Property
Beds
None
Full Baths
None
1/2 Baths
None
Year Built
1930
Sq.Footage
N/A
Incredible opportunity to purchase a newly rehabbed and turnkey 11 (potentially 12!) unit apartment building in one of Cleveland's hottest east side suburbs! Located right in Coventry Village, this property's proximity to schools, entertainment and employment is second to none. Just seconds walk to all the entertainment Coventry Village has to offer and minutes drive to Little Italy, Cedar Hill, Case Western Reserve, University Hospitals and Cleveland Clinic, this property is positioned for long term stability, consistently high occupancy, rent growth. The owner has recently finished rehabbing the full building including refreshed common areas, rebuilt exterior stairways, all new vinyl windows, all newly renovated units including refinished hardwood floors, new paint, new kitchens and bathrooms, a buyer will simply need to take over and continue lease up. In addition, professional management that is extremely familiar with the building and area, are already in place and have begun leasing. Current management would like to stay on and offer a seamless transition for a new owner. Currently 8 units are leased (currently grossing $5,925), with leasing still in progress and will continue. In addition, there is a potential 12th unit currently used for storage that a buyer can convert for additional income! Proforma, this property has the potential for over $75,000 annually in NOI. At a 7% cap rate, that's a proforma value of over $1M! Tenants are responsible for their own electric and gas, the owner is responsible for water/sewer, gas for the boiler heat, common electric and trash.
Features & Amenities
Interior
-
Total Bedrooms
N/A
-
Bathrooms
N/A
-
Heating YN
YES
-
Heating
Hot Water, Steam
-
Pet friendly
N/A
Exterior
-
Garage
No
-
Pool
No
Area & Lot
-
Lot Size(acres)
0.1102
-
Property Type
Commercial Sale
-
Property Sub Type
Apartment
Price
-
Sales Price
$690,000
-
Tax Amount
17847.24
-
Sq. Footage
N/A
-
Price/SqFt
N/A
HOA
-
Association
No
School District
-
Elementary School
Cleveland Hts-Univer - 1810
-
Middle School
N/A
-
High School
N/A
Property Features
-
Sewer
Public Sewer
-
Water Source
Public
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Location
County
Cuyahoga
Elementary School
Cleveland Hts-Univer - 1810
Middle School
High School
Listing Courtesy of Michael Orlando , Key Realty
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