50
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$449,000
Est. payment /mo
6,599 Sqft Lot
New
14222 Lorain AVE Cleveland, OH 44111
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Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Chas A Cook
MLS Listing ID 5259016
Construction Status Updated/Remodeled
HOA Y/N No
Year Built 1940
Annual Tax Amount $7,704
Tax Year 2025
Lot Size 6,599 Sqft
Acres 0.1515
Property Sub-Type Apartment
Property Description
Turnkey Five-Unit Apartment Building | 8% Cap Rate | Cleveland's West Park Neighborhood
Add an established income-producing property to your portfolio with this renovated five-unit apartment building in Cleveland's sought-after West Park neighborhood. Situated on Lorain Avenue in the 44111 ZIP code, the property offers convenient access to I-71, I-90, and nearby shopping.
The unit mix features three one-bedroom apartments, one two-bedroom apartment, and one four-bedroom, two-bath apartment. Renovations were completed between 2017 and 2022, with the four-bedroom, two-bath conversion completed in 2026. A large rear parking lot provides convenient off-street parking.
The property generates $4,695 in monthly rent plus $715 in utility reimbursements, totaling $5,410 per month, or $64,920 annually. Tenants enjoy the convenience of one monthly bill covering rent and utility reimbursements.
Utilities consist of two electric meters, two gas meters, one water meter, and one dumpster service bill. The tenant in Unit 1 serves as the onsite manager and maintains the property in exchange for a waiver of the monthly utility reimbursement fee.
Offering a 8% cap rate, renovated units, and onsite management, this turnkey property is an attractive opportunity for investors seeking a stabilized asset in an established West Side neighborhood.
Add an established income-producing property to your portfolio with this renovated five-unit apartment building in Cleveland's sought-after West Park neighborhood. Situated on Lorain Avenue in the 44111 ZIP code, the property offers convenient access to I-71, I-90, and nearby shopping.
The unit mix features three one-bedroom apartments, one two-bedroom apartment, and one four-bedroom, two-bath apartment. Renovations were completed between 2017 and 2022, with the four-bedroom, two-bath conversion completed in 2026. A large rear parking lot provides convenient off-street parking.
The property generates $4,695 in monthly rent plus $715 in utility reimbursements, totaling $5,410 per month, or $64,920 annually. Tenants enjoy the convenience of one monthly bill covering rent and utility reimbursements.
Utilities consist of two electric meters, two gas meters, one water meter, and one dumpster service bill. The tenant in Unit 1 serves as the onsite manager and maintains the property in exchange for a waiver of the monthly utility reimbursement fee.
Offering a 8% cap rate, renovated units, and onsite management, this turnkey property is an attractive opportunity for investors seeking a stabilized asset in an established West Side neighborhood.
Location
State OH
County Cuyahoga
Rooms
Basement Partial, Sump Pump
Interior
Heating Forced Air
Cooling Ceiling Fan(s), Wall/Window Unit(s)
Fireplace No
Exterior
Parking Features Assigned, Asphalt, Parking Lot
Water Access Desc Public
Roof Type Flat
Present Use Commercial
Building
Sewer Public Sewer
Water Public
Construction Status Updated/Remodeled
Schools
School District Cleveland Municipal - 1809
Others
Tax ID 024-32-008
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Listed by Richard Lyle • Hi-Tech Realty, Ltd. • 216-570-2812, luke.lyle@yahoo.com
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