1683 Colonial DriveCleveland, OH 44118

1683 Colonial DriveCleveland, OH 44118

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$345,000 Pending
Multi Unit - Multiple MLS 5168272 Pending
7 beds 3 full baths 2,799 sqft

Listed By

Agency Name: Russell Real Estate Services
Agency Contact: tal@premierclevelandinvesting.com, 216-870-8687

Shown By

Agency Title: Cutler Real Estate
Agency Phone: 888-763-7575

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Property Description

Investor's dream meets house-hacker's paradise! This fully updated three-unit gem is just minutes from the vibrant Coventry Village, offering both strong returns and endless flexibility. The first-floor unit is a spacious 3-bed, 1-bath leased for $1,500/month, while the freshly vacated second-floor 3-bed, 1-bath (previously rented at $1,800/month) is move-in ready, perfect for an owner-occupant to live in comfort while your tenants pay the mortgage. The third unit, a charming 1-bed, 1-bath Airbnb/midterm rental, averages $1,500/month, giving you multiple income streams and short-term rental upside. Once fully occupied, enjoy an impressive 10%+ cap rate and nearly 15% cash-on-cash return, a true turnkey opportunity whether you're adding to your portfolio or diving into your first investment. With modern updates, central air, reliable income, and unbeatable proximity to shops, dining, and nightlife, this property delivers financial freedom and lifestyle flexibility in one rare package. *Note - County auditor website states that there are 4 bedrooms and 2 bathrooms but the owner states that there are 7 bedrooms and 3 bathrooms. PROPERTY SOLD AS-IS WHERE IS.

1683 Colonial Drive | MLS# 5168272

This multi-family property located at 1683 Colonial Drive, Cleveland, OH 44118 is currently listed for sale with an asking price of $345,000. Colonial Drive is located within the Cleveland Hts-Univer - 1810 school district. Search Cleveland real estate on 15ontariotrail.cutlerhomes.com today.

Property Features

Property Type: Multi Unit - Multiple
Basement: Full
Basement: Yes
Cooling: Central Air, None
Days on Market: 83
Garage: 2
Heating: Forced Air
Lot Size: 0.11 Acres
Roof Type: Asphalt, Shingle
Stories: 3.0
Taxes: $9,662 / year
Year Built: 1912

Feature Descriptions

Exterior: Frame
Parcel#: 684-33-063
Parking: Detached, Garage, On Site, Paved
Sewer: Public Sewer
Water: Public

Local Schools

School District: Cleveland Hts-Univer - 1810

Demographics

Cuyahoga County Demographic Information for 1683 Colonial Drive, Cleveland, OH 44118
Fips
Fips Code 39035
Population
2020 to 2023 Change down 2.5%
2010 Count 1,280,122
2020 Count 1,264,817
2023 Estimate (V2023) 1,233,088
2020 Estimate (V2023) 1,264,775
Age Distribution (Years Old)
0 to 4 5.3%
5 to 17 20.3%
18 to 64 54.8%
65 and Older 19.6%
Gender
Male 48.1%
Female 51.9%
Place of Birth
Foreign 7.6%
US 92.4%
Education
High School Graduate, Age 25+ 90.9%
Bachelor's Degree or Higher, Age 25+ 35.2%
Computer and Internet use
Households with a computer 92.0%
Households with a broadband Internet subscription 85.7%
Language
English is Second Language, Age 5+ 12.3%
English is First Language, Age 5+ 87.7%
Veterans
Veterans 60,427
Income
Per Capita Income $39,807
Median Household Income $60,074
People in Poverty 16.6%
Commute
Average Work Commute Time 24 minutes
Housing
Total Housing Units 615,116
Households 552,421
Average Household Size 2.23
Owner-Occupied 58.4%
Multi-Family 34.9%
Owner-Occupied Median Value $168,700
Median selected monthly owner costs -with a mortgage $1,472
Median selected monthly owner costs -without a mortgage $630
Median gross rent $952
Building Permits
New Private Housing Issued 2023 1,028
Years at Residence
1 Year or More 86.1%
Less Than 1 Year 13.9%
Business and Employment
Private non-farm Establishments 31,738
Private non-farm Employment 631,443
Private non-farm Employment Growth up 0.7%
Nonemployer Establishments 105,877
Number of Firms 114,192
Business Production
Value of Shipments $23,225,392,000
Wholesale Trade $24,854,217,000
Retail Trade $16,920,714,000
Retail Sales Per Capita $11,914
Accommodation and Food Services $3,332,698,000
Land
Land Area 457.19 sq. miles
Population Per Square Mile 2,800

Source: US Census Bureau

Estimate Your Payment

Estimated Payment

$ 2,589.05 per month $1,683.26 Principal & Interest $805.17 Property Tax $100.63 Homeowner's Insurance

Change Payment Information

%
years/fixed
yearly
yearly (est.)
(Payments are an estimate and may vary by lender)
Croos Country Mortgage