The Delilah | 12607 Larchmere Blvd
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The Delilah 12607 Larchmere Blvd
29 Unit Apartment Building $9,536,565 CAD ($328,847 CAD/Unit) 6.17% Cap Rate Cleveland, OH 44120
Investment Highlights
- Furnished Units
- Short and Long term rental options
- Value-Add potential
- Close proximity to Downtown Cleveland
- 100% Occupied
Executive Summary
The Delilah Apartments present a rare investment opportunity in the thriving Buckeye-Shaker neighborhood of Cleveland, Ohio. Built in 2021/2022, this fully leased property is a turnkey asset offering stable cash flow and significant upside potential. With its contemporary design, flexible leasing options (2-24 months), and proximity to Cleveland's largest hospitals, The Delilah is an attractive option for professionals, including traveling nurses and medical residents.
Each unit features high-end finishes, including a murphy bed, sofa, flat-screen TV, in-unit washer/dryer, and a full kitchen. The property’s "move-in ready" approach reduces turnover and ensures consistent occupancy, with a waitlist attesting to its strong demand.
Key Features:
15-Year Tax Abatement: Significant savings with 12 years remaining.
Modern Amenities: Fully furnished units, dedicated parking, and a rooftop lounge.
Prime Location: Minutes from downtown Cleveland and adjacent to the cultural and historic charm of Shaker Square.
Stable Income: 100% occupancy with an average monthly rent of $1,549/unit.
Value-Add Potential: Opportunities for rent increases and minor cosmetic upgrades to enhance NOI.
Each unit features high-end finishes, including a murphy bed, sofa, flat-screen TV, in-unit washer/dryer, and a full kitchen. The property’s "move-in ready" approach reduces turnover and ensures consistent occupancy, with a waitlist attesting to its strong demand.
Key Features:
15-Year Tax Abatement: Significant savings with 12 years remaining.
Modern Amenities: Fully furnished units, dedicated parking, and a rooftop lounge.
Prime Location: Minutes from downtown Cleveland and adjacent to the cultural and historic charm of Shaker Square.
Stable Income: 100% occupancy with an average monthly rent of $1,549/unit.
Value-Add Potential: Opportunities for rent increases and minor cosmetic upgrades to enhance NOI.
Financial Summary (Actual - 2024) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2024) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $9,536,565 CAD | Building Class | A |
| Price Per Unit | $328,847 CAD | Lot Size | 0.23 AC |
| Sale Type | Investment | Building Size | 29,000 SF |
| Cap Rate | 6.17% | Average Occupancy | 100% |
| No. Units | 29 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 2022 |
| Property Subtype | Apartment | Parking Ratio | 1/1,000 SF |
| Apartment Style | Low Rise |
| Price | $9,536,565 CAD |
| Price Per Unit | $328,847 CAD |
| Sale Type | Investment |
| Cap Rate | 6.17% |
| No. Units | 29 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | A |
| Lot Size | 0.23 AC |
| Building Size | 29,000 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 2022 |
| Parking Ratio | 1/1,000 SF |
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Washer/Dryer Hookup
- Heating
- Ceiling Fans
- Tile Floors
- Kitchen
- High Speed Internet Access
- Ice Maker
- Refrigerator
- Oven
- Range
- Tub/Shower
- Walk-In Closets
- Carpet
- Handrails
- Vinyl Flooring
- Warming Drawer
- Wheelchair Accessible (Rooms)
- Window Coverings
- Large Bedrooms
Site Amenities
- 24 Hour Access
- Controlled Access
- Property Manager on Site
- Tenant Controlled HVAC
- Renters Insurance Program
- Roof Terrace
- Storage Space
- Hearing Impaired Accessible
- Maintenance on site
- Multi Use Room
- Online Services
- Vision Impaired Accessible
- Public Transportation
- Individual Locking Bedrooms
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 29 | - | 476 |
Walk Score ®
Very Walkable (85)
PROPERTY TAXES
| Parcel Number | 129-07-099 | Total Assessment | $94,000 CAD (2023) |
| Land Assessment | $94,000 CAD (2023) | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $0 CAD (2023) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
129-07-099
Land Assessment
$94,000 CAD (2023)
Improvements Assessment
$0 CAD (2023)
Total Assessment
$94,000 CAD (2023)
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2024
zoning
| Zoning Code | Multi-Family (Apartments) |
| Multi-Family (Apartments) |
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The Delilah | 12607 Larchmere Blvd
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