5250 E 115th ST new Save Request In-Person Tour Request Virtual Tour
Garfield Heights,OH 44125
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Subdivision Park View
MLS Listing ID 5147925
HOA Y/N No
Year Built 1954
Annual Tax Amount $18,033
Tax Year 2024
Lot Size 0.534 Acres
Acres 0.534
Property Sub-Type Other
Property Description
This 7-property, 8-unit portfolio (including one duplex) is located on Cleveland's east side, primarily in Garfield Heights—an appreciating suburb just 15 minutes from downtown. Fully occupied and generating $9,230/month in rent with pro forma rents at $11,650/month, this portfolio offers over $30,000/year in immediate rent upside. Tenants pay all utilities except water/sewer in the duplex, and annual expenses are lean at just $16,000. Current NOI is $58,479 with pro forma NOI at $84,392, resulting in a 7.8% cap rate today and 12% pro forma. With a 1.3 DSCR and 7.24% day-one cash-on-cash return, this is an excellent candidate for long-term financing, refinance, or retail exit. All single-family homes have 3+ bedrooms, making them ideal for future resale. ARV is estimated at $1.1M based on $143K/unit comps. Recent updates include new roofs (Bancroft & Gladden), furnace and hot water tanks (Bancroft, 8113 Grand Division), flooring (E 115), and interior renovations at Linda Ln and E 115. Over 50% of past repair costs were CapEx, allowing future management to reduce expenses to 5–8%. Leases are secured through 2026–2027. Garfield Heights continues to see strong demand, with median home prices up 16% year-over-year and limited inventory. The area is supported by nearby hospitals, employers, and downtown access, making it ideal for long-term tenant retention. Full due diligence available. No showings until accepted offer. Seller has two other portfolios and two single-family properties also available: search 8213 Ivandale (Parma), 509 Lake, 1344 W 93rd, and 2036 W 99th for more.
Location
State OH
County Cuyahoga
Interior
Heating Forced Air
Fireplace No
Exterior
Parking Features Driveway,Detached,Garage
Water Access Desc Public
Roof Type Asphalt,Fiberglass
Building
Sewer Public Sewer
Water Public
Schools
School District Garfield Heights Csd - 1815
Others
Tax ID 545-01-001