3438 Bosworth Rd, Cleveland, OH for sale

Investment Overview

3438 Bosworth Road is an 11-unit brick multifamily building located in the West Boulevard / Kamms Corner neighborhood of Cleveland, Ohio. Built in 1925 and spanning 10,450 SF across three stories, the property is offered for sale at $675,000 ($61,364/unit). The building features a unit mix of 3 two-bedroom/one-bath and 8 one-bedroom/one-bath apartments, currently 73% occupied (8 of 11 units). Three recently renovated vacancies are move-in ready with no additional capital required. One unit is leased to a Section 8 (CMHA) tenant at $1,034/month — above market rate — with utilities included in the CMHA payment. The seller has completed a comprehensive capital improvement program estimated at $140,000–$250,000+, covering a full roof replacement, complete plumbing stack overhaul, all-new water heaters building-wide, partial furnace replacement (6 of 11 units), and common area restoration. The property carries current Lead Certification. On-site coin laundry via CSC ServiceWorks. At stabilization, the asset projects NOI of $68,005 (low blended) to $105,987 (peak/CMHA), implying cap rates of 10.07% to 15.70% at asking price.

Investment Highlights

• • 10,450 SF · 11 units (3×2BD/1BA | 8×1BD/1BA) · 3 stories · Built 1925
• • 73% occupied (8 of 11 units) — 3 recently renovated vacancies, move-in ready
• • $140,000–$250,000+ in capital improvements completed by seller
• • Full roof replacement · Complete plumbing stack overhaul · All-new water heaters
• • Section 8 (CMHA) tenant in place at $1,034/month — above market rate
• • CMHA payment standards: ~$1,050/mo for 1BD · ~$1,150/mo for 2BD
• • 10.07%–15.70% pro forma cap rate at stabilization ($675,000)
• • Professional third-party management in place · Lead Certified
• • On-site coin laundry (CSC ServiceWorks)
• • ZIP 44111 median HH income up 36.7% since 2011 · Home values up 46%
• • Walkable to Kamms Corner · Lorain Ave 13,700+ VPD · I-90 / I-480 access
• • $675,000 asking price — $61,364/unit