2800 Mayfield Road, Cleveland Heights, OH 44118

Property Description

Premier Investment Opportunity – High-Yield Mixed-Use Asset in Coventry Village! An exceptionally rare chance to acquire a high-performing, cash-flowing mixed-use property at the prime intersection of Coventry and Mayfield Rd. This iconic building is located in the heart of Coventry Village, a vibrant destination surrounded by popular restaurants, bars, and entertainment. This property offers multiple income streams, consisting of six fully occupied, updated apartments, two commercial spaces, and two storefronts. The large commercial storefront is currently occupied by Pacific East, a renowned Japanese restaurant that has just signed a 10-year lease extension, providing long-term stability for investors. The residential units have been thoughtfully upgraded with refinished hardwood floors, fresh paint, modernized kitchens and bathrooms, in-unit laundry, central air, and individual furnaces and water tanks. Additionally, vinyl windows and separate utility meters further enhance the property’s efficiency. Residents also benefit from ample on-site parking—an invaluable asset in this highly sought-after neighborhood. From a financial perspective, this property delivers immediate, strong returns with a 9% cap rate and double-digit cash-on-cash returns from day one. The two vacant storefronts offer additional value-add potential, allowing for further income growth once tenants are secured. This is a rare opportunity to acquire a cornerstone asset in Coventry Village—an established, high-demand location that offers immediate cash flow and long-term appreciation potential. Don’t miss out on this exceptional investment.