Low-Rise/Garden Apartment Building for Sale--Investment — Sale in Cleveland, OH

  • Price: $1M
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Cleveland, OH 44119
  • Size: 12,000 SF
  • Year built: 1962

Investment Figures

Cap rate
7.36%
Price per square foot
$85
Price per unit
$85,417 across 12 units

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

18911 Bella Drive presents a mostly renovated 12-unit multifamily asset with significant capital improvements already completed. Ownership has renovated 8 of 12 units over the past two years, achieving strong rent growth while maintaining stable occupancy. The property has undergone full lead abatement and holds a 20-year lead-free certification, significantly reducing regulatory risk. Additional recent capital improvements include a new roof, updated entry doors, renovated laundry rooms, and upgraded mechanical systems. This offering represents a rare opportunity to acquire a largely de-risked, near-stabilized asset with in-place income and remaining upside by increasing rents to market, maximizing an 8% CAP Listing Agent to be present during all showings and only after acceptable offer is in place. Building SF: 12000 | Land Size: 0.36 Ac | Year Built: 1962 | Listing Type: FOR SALE

Market Context

This multifamily in Cleveland, OH is listed for sale at $1,025,000 across 12,000 SF. It is offered at an approximate 7.4% capitalization rate, a key benchmark for income-producing multifamily assets. The building dates to 1962. It has been on the market for 70 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.

Its 7.4% asking cap rate is below the Cleveland multifamily market average of about 8.8%, reflecting premium pricing relative to comparable assets.

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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