51% Cap at the Asking Price of $1,199,000. The area has seen a huge upswing in development and increased rents throughout the area as supply for high end units has not been able to keep up with demand. Conversely, if the new ownership desires to increase gross revenues, the opportunity to accept “guaranteed” rent payments provided by Federal and State Funding for assistance to low income individuals (Section 8) exists. The potential exists to operate this complex as a “market” (no subsidy) property or to accept Housing Vouchers (Section 8) or a combination of both. This is a Fantastic Opportunity to purchase a stabilized asset in a Class A/B Westside Neighborhood with huge upside for a bargain price!
LOCATION
The LaVerne Apartments is located just blocks away from the Lakefront on the south side of the Edgewater neighborhood within the Northwest corner of the City of Cleveland, Cuyahoga County, Ohio. Specifically, the property is located on the south side of Lorain Avenue approximately one block South of Interstate 90. The property benefits from being three miles west of the Cleveland Central Business District. The Apartments are conveniently located in a neighborhood where you can walk to grocery stores, drug stores, library, RTA/Rapid station, Edgewater park for fishing/beach, and located near The Cudell Commons which offers Cleveland Residents an indoor pool, basketball courts, gym and workout / fitness space. The area has direct access to the interstate freeway system via Route 2, I-90, I-71 & I-77 with an entrance/exit point approximately one mile west of the property. Public transportation is also readily available within the neighborhood with a rapid transit station within walking distance. The Edgewater State Park is also located within the neighborhood. The park contains 131 acres of open space, a 900 foot long beach, boat ramp, pavilions, picnic areas, a yacht club and marina. Residents within the Edgewater neighborhood also benefit from easy access to shopping and services within the neighborhood.