880-884 Parkwood Rd
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880-884 Parkwood Rd
13 Unit Apartment Building $360,800 CAD ($27,754 CAD/Unit) Cleveland, OH 44108
INVESTMENT HIGHLIGHTS
- The buildings are all-brick built in 1910, featuring three two-story buildings with separate metered apartments.
- Immense upside potential to tap into via property enhancements, with some plans in-place.
- The site assembly includes four V/L parcels for onsite parking or future development.
- Within just 1-mile are some of Cleveland's most renowned points of interest.
EXECUTIVE SUMMARY
Attention all contractors and investors, 880-884 Parkwood Road presents an amazing opportunity to renovate a 13-unit multifamily apartment building, being sold as part of a site-assembly totaling five parcels.
The buildings are all-brick and were built in 1910. They span three two-story buildings that connect from the exterior facade. Proposed plans consist of 3 styles of one-bedroom, two-bedroom, and three-bedroom apartments all separately metered. The units feature high ceilings, four season rooms, offer an abundance of natural light and charming decorative fireplaces with desirable layouts for future renters.
The apartments are surrounded by new-build construction in an ever-vast growing Glenville neighborhood of Cleveland. Nearby are all major hospitals, easy highway
accessibility, and situated within a school zone.
The majority of the demo has already been completed, offering the next owner a chance to finish existing plans in-place or the option to make their own personal customizations. A common basement with storage lockers, a laundry room, and the possibility to create an additional garden style apartment are all possible. The L-shape site assembly includes four V/L parcels zoned MF & Residential that could be used for on-site parking or future development. The site plan, architectural drawings, and environmental reports have been completed, a value-saving for future buyers.
880-884 Parkwood Road is conveniently located within a 1-mile radius from UH Rainbow Babies & Children Hospital, Veteran Hospital, Rockefeller Park, The Cleveland Museum of Art & Natural History, and Cleveland Botanical Gardens. This is a fantastic opportunity to purchase a value-add play in a Class C neighborhood with a huge upside for a bargain price.
The buildings are all-brick and were built in 1910. They span three two-story buildings that connect from the exterior facade. Proposed plans consist of 3 styles of one-bedroom, two-bedroom, and three-bedroom apartments all separately metered. The units feature high ceilings, four season rooms, offer an abundance of natural light and charming decorative fireplaces with desirable layouts for future renters.
The apartments are surrounded by new-build construction in an ever-vast growing Glenville neighborhood of Cleveland. Nearby are all major hospitals, easy highway
accessibility, and situated within a school zone.
The majority of the demo has already been completed, offering the next owner a chance to finish existing plans in-place or the option to make their own personal customizations. A common basement with storage lockers, a laundry room, and the possibility to create an additional garden style apartment are all possible. The L-shape site assembly includes four V/L parcels zoned MF & Residential that could be used for on-site parking or future development. The site plan, architectural drawings, and environmental reports have been completed, a value-saving for future buyers.
880-884 Parkwood Road is conveniently located within a 1-mile radius from UH Rainbow Babies & Children Hospital, Veteran Hospital, Rockefeller Park, The Cleveland Museum of Art & Natural History, and Cleveland Botanical Gardens. This is a fantastic opportunity to purchase a value-add play in a Class C neighborhood with a huge upside for a bargain price.
DATA ROOM Click Here to Access
- Operating and Financials
PROPERTY FACTS
| Price | $360,800 CAD | Building Class | C |
| Price Per Unit | $27,754 CAD | Lot Size | 0.27 AC |
| Sale Type | Investment | Building Size | 16,824 SF |
| No. Units | 13 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1910 |
| Property Subtype | Apartment | Parking Ratio | 0.89/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Price | $360,800 CAD |
| Price Per Unit | $27,754 CAD |
| Sale Type | Investment |
| No. Units | 13 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.27 AC |
| Building Size | 16,824 SF |
| No. Stories | 2 |
| Year Built | 1910 |
| Parking Ratio | 0.89/1,000 SF |
| Opportunity Zone |
Yes |
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Dishwasher
- Microwave
- Heating
- Tile Floors
- Kitchen
- Refrigerator
- Range
- Tub/Shower
- Wi-Fi
- Freezer
SITE AMENITIES
- 24 Hour Access
- Controlled Access
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 13 | - | - |
PROPERTY TAXES
| Parcel Number | 108-27-023 | Improvements Assessment | $26,003 CAD |
| Land Assessment | $5,885 CAD | Total Assessment | $31,887 CAD |
PROPERTY TAXES
Parcel Number
108-27-023
Land Assessment
$5,885 CAD
Improvements Assessment
$26,003 CAD
Total Assessment
$31,887 CAD
ZONING
| Zoning Code | MF-1 |
| MF-1 |
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880-884 Parkwood Rd
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