50
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$1,840,000
Est. payment /mo
5,227 Sqft Lot
New
3589 Cedarbrook RD Cleveland Heights, OH 44118
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Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID 5201607
HOA Y/N No
Year Built 1930
Annual Tax Amount $48,152
Tax Year 2025
Lot Size 5,227 Sqft
Acres 0.12
Property Sub-Type Apartment
Property Description
This is a portfolio built for the investor who understands that the best deals are bought, not found. Ten single-family homes across three of the strongest inner-ring east-side suburbs, priced as a package at $1,840,000 against an aggregate individual-unit comp value of $2.3M to $2.4M. That is roughly $464,000 of instant equity sitting on the closing table, plus the optionality to piece the portfolio off one house at a time as leases turn. Entry and location are the play. Cash flow is the bonus.
The portfolio is 7 homes in Cleveland Heights, 1 in University Heights, and 2 in Richmond Heights, all 3BR/1.5BA or 4BR/1.5BA. Most have been renovated and are occupied by long-term tenants, with 8 of 10 on leases running through mid-2026 into 2027 and 2 on month-to-month. Current gross rent is $182,100 annually after recent increases, against market rent of $215,100. That is roughly 18% organic upside as leases roll, with zero vacancy today.
Location is what makes this portfolio different from a scattered-site buy. Cleveland Heights gives you Cedar-Lee, Coventry, and a school district that trades to owner-occupants at full retail. University Heights sits on the John Carroll and Cedar Center corridor. Richmond Heights benefits from Town Square redevelopment and I-271 access. These are retail-grade zip codes, which is the entire reason the sell-off strategy works. You are not trying to wholesale out of rough areas. You are unwinding into a market that actively bids for your product.
The numbers: $1,840,000 ask / $184,000 per door / 6.4% current cap / 7.4% proforma cap / $117k+ current NOI / $135k+ proforma NOI / 100% occupancy / $182,100 in-place gross rent / $218,700 market rent. Point of sale has been ordered. Inspections are scheduled over the next week. Please note: No Seller Financing available.
The portfolio is 7 homes in Cleveland Heights, 1 in University Heights, and 2 in Richmond Heights, all 3BR/1.5BA or 4BR/1.5BA. Most have been renovated and are occupied by long-term tenants, with 8 of 10 on leases running through mid-2026 into 2027 and 2 on month-to-month. Current gross rent is $182,100 annually after recent increases, against market rent of $215,100. That is roughly 18% organic upside as leases roll, with zero vacancy today.
Location is what makes this portfolio different from a scattered-site buy. Cleveland Heights gives you Cedar-Lee, Coventry, and a school district that trades to owner-occupants at full retail. University Heights sits on the John Carroll and Cedar Center corridor. Richmond Heights benefits from Town Square redevelopment and I-271 access. These are retail-grade zip codes, which is the entire reason the sell-off strategy works. You are not trying to wholesale out of rough areas. You are unwinding into a market that actively bids for your product.
The numbers: $1,840,000 ask / $184,000 per door / 6.4% current cap / 7.4% proforma cap / $117k+ current NOI / $135k+ proforma NOI / 100% occupancy / $182,100 in-place gross rent / $218,700 market rent. Point of sale has been ordered. Inspections are scheduled over the next week. Please note: No Seller Financing available.
Location
State OH
County Cuyahoga
Rooms
Basement Full, Unfinished
Interior
Heating Gas, Radiator(s)
Fireplace No
Exterior
Fence Chain Link, Other, Wood
Water Access Desc Public
Roof Type Asphalt,Fiberglass
Building
Sewer Public Sewer
Water Public
Level or Stories Three Or More
Schools
School District Cleveland Hts-Univer - 1810
Others
Tax ID 722-02-112
Special Listing Condition Standard
Listed by Tal Tamir • Russell Real Estate Services • tal@premierclevelandinvesting.com, 216-870-8687
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