1368 West Blvd

Solid cash-flowing asset in Cleveland's Edgewater neighborhood with upside already baked in. This 1920-built, 15-unit apartment building sits on the historic West Boulevard corridor, just blocks from Edgewater Park and Lake Erie's beaches. You're minutes from Lakewood, the Gordon Square arts district, and the West Boulevard-Cudell RTA Red Line station where a $19M transit-oriented development is underway. The location delivers walkability, tenant demand, and long-term appreciation in one of Cleveland's most desirable west side pockets. The building is fully occupied with rents ranging from $750 to $1,099/month, and current gross rents total $163,728 annually. At the asking price of $1,175,000 ($78,333/unit), you're buying at a 7.5% cap that will jump to an 8.43% proforma cap as you push rents to market and complete utility bill backs. The numbers work Day 1. The building is in excellent condition with recent capital improvements already done: two new hot water tanks, a new Tekmar boiler control system, and vinyl windows throughout. Ten of the fifteen units have been updated, and even the non-renovated units feature original hardwood floors. Each unit runs approximately 700-750 sqft with closet space. Three units are configured as functional two-bedrooms while the rest are oversized one-beds that command strong tenant demand. From an operations standpoint, you've got individual breakers in most units, separately metered electric, and a strong tenant base paying on time. Current rents average $889/month with market rents pushing toward $1000+ on updated units. Water/sewer billback is already implemented on newer leases ($50/month), adding another revenue stream. With proforma NOI projecting at $99,075, there's real meat on the bone for a buyer willing to continue the rent improvement trajectory. This is a clean, stabilized asset with upside in a neighborhood that keeps getting better. Exactly the kind of deal Cleveland does better than anywhere else.