Updated over 7 years ago on . Most recent reply
Cleveland Cap Rates
HI! Does anyone know the current Cap Rate for Class B & C apartments in Cleveland, OH?
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#4 All Forums Contributor
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#4 All Forums Contributor
- Real Estate Broker
- Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
Welcome to the site.
I would say 7-11% is pretty accurate with 7% being a lot more common than 11%. I don't think you will see anything over 10% in a B area. Multifamily in desirable areas is very scarce. The good buildings are gobbled up pretty quickly.
Be careful looking at this with out of state eyes. Ohio City is a trendy pocket that is surrounded by rough stuff. What is being advertised as Ohio City may be in the nice part or it may actually be a D neighborhood.
HERE IS a grading scale that I made for out of state investors looking into Cleveland, Ohio. I think you will find the information very helpful.