Property
Beds
None
Full Baths
None
1/2 Baths
None
Year Built
1910
Sq.Footage
10,019
Introducing an extremely rare 7-unit apartment building investment opportunity in Painesville! The property consists of (2) 2-beds and (5) 1-beds with 1 unit located in the basement and the other 6 units on the 1st and 2nd floor. The unit in the basement needs a full renovation, however, the other 6 units were just FULLY renovated including vinyl flooring, modern paint, brand new kitchens including white shaker cabinets, stone countertops and subway tile backsplash. Bathroom updates include all new vanities, tiled showers and fixtures. The one basement unit is being left as-is for the new owner to be able to add value to the property. There is one garage spot that is currently rented for $100/month by a tenant. The owner is actively leasing the (5) 1-bedroom units now that renovations are complete (with a proforma of at least $1,000/unit/month) and both of the 2-bedrooms are currently rented for $1,080 and $1,355. The building runs on boiler heat so the owner pays for gas while tenants are responsible for their own electric. Once property is fully occupied, it will be at an 11% cap rate!
Features & Amenities
Interior
-
Total Bedrooms
N/A
-
Bathrooms
N/A
-
Above Grade Finished Area
10019.0
-
Basement YN
YES
-
Heating YN
YES
-
Heating
Natural Gas, Hot Water, Steam
-
Pet friendly
N/A
Exterior
-
Garage
No
-
Pool
No
Area & Lot
-
Lot Size(acres)
0.23
-
Property Type
Commercial Sale
-
Property Sub Type
Apartment
Price
-
Sales Price
$524,900
-
Tax Amount
4532.0
-
Sq. Footage
10, 019
-
Price/SqFt
$52
HOA
-
Association
No
School District
-
Elementary School
Painesville City LSD - 4305
-
Middle School
N/A
-
High School
N/A
Property Features
-
Sewer
Public Sewer
-
Water Source
Public
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Location
County
Lake
Elementary School
Painesville City LSD - 4305
Middle School
High School
Listing Courtesy of Tal Tamir , Russell Real Estate Services
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