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Commercial Real Estate for Sale at 1368 West Boulevard in Cleveland, OH for $1,175,000

Listing data last changed 02/04/2026 - 7:08pm
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1368 West Boulevard | Cleveland

$1,175,000 | 0.0 Sq. Ft.

Solid, cash-flowing 15-unit asset in Cleveland\u2019s Edgewater neighborhood with upside already baked in. This 1920-built apartment building sits on the historic West Boulevard corridor, just blocks from Edgewater Park and Lake Erie\u2019s beaches. You\u2019re minutes from Lakewood, the Gordon Square arts district, and the West Boulevard\u2013Cudell RTA Red Line station, where a new $19M transit-oriented development is underway. This location delivers walkability, strong tenant demand, and long-term appreciation in one of Cleveland\u2019s most desirable West Side pockets.\r\n\r\nThe building is fully occupied with rents ranging from $750 to $1,099/month, and current gross rents total $163,728 annually. At the asking price of $1,175,000 ($78,333/unit), you\u2019re buying at a 7.77% cap rate that will jump to an 8.73% proforma cap as you push rents to market and complete utility bill backs. The numbers work from Day 1.\r\n\r\nThe property is in excellent condition with recent upgrades already completed: two new hot water tanks, a new Tekmar boiler control system (boiler is 5\u20137 years old), and vinyl windows throughout. Ten of the fifteen units have been updated, and even the non-renovated units feature beautiful original hardwood floors. Each spacious unit is approximately 700\u2013750 sq ft with generous closet space. Three units are configured as functional two-bedrooms, while the remaining units are oversized one-beds that consistently perform well.\r\n\r\nOperationally, you have separately metered electric, individual breakers in most units, and a strong tenant base paying on time. Current average rent is $889/month with market rents pushing toward $1,000\u002B on updated units. Water/sewer bill back is already implemented on newer leases ($50/month), creating additional income stream. With proforma NOI projected at $102,610, there\u2019s real value for a buyer willing to continue the rent growth trajectory. This is a clean, stabilized asset in a neighborhood that keeps getting better. MLSNow 5184821 Directions to property: Located in the Edgewater Neighborhood

MLS Listing ID: 
MLSNow 5184821
Listing Category: 
Purchase
Listing Status
Status of the Listing.
Listing Status: 
Active
Listing Pricing
Pricing information for this listing.
List Price: 
$1,175,000
Basic Property Information
Fields containing basic information about the property.
Property Type: 
Commercial
Property Sub Type: 
Other
Primary Market Area: 
Cleveland
Address: 
1368 West Boulevard, Cleveland, OH 44102
County: 
Cuyahoga
Latitude: 
41.4806750
Longitude: 
-81.7509620
Directions: 
Located in the Edgewater Neighborhood
Public Remarks: 
Solid, cash-flowing 15-unit asset in Cleveland\u2019s Edgewater neighborhood with upside already baked in. This 1920-built apartment building sits on the historic West Boulevard corridor, just blocks from Edgewater Park and Lake Erie\u2019s beaches. You\u2019re minutes from Lakewood, the Gordon Square arts district, and the West Boulevard\u2013Cudell RTA Red Line station, where a new $19M transit-oriented development is underway. This location delivers walkability, strong tenant demand, and long-term appreciation in one of Cleveland\u2019s most desirable West Side pockets.\r\n\r\nThe building is fully occupied with rents ranging from $750 to $1,099/month, and current gross rents total $163,728 annually. At the asking price of $1,175,000 ($78,333/unit), you\u2019re buying at a 7.77% cap rate that will jump to an 8.73% proforma cap as you push rents to market and complete utility bill backs. The numbers work from Day 1.\r\n\r\nThe property is in excellent condition with recent upgrades already completed: two new hot water tanks, a new Tekmar boiler control system (boiler is 5\u20137 years old), and vinyl windows throughout. Ten of the fifteen units have been updated, and even the non-renovated units feature beautiful original hardwood floors. Each spacious unit is approximately 700\u2013750 sq ft with generous closet space. Three units are configured as functional two-bedrooms, while the remaining units are oversized one-beds that consistently perform well.\r\n\r\nOperationally, you have separately metered electric, individual breakers in most units, and a strong tenant base paying on time. Current average rent is $889/month with market rents pushing toward $1,000\u002B on updated units. Water/sewer bill back is already implemented on newer leases ($50/month), creating additional income stream. With proforma NOI projected at $102,610, there\u2019s real value for a buyer willing to continue the rent growth trajectory. This is a clean, stabilized asset in a neighborhood that keeps getting better.
Community Information
School District: 
East Cleveland CSD - 1812
Building Details
Details about the building on a property.
Stories: 
4
Year Built: 
1920
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: 
Hot Water,Steam
Water Source: 
Public
Sewer: 
Public Sewer
Lot/Land Details
Details about the lots and land features included on the property.
Acres: 
0.26
Lot Size (Area): 
0.26
Lot Features
Parking Type: 
Asphalt
Public Record
Parcel Number: 
001-13-029
Annual Tax: 
$20,626.00
Contract Details
Details about the listing contract.
Possession: 
Delivery Of Deed
Listing Participants
Participants (agents, offices, etc.) in the transaction.
Listing Office Name: 
Russell Real Estate Services

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