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Commercial Real Estate for Sale at 5250 E 115th Street in Garfield Heights, OH for $750,000

Listing data last changed 08/13/2025 - 8:10pm
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5250 E 115th Street | Garfield Heights

$750,000 | 0.0 Sq. Ft.

This 7-property, 8-unit portfolio (including one duplex) is located on Cleveland\u2019s east side, primarily in Garfield Heights\u2014an appreciating suburb just 15 minutes from downtown. Fully occupied and generating $9,230/month in rent with pro forma rents at $11,650/month, this portfolio offers over $30,000/year in immediate rent upside. Tenants pay all utilities except water/sewer in the duplex, and annual expenses are lean at just $16,000. Current NOI is $58,479 with pro forma NOI at $84,392, resulting in a 7.8% cap rate today and 12% pro forma. With a 1.3 DSCR and 7.24% day-one cash-on-cash return, this is an excellent candidate for long-term financing, refinance, or retail exit. All single-family homes have 3\u002B bedrooms, making them ideal for future resale. ARV is estimated at $1.1M based on $143K/unit comps. Recent updates include new roofs (Bancroft \u0026 Gladden), furnace and hot water tanks (Bancroft, 8113 Grand Division), flooring (E 115), and interior renovations at Linda Ln and E 115. Over 50% of past repair costs were CapEx, allowing future management to reduce expenses to 5\u20138%. Leases are secured through 2026\u20132027. Garfield Heights continues to see strong demand, with median home prices up 16% year-over-year and limited inventory. The area is supported by nearby hospitals, employers, and downtown access, making it ideal for long-term tenant retention. Full due diligence available. No showings until accepted offer. Seller has two other portfolios and two single-family properties also available: search 8213 Ivandale (Parma), 509 Lake, 1344 W 93rd, and 2036 W 99th for more. MLSNow 5147925 Directions to property: Garfield and 44105 area

MLS Listing ID: 
MLSNow 5147925
Listing Category: 
Purchase
Listing Status
Status of the Listing.
Listing Status: 
Active
Listing Pricing
Pricing information for this listing.
List Price: 
$750,000
Basic Property Information
Fields containing basic information about the property.
Property Type: 
Commercial
Property Sub Type: 
Other
Primary Market Area: 
Garfield Heights
Address: 
5250 E 115th Street, Garfield Heights, OH 44125
County: 
Cuyahoga
Latitude: 
41.4187290
Longitude: 
-81.6036740
Directions: 
Garfield and 44105 area
Public Remarks: 
This 7-property, 8-unit portfolio (including one duplex) is located on Cleveland\u2019s east side, primarily in Garfield Heights\u2014an appreciating suburb just 15 minutes from downtown. Fully occupied and generating $9,230/month in rent with pro forma rents at $11,650/month, this portfolio offers over $30,000/year in immediate rent upside. Tenants pay all utilities except water/sewer in the duplex, and annual expenses are lean at just $16,000. Current NOI is $58,479 with pro forma NOI at $84,392, resulting in a 7.8% cap rate today and 12% pro forma. With a 1.3 DSCR and 7.24% day-one cash-on-cash return, this is an excellent candidate for long-term financing, refinance, or retail exit. All single-family homes have 3\u002B bedrooms, making them ideal for future resale. ARV is estimated at $1.1M based on $143K/unit comps. Recent updates include new roofs (Bancroft \u0026 Gladden), furnace and hot water tanks (Bancroft, 8113 Grand Division), flooring (E 115), and interior renovations at Linda Ln and E 115. Over 50% of past repair costs were CapEx, allowing future management to reduce expenses to 5\u20138%. Leases are secured through 2026\u20132027. Garfield Heights continues to see strong demand, with median home prices up 16% year-over-year and limited inventory. The area is supported by nearby hospitals, employers, and downtown access, making it ideal for long-term tenant retention. Full due diligence available. No showings until accepted offer. Seller has two other portfolios and two single-family properties also available: search 8213 Ivandale (Parma), 509 Lake, 1344 W 93rd, and 2036 W 99th for more.
Community Information
School District: 
Garfield Heights CSD - 1815
Subdivision: 
Park View
Building Details
Details about the building on a property.
Year Built: 
1954
Living Area: 
0.0
Construction
Roof: 
Asphalt,Fiberglass
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
Water Source: 
Public
Sewer: 
Public Sewer
Lot/Land Details
Details about the lots and land features included on the property.
Acres: 
0.53
Lot Size (Area): 
0.53
Lot Features
Parking Type: 
Driveway,Detached,Garage
Public Record
Parcel Number: 
545-01-001
Annual Tax: 
$18,033.00
Contract Details
Details about the listing contract.
Possession: 
Delivery Of Deed
Listing Participants
Participants (agents, offices, etc.) in the transaction.
Listing Office Name: 
Keller Williams Living

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