Description

The Cermak Building, located at 3501-3507 East 93rd Street in Cleveland’s Union Miles Park neighborhood, is a recently renovated, historic 13-unit mixed-use property offered for $874,900 ($67,300 per unit). Built in 1909 by local architect James Love Cameron for pharmacist Fred J. Cermak, the three-story, all-brick building spans approximately 21,911 SF on 0.504 acres and includes four one-bedroom/one-bath units, four two-bedroom/one-bath units, two three-bedroom/1.5-bath units, and three commercial/retail suites. Listed on the National Register of Historic Places in 1984, the property is currently 76% occupied (10/13) and has been fully renovated from stud condition, including new framing, sub-flooring, kitchens, bathrooms, flooring, a new roof, updated lighting, and a security system with entrance cameras. Each suite features new forced-air furnace units, double-pane vinyl windows, updated electric panels, and front and rear private entrances with updated rear decks. Tenant-paid utilities include electricity (lights and plugs) and gas (heat and hot water), although four units currently have all utilities covered by the landlord in exchange for higher-end rents. The property also includes two sets of landlord-owned washer/dryer hookups and a newly fenced, lit, secure parking area with 10 covered garages. A live-in, onsite manager can transfer with the property for seamless operations. Projected net operating income at full occupancy with market rents, a 10% management fee, and real estate tax adjustment is $92,880, representing a 10.62% cap rate, while the current cap rate based on actual income is 8.33%. The building offers upside potential through market rents and the optional acceptance of Section 8 vouchers, with two units currently subsidized. Strategically located five miles southeast of downtown Cleveland, the Cermak Building benefits from direct access to major highways including Route 2, I-90, I-490, I-71, and I-77 via the recently completed Opportunity Corridor. Public transportation is readily accessible, with a bus stop directly in front of the property. The surrounding area has experienced substantial redevelopment, rising rents, and strong demand for higher-end units, positioning this property as a turnkey investment in a growing, well-connected neighborhood.