USAOHGarfield HeightsPark View5250 E 115Th St
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$750,000

5250 E 115 Th St, Garfield Heights, OH

Real Estate

For Sale

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  • Key Facts
  • Description
  • Map

Key Facts

Type Other
Levels Commercial Sale
Size  sqft
Garage Yes
Maintenance Fees 
Taxes $18,033
Days Active 2
Approx. Age 1954
MLS® Number 5147925

Property Address: 

Average square foot calculated using Size range provided by listing agent.

Description

This 7-property, 8-unit portfolio (including one duplex) is located on Cleveland’s east side, primarily in Garfield Heights—an appreciating suburb just 15 minutes from downtown. Fully occupied and generating $9, 230/month in rent with pro forma rents at $11, 650/month, this portfolio offers over $30, 000/year in immediate rent upside. Tenants pay all utilities except water/sewer in the duplex, and annual expenses are lean at just $16, 000. Current NOI is $58, 479 with pro forma NOI at $84, 392, resulting in a 7.8% cap rate today and 12% pro forma. With a 1.3 DSCR and 7.24% day-one cash-on-cash return, this is an excellent candidate for long-term financing, refinance, or retail exit. All single-family homes have 3+ bedrooms, making them ideal for future resale. ARV is estimated at $1.1M based on $143K/unit comps. Recent updates include new roofs (Bancroft & Gladden), furnace and hot water tanks (Bancroft, 8113 Grand Division), flooring (E 115), and interior renovations at Linda Ln and E 115. Over 50% of past repair costs were CapEx, allowing future management to reduce expenses to 5–8%. Leases are secured through 2026–2027. Garfield Heights continues to see strong demand, with median home prices up 16% year-over-year and limited inventory. The area is supported by nearby hospitals, employers, and downtown access, making it ideal for long-term tenant retention. Full due diligence available. No showings until accepted offer. Seller has two other portfolios and two single-family properties also available: search 8213 Ivandale (Parma), 509 Lake, 1344 W 93rd, and 2036 W 99th for more.Show Description
MLS® Number5147925
Locker
Ensuite LaundryNo
Balcony
Furnished
Laundry Level
Exposure
Exterior
GarageYes
Approx. Age1954
Stories
Pets
Corp Number

Included in Maintenance Fee

Heat
Hydro
Water
Building Insurance
Condo Taxes
Cable TV
Central Air
Parking Maintenance

Utilities

HeatForced Air
A/C
Heating Fuel

Extras

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