Description
Add this exceptionally well-maintained triplex in a phenomenal Cleveland Heights location to your investment portfolio. This property offers an attractive combination of good current cash flow and significant rental upside, with the units currently leased well below market rents. Once rents are brought to market, the property is projected to achieve over a 9.5% cap rate at the list price, providing an excellent opportunity for both immediate income and quick appreciation. The property has benefited from numerous significant capital improvements, including all 57 windows replaced in 2025, new water heaters in 2020 and 2022, a boiler replaced in 2022, and a new garage door installed in 2020. Exterior waterproofing was completed by in 2017, and the work includes a transferable warranty providing peace of mind with a dry basement. The property is POS compliant and lead safe certified making this truly hassle free and fully compliant with the city. The spacious first and second-floor units each feature two bedrooms, a full kitchen, dining room, and sunroom. The third floor has been converted into a comfortable one-bedroom unit with a living room and a compact kitchen without a range. All appliances will transfer to the new owner, including three washers and dryers in the basement, allowing each tenant to have their own dedicated laundry. Additional features include basement storage units and four off-street parking spaces. The location is hard to beat, situated conveniently between three of Cleveland Heights' most vibrant hubs: Cedar-Fairmount, Coventry, and Cedar-Lee. Tenants enjoy easy access to an outstanding selection of restaurants, shopping, entertainment, major transportation routes, and University Circle. With its desirable location, well-maintained condition, below-market rents, and substantial recent capital improvements, this is an exceptional opportunity for an investor looking for reliable income today with meaningful upside tomorrow.
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6BEDS
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0.11ACRES
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3BATHS
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01/2 BATHS
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3,202SQFT
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$94$/SQFT
Description
Add this exceptionally well-maintained triplex in a phenomenal Cleveland Heights location to your investment portfolio. This property offers an attractive combination of good current cash flow and significant rental upside, with the units currently leased well below market rents. Once rents are brought to market, the property is projected to achieve over a 9.5% cap rate at the list price, providing an excellent opportunity for both immediate income and quick appreciation. The property has benefited from numerous significant capital improvements, including all 57 windows replaced in 2025, new water heaters in 2020 and 2022, a boiler replaced in 2022, and a new garage door installed in 2020. Exterior waterproofing was completed by in 2017, and the work includes a transferable warranty providing peace of mind with a dry basement. The property is POS compliant and lead safe certified making this truly hassle free and fully compliant with the city. The spacious first and second-floor units each feature two bedrooms, a full kitchen, dining room, and sunroom. The third floor has been converted into a comfortable one-bedroom unit with a living room and a compact kitchen without a range. All appliances will transfer to the new owner, including three washers and dryers in the basement, allowing each tenant to have their own dedicated laundry. Additional features include basement storage units and four off-street parking spaces. The location is hard to beat, situated conveniently between three of Cleveland Heights' most vibrant hubs: Cedar-Fairmount, Coventry, and Cedar-Lee. Tenants enjoy easy access to an outstanding selection of restaurants, shopping, entertainment, major transportation routes, and University Circle. With its desirable location, well-maintained condition, below-market rents, and substantial recent capital improvements, this is an exceptional opportunity for an investor looking for reliable income today with meaningful upside tomorrow.