14315 Milverton Road Cleveland, OH $ 2,325,000
14315 Milverton Road
$ 2,325,000
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14315 Milverton Road

Cleveland, OH, 44120
$ 2,325,000
Baths0.0

Monthly Estimate*

$ 15,453

14315 Milverton Road, Cleveland, OH 44120 - Image 1
14315 Milverton Road, Cleveland, OH 44120 - Image 2
14315 Milverton Road, Cleveland, OH 44120 - Image 3
14315 Milverton Road, Cleveland, OH 44120 - Image 4
14315 Milverton Road, Cleveland, OH 44120 - Image 5
14315 Milverton Road, Cleveland, OH 44120 - Image 6
14315 Milverton Road, Cleveland, OH 44120 - Image 7
14315 Milverton Road, Cleveland, OH 44120 - Image 8
Studio

Commercial Property for sale in Cleveland, OH

for $2,325,000. This building was built in 1925 on a lot size of 0.7046.

MASSIVE opportunity for a value-add investor to create significant equity - 47 units just outside Shaker Heights, in an up and coming area of Cleveland! These 46 units are primed for a buyer looking to capitalize on a fantastic entry price point and create significant equity through implementing structured management and filling units. Just outside of Shaker Heights, this property sits literally right next to one of the wealthiest suburbs in Cleveland with ample employment and entertainment nearby. With new development occurring just down the street and the revitalization effort of Shaker Square, this property is perfectly located for significant equity growth. There are 46 rentable apartments with potential for a 47th that was previously an office. The path to a heavy cash flowing, stabilized asset is clear through tightening up management, removing non-paying tenants, and turning the vacant units that are currently sitting (most are easy, quick cosmetic turns). With rents already significantly under market, income can be easily grown through rent bumps on current tenants, filling vacant units at market or section 8 premiums, and increasing rents on occupied units as most tenants are month to month. In addition, there is low hanging cost savings by implementing a water savings initiative as nearly all toilets and fixtures are old. The owner has put significant capital into the property since acquisition in 2020 including removing the boiler system and installing electric baseboard heat which passes the heating cost of the units onto the tenants, installing all new electrical meters and panels, installing new furnaces for common area heating, and installing new plumbing in most of the bathrooms throughout the property. The property also has two large parking lots with ample off-street parking for tenants. *Note: Auditor's website states the heat type is hot water/steam but the owner states that has been removed and they installed electric baseboard heaters.

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Commercial Active

Price

$ 2,325,000

Bedrooms

Studio

Property Type

Commercial

Taxes

$ 27,614

Style

Lot Size

0.7046

Year Built

1925

Town/City

Cleveland

County/Region

Cuyahoga

MLS | Web ID

5045262

Features
General
Sewer PublicSewer
Heating Baseboard Electric
Cooling None
Possession DeliveryOfDeed
Roof Composition Flat
Year Built 1925
Township Cleveland
Property SubType Apartment
Tax Year 2023
Current Use Residential
County Cuyahoga
New Construction N
Property Type CommercialSale
HOA / Comm Assn N
Attached Garage N
Subdivision Name Shaker View
Garage Y/N N
Status Active
Directions West of Van Aken Blvd
City Cleveland
View Y/N N
Senior Community Y/N N
High School District Cleveland Municipal - 1809
Lot Size Units Acres
Waterfront Y/N N
Carport Y/N N
Property Attached Y/N N
Land Lease Y/N N
Tax Annual Amount 27614.0
Home Warranty Y/N N
Lease Renewal Y/N N
Additional Parcels Y/N N
Lease Considered Y/N N
Rent Control Y/N N
Days on Market 14
Building Area Units SquareFeet
Living Area Units SquareFeet
Standard Status Active
Middle/Junior School District Cleveland Municipal - 1809
Elementary School District Cleveland Municipal - 1809
Year Built Source PublicRecords
Property Sub Type Additional Apartment
Legal Description 41 KINNER & SH VW S/L 70 & 71 ALL & NEXT N 133 & 134ALL& NEXT W & PT VAC ST 13015019 TO13015021
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Interior
Basement Full
Basement (Y/N) Y
Air Conditioning Y/N N
Heating Y/N Y
Fireplace Y/N N
Electric On Property Y/N N
Main Level Bathrooms 0
Total Baths 0
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Exterior
Parking Features OnSite Paved
Water Source Public
Lot Size Area 0.7046
Spa N
Building Area Total 50280.0
Lot Size Acres 0.7046
Lot Size Source Assessor
Crops Included Y/N N
Open Parking Y/N N
Horse Y/N N
Irrigation Water Rights Y/N N
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Internal Only
Street Number 1 14315
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* Excluded Features
List By
Tal Tamir

Listing Agent

Russell Real Estate Services

Broker

tal@premierclevelandinvesting.com

Email

Affordability Calculator

$17,754
Per Month
87%
13%
0%
Monthly Principal & Interest
$15,453
Monthly Property Taxes
$2,301
Monthly Home Insurance
--
Default based on a 30-year fixed rate of 6.99% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
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Nearby
4457612 Elementary School
4457721 Middle School
Unknown High School High School
Pricing History
DatePricePrice ChangeDescription
6/11/2024$2,325,000 Listed Price

Map


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14315 Milverton Road, Cleveland, OH, 44120 is a Commercial Property for sale at $2,325,000 with a lot size of 0.7046. 14315 Milverton Road is a studio with 0.0 baths and was built in 1925. The property's zip code is 44120 which is in Cleveland, OH