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16226 Arcade Ave 5 Unit Apartment Building Offered at $448,890 CAD at a 7.55% Cap Rate Cleveland, OH 44110
Investment Highlights
- M2M tenants allow you to add significant value without significant repairs immediately.
- Rare 3 car garage for parking.
- $80/ mo additional income from storage rental in the garage
- Located in Waterloo Arts district which is a unique shopping and restaurant community immersed in an art scene.
- Located in an appreciating area with a low point of entry.
Executive Summary
Located just steps from the vibrant Waterloo Arts District, this newly updated 5-unit apartment building offers a rare opportunity to own a well positioned asset in one of Cleveland’s most creative and rapidly growing neighborhoods.
The property features a diverse unit mix, including a spacious 3 bedroom unit , two 2 bedroom units, one 1 bedroom, and one studio, appealing to a wide range of tenants and maximizing rental flexibility. Recent updates such as kitchen, baths, floors, vinyl windows and paint enhance both the functionality and appeal of the building. All of the mechanicals and roof are less then 10 years old and each unit has its own furnace. No immediate capex needed.
Currently fully occupied and bringing in over 40,000 / year with a proforma income over $60,000 annually. Additional $80/ mo from storage rental in the garages. Switching to a tenant garage fee would generate more income and offer an additional amenity to 3 tenants.
All tenants are M2M allowing you to capitalize on the proforma income immediately after ownership.
Tenants pay gas and electric and taxes in this area are lower, creating more significant income. Trash is $90/mo, insurance 250/ mo and taxes just over $4000/ year. The owner currently operates below a 40% expense ratio.
Tenants will enjoy multiple parking options with a RARE detached 3 car garage, a private driveway, and ample street parking. Whether you're looking for a stabilized investment or a value add opportunity in a high demand rental corridor, this property delivers location, versatility, and long term upside.
The property features a diverse unit mix, including a spacious 3 bedroom unit , two 2 bedroom units, one 1 bedroom, and one studio, appealing to a wide range of tenants and maximizing rental flexibility. Recent updates such as kitchen, baths, floors, vinyl windows and paint enhance both the functionality and appeal of the building. All of the mechanicals and roof are less then 10 years old and each unit has its own furnace. No immediate capex needed.
Currently fully occupied and bringing in over 40,000 / year with a proforma income over $60,000 annually. Additional $80/ mo from storage rental in the garages. Switching to a tenant garage fee would generate more income and offer an additional amenity to 3 tenants.
All tenants are M2M allowing you to capitalize on the proforma income immediately after ownership.
Tenants pay gas and electric and taxes in this area are lower, creating more significant income. Trash is $90/mo, insurance 250/ mo and taxes just over $4000/ year. The owner currently operates below a 40% expense ratio.
Tenants will enjoy multiple parking options with a RARE detached 3 car garage, a private driveway, and ample street parking. Whether you're looking for a stabilized investment or a value add opportunity in a high demand rental corridor, this property delivers location, versatility, and long term upside.
Financial Summary (Actual - 2025) 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 - 2025) 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 | $448,890 CAD | Apartment Style | Townhome |
| Price Per Unit | $89,778 CAD | Lot Size | 0.18 AC |
| Sale Type | Investment | Building Size | 2,912 SF |
| Cap Rate | 7.55% | Average Occupancy | 100% |
| Gross Rent Multiplier | 7.67 | No. Stories | 2 |
| No. Units | 5 | Year Built | 1910 |
| Property Type | Multifamily |
| Price | $448,890 CAD |
| Price Per Unit | $89,778 CAD |
| Sale Type | Investment |
| Cap Rate | 7.55% |
| Gross Rent Multiplier | 7.67 |
| No. Units | 5 |
| Property Type | Multifamily |
| Apartment Style | Townhome |
| Lot Size | 0.18 AC |
| Building Size | 2,912 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1910 |
Amenities
Unit Amenities
- Cable Ready
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | $759.66 CAD | - |
| 1+1 | 1 | $897.78 CAD | - |
| 3+1 | 1 | $828.72 CAD | - |
1 1
Fairly walkable
40/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 113-20-049 | Total Assessment | $55,743 CAD |
| Land Assessment | $5,526 CAD | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $50,217 CAD | Tax Year | 2025 |
Property Taxes
Parcel Number
113-20-049
Land Assessment
$5,526 CAD
Improvements Assessment
$50,217 CAD
Total Assessment
$55,743 CAD
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2025
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16226 Arcade Ave
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