17506 Nottingham RdCleveland, OH 44119

For Sale
$649,000

Value-add multifamily investment opportunity

Overview

Added:
Dec 11, 2024
Days on market:
92
This 10-unit apartment building in Cleveland, OH, presents a compelling value-add investment opportunity. Located on Nottingham Rd, near the Waterloo Arts District and Euclid Beach Park, this property boasts a desirable location. The building, constructed in 1962 and renovated in 2023, features a mix of studio, one-bedroom, and two-bedroom units, totaling 9,630 square feet of rentable space. Currently operating at 90% occupancy, the property generates a strong NOI of $50,319, representing a 7.75% cap rate. Significant recent improvements include new appliances (refrigerators and ranges), vinyl flooring, window AC units, updated electrical systems, and exterior enhancements. The property also includes a coin-operated laundry facility, adding to its income potential. A pro-forma NOI of $72,922 projects an 11.24% cap rate, highlighting the substantial upside potential. The basement offers the possibility of adding an additional unit. The 0.448-acre lot provides ample space, and off-street parking is available for residents and guests, along with a private covered garage. This fee-simple ownership opportunity offers immediate cash flow and significant long-term growth potential. The asking price is $649,000, or $64,900 per unit. The property is zoned for low-density apartments.

Highlights

  • 10-unit apartment building in Cleveland, OH, offering a value-add investment opportunity.
  • Located near Waterloo Arts District and Euclid Beach Park on Nottingham Rd.
  • 9,630 sq ft of rentable space with a mix of studio, one- and two-bedroom units; 90% occupancy.
  • Recently renovated (2023) with new appliances, flooring, AC units, electrical, and exterior improvements; includes coin-op laundry.
  • $649,000 asking price ($64,900/unit); $50,319 current NOI (7.75% cap rate); pro forma NOI of $72,922 (11.24% cap rate).
  • 0.448-acre lot with off-street parking and a private covered garage; potential for basement unit addition.

Property Details for 17506 Nottingham Rd

Property type
Multifamily properties, Apartment buildings
Class
D
Year Built/Renovated
1962/2023
Buildings
1
Lot Size (sq. ft)
19,515 SF
Units
10

Location Insight

City
Cleveland
County
Cuyahoga
State
Ohio
Latitude
41.580472639047
Longitude
-81.558336744449
17506 Nottingham Rd, Cleveland, Ohio

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17506 Nottingham Rd
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