ABSOLUTELY GORGEOUS!! The perfect addition for any real estate portfolio. Completely renovated top to bottom - Newer: plumbing, electric, HVAC, roof, gutters and vinyl windows (120 of them!!). 19 unit apartment building (6 - studio, 8 - 1 Bed, 5 - 2 bed units) with 3 retail storefronts and an office space. Incredible occupancy rate - apartments will be 100% occupied by the end of the month. Adjacent parcel also included providing 13 - 16 parking spaces. Literally, every unit was gutted and remodeled. Each unit boasts refinished hardwood floors, 8 ft ceilings, updated kitchens (include: refrigerator, stove and microwave), updated bathrooms, in unit tank-less water heaters, furnaces and electric panels. Retail storefronts have also been completely renovated. Current gross rent w/ laundry is $190,992 - this does not include the office space (owner occupies) or the "rent ready" 2850 Sqft vacant retail storefront. ENORMOUS POTENTIAL for INCREASED INCOME: (1) Current rents are well below CMHA rental benchmarks (2) 5000 Sqft basement could be converted to add 4 additional 2 bedroom units and a 1 bedroom unit (3) Charging for parking spaces - $50 per month. Current cap rate 7.85 - could be considerably higher. Located in a high traffic and high rental demand area. Close to highway access, minutes from downtown Cleveland, close to Cleveland Clinic, University Hospital, Euclid Hospital, Lake Erie parks and beaches, restaurants, shopping and public transit. This is an exceptional property, location and opportunity!!!

Listing courtesy of Larry R Wanke of Keller Williams Greater Metropolitan



The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of YES-MLS. Real estate listings held by brokerage firms other than are marked with the Internet Data Exchange logo and detailed information about them includes the name of the listing broker(s). The photos may be altered, edited, enhanced or virtually staged. Information Deemed Reliable But Not Guaranteed. Copyright 2024 - Multiple Listing Service, Inc. – All Rights Reserved.