Off-Market 13-Unit Apartment Building – High Cash Flow & Value-Add Potential!

We’re thrilled to present this off-market 13-unit apartment building in Cleveland, OH – an exceptional opportunity for investors looking for high cash flow potential and value-add upside.

📍 16010 Nelacrest Rd, Cleveland, OH 44112

Key Numbers (At a Glance):

✅ As-Is Appraised Value: $360,000 (Instant Equity on Purchase!)
✅ Projected ARV (After Renovation Value): $770,000
✅ Fully Stabilized Market Value: $840,000 (at full lease-up)
✅ Pro Forma Cap Rate: 46.1%
✅ Actual Rent: Currently Vacant
✅ Potential Rent: $105,578 annually

What Makes This Deal Great?

Unit Mix (13 Total Units):

7 One-Bedroom Units

6 Two-Bedroom Units

Additional Highlights:

100% Vacant – Ideal for Immediate Renovation

Projected NOI: $71,252 after full stabilization

Gentrification Potential: Rents are rising, and multifamily demand is growing

Below-Market Purchase Price: Renovated properties in this market fetch ~$63K/unit

Market Rents in Line with Projections

💰 Investment Potential:

✔ Buy for $229K, Invest $260K, Stabilize at $840K+✔ Clear path to stabilization & strong exit strategy✔ Cleveland’s rental market is surging with increasing demand!

🛠 Renovation & Stabilization Plan:

Fully vacant building allows for streamlined renovations

Experienced property management ready to step in

Functional Rehab Estimate: $260K
✅ Structural Repairs – Reinforce floors & ceilings, repair hallways
✅ Water Damage – Address leaks, replace essential windows
✅ Electrical & Plumbing – System updates & fixture replacements
✅ Appliances & Cleanup – Budget-friendly replacements & deep sanitation✔ Focused on making the property livable & cash-flowing – NOT high-end!

💰 Financial Summary

✔ Projected Gross Rent (Stabilized): $123,600/year
✔ Projected Net Operating Income (NOI): $71,252
✔ Capitalization Rate (Stabilized): 8.50%
✔ Projected Operating Expense Ratio: 37%

🔨 Renovation & Development Assumptions

✔ Estimated Rehab Budget: $250,000 (with a $260K cushion)
✔ Timeline: 6 months
✔ Key Upgrades: Structural reinforcements, new mechanicals, plumbing, electrical, cosmetic updates
✔ Extraordinary Assumptions: On-time completion, no major zoning/economic shifts, budget sufficiency

Why Invest in Cleveland?

Cleveland is one of the lowest-risk real estate markets in the U.S., with increasing rental demand year-over-year. This city offers affordable home prices, strong economic growth, and a cost of living 11% below the national average. It’s an attractive market for both new and experienced investors!

Investor Takeaway:

This property is perfect for investors implementing a buy-renovate-hold strategy. With Cleveland’s robust rental market, this deal provides excellent upside potential. Raise rents, fill vacancies, and maximize your returns!

📞 For more details or to schedule a walkthrough, contact us today!

Location:

16010 Nelacrest Rd, Cleveland, OH 44112