Description

The LaVerne Apartments, located at 9605 Lorain Road in Cleveland’s West Boulevard neighborhood, is a recently renovated, stabilized 17-unit mixed-use property offered for $1,199,000 ($70,529 per unit). This three-story, all-brick building, built in 1910, spans approximately 15,571 SF on 0.292 acres and includes six two-bedroom/one-bath units, nine one-bedroom/one-bath units, and two street-level retail spaces. Currently 88% occupied, the majority of units were fully renovated in 2023, including new framing, sub-flooring, kitchens, bathrooms, flooring, and updated electrical panels and lighting. The property also features a new roof (2021), security system, newer double-pane vinyl windows, and rebuilt rear decks. Mechanical upgrades include a boiler installed in 2014 and refreshed in 2024, with tenant-paid electricity and landlord-covered heat, hot water, and water/sewer. The property offers turnkey investment appeal with minimal deferred maintenance and professional third-party management. Additional revenue potential exists with hookups for two washer/dryer units, and a brand-new fenced, lit, and secure rear parking lot accommodates approximately 15 vehicles. At full occupancy with market rents, projected net operating income is $90,091, representing a 7.51% cap rate. The property can be operated as a market-rate building or leverage Section 8 housing vouchers for guaranteed rent, providing flexibility and upside. The LaVerne Apartments benefit from a prime location near Cleveland’s Lakefront and Edgewater neighborhood amenities, including grocery stores, drug stores, public transit, Edgewater Park, and The Cudell Commons fitness center. The property is three miles west of downtown Cleveland and offers convenient access to Interstates 90, 71, and 77, Route 2, and local rapid transit. The surrounding area has seen significant development and rising rents, positioning the property as a highly desirable investment in a Class A/B Westside neighborhood with strong growth potential.