12511 Clifton BLVD new Save Request In-Person Tour Request Virtual Tour
Lakewood,OH 44107
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision W B Smiths
MLS Listing ID 5114577
HOA Y/N No
Year Built 1943
Annual Tax Amount $131,044
Tax Year 2024
Lot Size 1.769 Acres
Acres 1.769
Property Sub-Type Apartment
Property Description
Rare Investment Opportunity in Lakewood's Prestigious Gold Coast Submarket! Seize the chance to acquire a 75-unit portfolio in Cleveland's highly coveted Lakewood Gold Coast. This portfolio features two well-maintained properties on Clifton Blvd: The Traymore, offering 29 spacious two-bedroom units, and Clifton Cove, with 46 one-bedroom units. With 75-80% of units already renovated and $1.2M in recent capital improvements since 2022, the properties boast stability and minimal immediate work required. Based on the current rent roll and normalized expenses, the portfolio delivers an impressive 8.3% cap rate with a clear roadmap to achieve double-digit returns. Currently at 92% occupancy, investors can enjoy strong cash flow from day one, with additional value-add potential through cosmetic updates and rent optimization. Situated in one of Cleveland's top-performing rental markets, this portfolio is a prime opportunity to secure high returns in a desirable, high-demand location.
Location
State OH
County Cuyahoga
Interior
Heating Hot Water,Steam
Fireplace No
Exterior
Water Access Desc Public
Roof Type Composition,Flat
Present Use Residential
Building
Sewer Public Sewer
Water Public
Schools
School District Lakewood Csd (Cuyahoga)- 1817
Others
Tax ID 312-28-031
Acceptable Financing Cash,Conventional,1031 Exchange
Listing Terms Cash,Conventional,1031 Exchange
Special Listing Condition Standard