3209 Archwood Ave — Sale in Cleveland, OH

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Cleveland, OH 44109
  • Size: 32,940 SF
  • Year built: 1929

Description

These apartments are located in one of Clevelands fastest appreciating markets near Downtown, Metro Hospital and 3 of the trendiest areas in northeast Ohio. Consisting of 44 total units, these buildings offer the new owner an unbelievable value add opportunity in a highly sought after area. With 12 units currently vacant, you have the opportunity to immediately reach market rents at or above $300,000 per year! The 44 units are comprised of 2 identical, twin sister buildings located directly next door to each other. 3311 is operating at 95% occupancy and will cash flow for you on day 1. Approximately 50% of the total occupied units are through CMHA or Eden, guaranteeing you rent each month-ideal as you complete the make readys at 3209. There is further opportunity to decrease heating expenses by converting the boiler heat to electric mini splits during unit turnovers. Electric has all been upgraded to breakers and windows are all vinyl $80,000 was recently poured into the roof of the 3209 building this year and between both buildings, have had a total of $260,000 in Capx improvements over the past 12 months. This area is ideal for tenants due to its close proximity to highways, public transportation, endless job opportunities and even the zoo! Due diligence is readily available for you review and a full walkthrough video is available on YouTube. Please Contact Erin Thomas at erinthomas@ezsalesteam.com for more information. Being sold with parcel 015-24-082. Building SF: 32940 | Land Size: 0.46 Ac | Year Built: 1929 | Listing Type: FOR SALE

Market Context

This multifamily in Cleveland, OH is listed for sale across 32,940 SF. The building dates to 1929. It has been on the market for 71 days. Compare it against other multifamily listings for sale in Cleveland, OH — view the full market.

As of Q1 2026, the Cleveland multifamily market showed average asking rents near $1900.00/unit/mo, and cap rates around 8.8%. Source: multiple brokerage reports, Q1 2026.

Multifamily market FAQ

What is the typical cap rate for multifamily in Cleveland?
About 8.8% as of Q1 2026, per multiple brokerage reports.

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