14315 Milverton Road
Cleveland, OH, 44120

Price$2,325,000
Beds0
Baths0
SqFtn/a

Status:Active
Property Type:Commercial
School:Cleveland Municipal – 1809
MASSIVE opportunity for a value-add investor to create significant equity – 47 units just outside Shaker Heights, in an up and coming area of Cleveland! These 46 units are primed for a buyer looking to capitalize on a fantastic entry price point and create significant equity through implementing structured management and filling units.
Just outside of Shaker Heights, this property sits literally right next to one of the wealthiest suburbs in Cleveland with ample employment and entertainment nearby. With new development occurring just down the street and the revitalization effort of Shaker Square, this property is perfectly located for significant equity growth.
There are 46 rentable apartments with potential for a 47th that was previously an office. The path to a heavy cash flowing, stabilized asset is clear through tightening up management, removing non-paying tenants, and turning the vacant units that are currently sitting (most are easy, quick cosmetic turns). With rents already significantly under market, income can be easily grown through rent bumps on current tenants, filling vacant units at market or section 8 premiums, and increasing rents on occupied units as most tenants are month to month. In addition, there is low hanging cost savings by implementing a water savings initiative as nearly all toilets and fixtures are old.
The owner has put significant capital into the property since acquisition in 2020 including removing the boiler system and installing electric baseboard heat which passes the heating cost of the units onto the tenants, installing all new electrical meters and panels, installing new furnaces for common area heating, and installing new plumbing in most of the bathrooms throughout the property. The property also has two large parking lots with ample off-street parking for tenants. *Note: Auditor’s website states the heat type is hot water/steam but the owner states that has been removed and they installed electric baseboard heaters.

Listing provided by: Russell Real Estate Services, Tal Tamir | [email protected] | 440-526-9400

Source: NOWDD, MLS#: 5045262

Price $2,325,000
Total Baths 0
Lot Size Area 0.7046
Lot Size Area Units Acres
Acres 0.7046
Property Type Commercial
Sub type Apartment
MLS Sub type Apartment
Year Built 1925
Subdivision Shaker View
Roof Composition, Flat
Heating Baseboard, Electric
Parking Description OnSite, Paved
Directions West of Van Aken Blvd
County Cuyahoga
Address 14315 Milverton Road, Cleveland, OH 44120
Postal Code 44120
City Cleveland
State OH
Country United States
Listing Office Russell Real Estate Services
Listing Office Phone 440-526-9400
Listing Office Email [email protected]
Listing Agent Tal Tamir
Listing Agent Phone 440-526-9400
Special listing conditions Standard
Terms Cash,Conventional,Item1031Exchange
District Cleveland Municipal – 1809
Days on market 14
MLS Status Active
Listing Last Modified Jun 24, 2024
Tax ID 130-15-019
Tax Year 2023
Tax Annual Amount 27614
MLS # 5045262

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