16224 Arcade Avenue, Cleveland, OH

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 one spacious 3 bedroom, 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, making it an ideal addition to any investor’s portfolio. Recent updates enhance both the functionality and appeal of the building. The Hot water tanks and roof are less then 10 years old. Each unit has its own furnace. Currently fully occupied and bringing in over 40,000 / year with a proforma income over $60,000 annually. Tenants pay gas and electric and taxes in this area are lower, creating more significant income. All tenants are M2M allowing you to capitalize on the proforma income immediately after ownership. Tenants will enjoy multiple parking options with a rare detached 3 car garage, a private driveway, and ample street parking. The location is a major highlight surrounded by some of the city’s most popular dining and cultural destinations, including Doinks Burger Joint, Citizen Pie, and Six Shooter Coffee just to name a few. The area is known for its thriving art and music scene, with galleries, live performances, and community events just seconds away, making this a highly desirable place to live. 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. NO seller financing.