- For Sale $450,000
- Property Type Multi-Family
- Property Size 3,700 SF
- Units 6
- Lot Size 0.13 Acre
- Year Built 1965
- Year Renovated 2025
- Date Updated May 18, 2026
Description
6703 Harvard Rd is located in Cleveland’s Lee–Miles neighborhood, along Harvard Road, a major east–west corridor serving the city’s southeast side. The area is supported by a strong base of long-term and workforce renters, driving consistent multifamily demand.
The property offers convenient access to Lee Road, Miles Avenue, I-480, and public transportation, providing connectivity to Downtown Cleveland, University Circle, and regional employment centers. The surrounding neighborhood includes essential retail, services, and community amenities.
Lee–Miles is characterized by stabilized multifamily housing and steady occupancy, making it well-suited for investors seeking durable cash flow and long-term hold potentialWell-maintained 6-unit multifamily property featuring a desirable unit mix of three 2-bedroom apartments and three 1-bedroom apartments.
Only one unit is currently vacant (can be leased prior to closing). The remaining units are occupied, including long-term residents, with one unit on a month-to-month lease.
Recent capital improvements include a new sealed roof (2024), new hot water heater, and a foundation moisture barrier installed at the rear of the building, along with updated flooring, paint, and select appliances. The property also features an on-site parking lot. Tenants pay gas and electricity; the owner covers water, sewer, and trash. This is a low-maintenance, income-producing multifamily investment in strong rental condition with upside potential. No showings without a written offer.
Highlights
- 6-unit multifamily asset with a strong unit mix: 3 one-bedroom / 3 two-bedroom
- Foundation moisture barrier installed at rear of building ($10,000)
- In-place NOI: approximately $43,068 annually
- New hot water heater
- New sealed roof with built-in drains (2024)
- Offered at $525,000, delivering an in-place cap rate of approximately 8.2%
- On-site parking lot
- Property Highlights:
- Recent capital improvements enhance long-term performance and reduce future CapEx:
- Tenants pay gas and electric; owner covers water/sewer, common electric, insurance, taxes, and maintenance
- Updated flooring, paint, and select appliances
- Value-add opportunity with immediate upside through leasing the vacant unit and optimizing rents, enhancing cash flow and overall return
- Well-maintained, income-producing property with immediate cash flow and value-add potential through lease-up of vacant unit and rent optimization
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Contacts
Kas Filippova
eXp Commercial
Location
Located at 16703 Harvard Road, Cleveland, OH 44128, this property is part of the Lee-Miles neighborhood and Cleveland Akron market.
Contact Listing Broker
Kas Filippova
eXp Commercial