Solid, cash-flowing 15-unit asset in Cleveland’s Edgewater neighborhood with upside already baked in. This 1920-built apartment building sits on the historic West Boulevard corridor, just blocks from Edgewater Park and Lake Erie’s beaches. You’re minutes from Lakewood, the Gordon Square arts district, and the West Boulevard–Cudell RTA Red Line station, where a new $19M transit-oriented development is underway. This location delivers walkability, strong tenant demand, and long-term appreciation in one of Cleveland’s most desirable West Side pockets. The building is fully occupied with rents ranging from $750 to $1,099/month, and current gross rents total $163,728 annually. At the asking price of $1,175,000 ($78,333/unit), you’re buying at a 7.77% cap rate that will jump to an 8.73% proforma cap as you push rents to market and complete utility bill backs. The numbers work from Day 1. The property is in excellent condition with recent upgrades already completed: two new hot water tanks, a new Tekmar boiler control system (boiler is 5–7 years old), and vinyl windows throughout. Ten of the fifteen units have been updated, and even the non-renovated units feature beautiful original hardwood floors. Each spacious unit is approximately 700–750 sq ft with generous closet space. Three units are configured as functional two-bedrooms, while the remaining units are oversized one-beds that consistently perform well. Operationally, you have separately metered electric, individual breakers in most units, and a strong tenant base paying on time. Current average rent is $889/month with market rents pushing toward $1,000+ on updated units. Water/sewer bill back is already implemented on newer leases ($50/month), creating additional income stream. With proforma NOI projected at $102,610, there’s real value for a buyer willing to continue the rent growth trajectory. This is a clean, stabilized asset in a neighborhood that keeps getting better.

Listing courtesy of Tal Tamir of Russell Real Estate Services



The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of MLS NOW. Real estate listings held by brokerage firms other than are marked with the Internet Data Exchange logo and detailed information about them includes the name of the listing broker(s). The photos may be altered, edited, enhanced or virtually staged. Information Deemed Reliable But Not Guaranteed. Copyright 2026 - Multiple Listing Service, Inc. – All Rights Reserved.