A prime Value add investment opportunity in one of Cleveland's most vibrant and rapidly growing areas. Located near Metro Hospital, Ohio City, and the Cleveland Zoo, this property recently appraised at $1.85 million, presenting a valuable prospect for investors. This property is compromised of two identical sister buildings, each with 22 units, totaling 44 units that have been previously Lead Certified! Due to terms of the previous contract, the occupancy has fallen to 30% allowing you as the investor an opportunity to create instant value. The newly improved price reflects the need for full renovation and rehab with estimated costs between $400,000 and $500,000. The studio (12) and large 1-bedroom (8) apartments offer a huge potential for conversion to one and two-bedroom units which creates even stronger cash flow. Units were previously rented at $750 (studio) $850 (1bed) and $950 (2bed). Seller is motivated by a cash, quick close. Estimated ARV over 3.2M. Enviromental phase 2 came back clear. Current unit breakdown is 12- studio, 30- 1-bed & 2- 2bed units. After conversion would be 34-1 bed & 10 2bed for an estimated $500k+ yearly gross rent. Conversion from boiler to electric heating would drastically reduce long term expenses. Showings will be held by appointment only.

Listing courtesy of Gregory Erlanger of Keller Williams Citywide



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