1683 Colonial Drive, Cleveland Heights, OH 44118

• 7 beds |
• 3 baths |
• 2,799 sqft

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.

Listing Status:

Active

Listing Office:

Russell Real Estate Services : 440-201-9850

Listing Agent:

Tal Tamir : 216-870-8687

MLS ID:

5168272

Interior

• Basement: Full
• A/C: Central AirNone
• Heating: Forced Air

Exterior

• Parking: DetachedGarageOn SitePaved

Construction

• Roofing: AsphaltShingle
• General: FrameThree Or More

Location

• Originating MLS: NOWDD_NORM
• School District: Cleveland Hts-Univer - 1810
• County: Cuyahoga

Lot

• Zoning: 15 MINOR HTS#1 0177 NP684-33-063

Utilities

• Water: Public
• Sewer: Public Sewer

Financial

• Source: NOWDD_NORM

This listing courtesy of Tal Tamir, Russell Real Estate Services