Commercial Real Estate for Sale at 1176 E 61st Street in Cleveland, OH for $899,000

Listing data updated July 7, 2025 - 7:28pm
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1176 E 61st Street | Cleveland

$899,000 | 0.0 Sq. Ft.

20-Unit, 6-Property Cleveland Portfolio\u2014Cash Flow \u0026 Value-Add with 12% Proforma Cap Rate ----- Unlock immediate income and big upside with this rare 20-unit, 6-property portfolio in Cleveland. Four properties are conveniently clustered within walking distance on the east side, while two are on the west side in the 44102 zip code\u2014offering both operational efficiency and geographic diversity. Current gross income exceeds $13,000/month with 3 vacancies providing instant value-add potential. Rents are well below market, with CMHA quoting $1,129/month for 2-bed units, making rent increases and lease-up a clear path to stronger returns. The portfolio is already delivering a cap rate over 9% as-is, with a proforma cap rate projected near 15% once fully stabilized and updated. Proforma income tops $20,000/month and ARV is estimated at $1.3M. Units will require some updates and hands-on management, but the bones are solid and the upside is real. New ownership can boost income through simple repairs, filling vacancies, and bringing rents to market. This is a perfect opportunity for buyers seeking steady cash flow, value-add, and scale in one of Cleveland\u2019s strongest rental corridors. Sellers will consider splitting the east and west side groups, but full portfolio offers are preferred. Includes: 1176, 1180 \u0026 1187 E 61 St, 1167 E 60, 3355 W 91 \u0026 3326 w 73 St Contact us today for financials, rent rolls, and showings\u2014opportunities like this don\u2019t last! MLSNow 5133039

Directions to property: 4 on the eastside \u0026 2 on the westside

MLS Listing ID: 
MLSNow 5133039
Listing Category: 
Purchase
Listing Status
Status of the Listing.
Listing Status: 
Active
Listing Status (Local): 
Active
Listing Pricing
Pricing information for this listing.
List Price: 
$899,000
Basic Property Information
Fields containing basic information about the property.
Property Type: 
Commercial
Property Sub Type: 
Apartment
Primary Market Area: 
Cleveland
Address: 
1176 E 61st Street, Cleveland, OH 44103
County: 
Cuyahoga
Latitude: 
41.5213860
Longitude: 
-81.6477780
Directions: 
4 on the eastside \u0026 2 on the westside
Public Remarks: 
20-Unit, 6-Property Cleveland Portfolio\u2014Cash Flow \u0026 Value-Add with 12% Proforma Cap Rate ----- Unlock immediate income and big upside with this rare 20-unit, 6-property portfolio in Cleveland. Four properties are conveniently clustered within walking distance on the east side, while two are on the west side in the 44102 zip code\u2014offering both operational efficiency and geographic diversity. Current gross income exceeds $13,000/month with 3 vacancies providing instant value-add potential. Rents are well below market, with CMHA quoting $1,129/month for 2-bed units, making rent increases and lease-up a clear path to stronger returns. The portfolio is already delivering a cap rate over 9% as-is, with a proforma cap rate projected near 15% once fully stabilized and updated. Proforma income tops $20,000/month and ARV is estimated at $1.3M. Units will require some updates and hands-on management, but the bones are solid and the upside is real. New ownership can boost income through simple repairs, filling vacancies, and bringing rents to market. This is a perfect opportunity for buyers seeking steady cash flow, value-add, and scale in one of Cleveland\u2019s strongest rental corridors. Sellers will consider splitting the east and west side groups, but full portfolio offers are preferred. Includes: 1176, 1180 \u0026 1187 E 61 St, 1167 E 60, 3355 W 91 \u0026 3326 w 73 St Contact us today for financials, rent rolls, and showings\u2014opportunities like this don\u2019t last!
Community Information
School District: 
Cleveland Municipal - 1809
Subdivision: 
Glass
Building Details
Details about the building on a property.
Year Built: 
1910
Living Area: 
0.0
Room Details
Details about the rooms in the building.
Total Bedrooms: 
0
Total Bathrooms: 
0
Total Full-Bathrooms: 
0
Total Half-Bathrooms: 
0
Total One-Quarter-Bathrooms: 
0
Total Three-Quarter-Bathrooms: 
0
Utilities
Information about utilities available on the property.
Heating System: 
Forced Air
Cooling System: 
None
Water Source: 
Public
Sewer: 
Public Sewer
Lot/Land Details
Details about the lots and land features included on the property.
Acres: 
0.18
Lot Size (Area): 
0.18
Public Record
Parcel Number: 
104-13-074
Annual Tax: 
$13,098.00
Contract Details
Details about the listing contract.
Possession: 
Delivery Of Deed
Listing Participants
Participants (agents, offices, etc.) in the transaction.
Listing Agent Name: 
Erin Thomas
Listing Office Name: 
Keller Williams Living

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