12511 Clifton BLVD new Save Request In-Person Tour Request Virtual Tour
Lakewood,OH 44107
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision W B Smiths
MLS Listing ID 5114577
Year Built 1943
Annual Tax Amount $131,044
Tax Year 2024
Lot Size 1.769 Acres
Property Sub-Type Apartment
Property Description
Rare Investment Opportunity in Lakewood's Prestigious Gold Coast Submarket! Seize the chance to acquire a 75-unit portfolio in Cleveland's highly coveted Lakewood Gold Coast. This portfolio features two well-maintained properties on Clifton Blvd: The Traymore, offering 29 spacious two-bedroom units, and Clifton Cove, with 46 one-bedroom units. With 75-80% of units already renovated and $1.2M in recent capital improvements since 2022, the properties boast stability and minimal immediate work required. Based on the current rent roll and normalized expenses, the portfolio delivers an impressive 8.3% cap rate with a clear roadmap to achieve double-digit returns. Currently at 92% occupancy, investors can enjoy strong cash flow from day one, with additional value-add potential through cosmetic updates and rent optimization. Situated in one of Cleveland's top-performing rental markets, this portfolio is a prime opportunity to secure high returns in a desirable, high-demand location.
Location
State OH
County Cuyahoga
Interior
Heating Hot Water,Steam
Exterior
Roof Type Composition,Flat
Building
Sewer Public Sewer
Water Public
Schools
School District Lakewood Csd (Cuyahoga)- 1817
Others
Acceptable Financing Cash,Conventional,1031 Exchange
Listing Terms Cash,Conventional,1031 Exchange
Special Listing Condition Standard