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APARTMENT - Cleveland, OH
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 prof...
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.
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