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$435,000
Est. payment /mo
7,701 Sqft Lot
UPDATED:
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Milverton
MLS Listing ID 5125597
HOA Y/N No
Year Built 1927
Annual Tax Amount $6,887
Tax Year 2024
Lot Size 7,701 Sqft
Acres 0.1768
Property Sub-Type Apartment
Property Description
Incredible opportunity to purchase (11) apartments on Cleveland's east side and in the path of progress! This value-add deal is perfect for the investor looking to force significant appreciation and take advantage of a blossoming area on Cleveland's east side. Located directly next door to one of the most vibrant suburbs in Cleveland, Shaker Heights, this property is the perfect opportunity to create significant cash flow and grow your equity over time as investment in the area continues. The building is a solid brick build with its own parking lot for tenants. Currently, the owner has kept rents EXTREMELY low, presenting a major opportunity for immediate upside. All units are 1 bedroom, 1 bathroom and out of the (11) units, there are (8) currently occupied at $375 per month with all tenants on 6 month leases. The (3) vacant units will require rehab, but can immediately be leased at proforma rents of $700+ private pay - OR - lease units to section 8 tenants as CMHA 2025 payment standards for a one bedroom in this zip code are $1,128! A Savvy investor can easily get this property bringing in over $9,000+ per month! At an 8% cap rate upon stabilization, the value of this property should approach $900,000+! In addition to rent premiums, there is an opportunity to add on-site laundry for extra income (laundry room exists, but needs equipment) and charge for parking. Currently tenants pay electricity and cooking / heating gas. Owner pays water/sewer, trash, common area electric and gas for the hot water tank.
Location
State OH
County Cuyahoga
Interior
Heating Forced Air, Hot Water, Steam
Fireplace No
Exterior
Water Access Desc Public
Building
Sewer Public Sewer
Water Public
Schools
School District Cleveland Municipal - 1809
Others
Tax ID 130-18-130
Special Listing Condition Standard
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Listed by Michael Orlando • Key Realty • mjorlando1994@gmail.com 216-956-1884