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$999,000
Est. payment /mo
7,801 Sqft Lot
UPDATED:
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Glass
MLS Listing ID 5133039
HOA Y/N No
Year Built 1910
Annual Tax Amount $13,098
Tax Year 2024
Lot Size 7,801 Sqft
Acres 0.1791
Property Sub-Type Apartment
Property Description
20-Unit, 6-Property Cleveland Portfolio—Cash Flow & Value-Add with 12% Proforma Cap Rate ----- Unlock immediate income and big upside with this rare 20-unit, 6-property portfolio in Cleveland. Four properties are conveniently clustered within walking distance on the east side, while two are on the west side in the 44102 zip code—offering both operational efficiency and geographic diversity. Current gross income exceeds $13,000/month with 3 vacancies providing instant value-add potential. Rents are well below market, with CMHA quoting $1,129/month for 2-bed units, making rent increases and lease-up a clear path to stronger returns. The portfolio is already delivering a cap rate over 9% as-is, with a proforma cap rate projected near 15% once fully stabilized and updated. Proforma income tops $20,000/month and ARV is estimated at $1.3M. Units will require some updates and hands-on management, but the bones are solid and the upside is real. New ownership can boost income through simple repairs, filling vacancies, and bringing rents to market. This is a perfect opportunity for buyers seeking steady cash flow, value-add, and scale in one of Cleveland's strongest rental corridors. Sellers will consider splitting the east and west side groups, but full portfolio offers are preferred. Includes: 1176, 1180 & 1187 E 61 St, 1167 E 60, 3355 W 91 & 3326 w 73 St Contact us today for financials, rent rolls, and showings—opportunities like this don't last!
Location
State OH
County Cuyahoga
Interior
Heating Forced Air
Cooling None
Fireplace No
Exterior
Water Access Desc Public
Building
Sewer Public Sewer
Water Public
Schools
School District Cleveland Municipal - 1809
Others
Tax ID 104-13-074
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Listed by Erin Thomas • Keller Williams Living • Erinthomas@kwcommercial.com 440-670-2300