608 E 185th ST new Save Request In-Person Tour Request Virtual Tour
Cleveland,OH 44119
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Beachland Allotment
MLS Listing ID 5141714
Year Built 1927
Annual Tax Amount $5,454
Tax Year 2024
Lot Size 7,139 Sqft
Property Sub-Type Apartment
Property Description
Incredible opportunity to acquire a fully occupied mixed-use property on East 185th Street in Cleveland, Ohio, just outside of Euclid. This cash-flowing asset features four commercial storefronts and a duplex on the same lot, with all units currently leased. The commercial spaces are slightly under market rent, each averaging $750/month, offering immediate upside on renewals. The duplex consists of two one-bedroom, one-bath units—one leased at $625/month through 11/30/2025, and the other at $575/month through 7/31/2026. A brand-new roof is being installed on the commercial building, reducing future capital expenditures for the new owner. Based on current financials, the property is operating at an 8%+ cap rate, with a clear path to double-digit returns through modest rent increases. This is a rare, low-maintenance, income-producing asset in a high-visibility location ideal for any investor seeking strong in-place cash flow with value-add potential.
Location
State OH
County Cuyahoga
Interior
Heating Forced Air,Gas
Cooling None
Building
Sewer Public Sewer
Water Public
Schools
School District Cleveland Municipal - 1809
Others
Acceptable Financing Cash,Conventional,1031 Exchange
Listing Terms Cash,Conventional,1031 Exchange
Special Listing Condition Standard