2450 Overlook

Description:

40-Unit Light Cosmetic Value Add Multifamily Investment Cleveland Heights, Ohio

KW Commercial the List Sell and Buy Team is pleased to present 2450 Overlook Road, a 40-unit multifamily investment opportunity offered at $3,200,000 ($80,000 per unit).

Strategically located near Cleveland Clinic, University Hospitals, Case Western Reserve University, and University Circle, this established apartment community presents investors with an opportunity to acquire a well-amenitized multifamily asset with meaningful rental upside.

The primary investment opportunity centers on a light cosmetic value-add strategy. Based on nearby advertised rental rates, the property's one-bedroom apartments are estimated to be approximately $150–$200 below market, while two-bedroom apartments are approximately $150 below market.

Investors have the potential to increase rental income through targeted cosmetic improvements, apartment refreshes, enhanced unit presentation, and strategic rent adjustments as units turn over and leases permit.

Residents enjoy in-unit washers and dryers, fully equipped kitchens, complimentary Wi-Fi, controlled key-fob access, 24-hour security cameras, fitness facilities, and garage and surface parking.

Seller financing is available with approximately 30%–40% down, with interest rates and other terms negotiable.

An attractive investment opportunity for buyers seeking to increase rental income, enhance net operating income, and build long-term asset value in one of Greater Cleveland's established multifamily markets.

Contact Dontez Sanders with KW Commercial and the List Sell and Buy Team for additional information or to schedule a private property tour.


2450 Overlook Road is situated in the desirable Cleveland Heights and University Circle corridor, offering convenient access to some of Northeast Ohio's largest medical, educational, and employment institutions.

The property is near Cleveland Clinic, University Hospitals, Case Western Reserve University, and the VA Medical Center, providing access to a substantial concentration of healthcare professionals, university faculty, graduate students, and other area employees.

Residents benefit from proximity to Little Italy, Coventry Village, and the Cedar Fairmount shopping district, which feature restaurants, coffee shops, neighborhood retail, entertainment, and cultural attractions.

The surrounding University Circle neighborhood is home to the Cleveland Museum of Art, Cleveland Museum of Natural History, Severance Music Center, and numerous educational and cultural institutions.

Convenient access to public transportation, major roadways, and Downtown Cleveland further enhances the property's appeal.

For multifamily investors, the surrounding employment centers, established residential neighborhoods, and nearby amenities create an attractive location for long-term rental housing investment.




40-Unit Light Cosmetic Value-Add Multifamily Investment Opportunity


Asking Price: $3,200,000 | $80,000 Per Unit


One-Bedroom Apartments Approximately $150–$200 Below Market


Two-Bedroom Apartments Approximately $150 Below Market


Potential Annual Gross Rental Upside of $72,000–$92,400


Opportunity to Increase NOI Through Targeted Cosmetic Improvements


Seller Financing Available | 30%–40% Down | Negotiable Terms


In-Unit Washers and Dryers


Fully Equipped Kitchens with Refrigerators, Stoves, and Dishwashers


Complimentary Wi-Fi


Fitness Center


Controlled Key-Fob Entry and 24-Hour Security Cameras


Garage and Surface Parking


Located Near Cleveland Clinic, University Hospitals, and Case Western Reserve University


Minutes from Little Italy, Coventry Village, and University Circle


Potential to Enhance Long-Term Asset Value Through Rent Optimization


Contact Dontez Sanders | KW Commercial | List Sell and Buy team | Dontezsanders@kw.com