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$ 660,000
Est. payment | /mo
9,321 Sqft Lot
$ 660,000
Est. payment | /mo
9,321 Sqft Lot
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Pending
Purchase Type For Sale
MLS Listing ID 5072778
HOA Y/N No
Year Built 1952
Annual Tax Amount $23,919
Tax Year 2023
Lot Size 9,321 Sqft
Acres 0.214
Property Description
Introducing an incredible investment opportunity—12 fully occupied units spread across two adjacent 6-unit properties just south of Shaker Square offered at an attractive $55,000 per unit!
These properties offer individual furnaces and hot water tanks for each unit, allowing tenants to cover their own electric and gas, while the owner only covers water and sewer. With some mechanical replacements and minor cosmetic updates already completed, a new owner can step in and take advantage of further cosmetic upgrades to boost rents significantly. With the option to transition to Section 8 housing, even higher returns can be achieved.
Currently offering over an 8% in-place cap rate, this opportunity comes with upside potential, making it a fantastic addition to any real estate portfolio. Plus, in-suite laundry adds convenience for tenants, making these units even more desirable!
These properties offer individual furnaces and hot water tanks for each unit, allowing tenants to cover their own electric and gas, while the owner only covers water and sewer. With some mechanical replacements and minor cosmetic updates already completed, a new owner can step in and take advantage of further cosmetic upgrades to boost rents significantly. With the option to transition to Section 8 housing, even higher returns can be achieved.
Currently offering over an 8% in-place cap rate, this opportunity comes with upside potential, making it a fantastic addition to any real estate portfolio. Plus, in-suite laundry adds convenience for tenants, making these units even more desirable!
Location
State OH
County Cuyahoga
Interior
Heating Forced Air
Fireplace No
Exterior
Water Access Desc Public
Present Use Residential
Building
Sewer Public Sewer
Water Public
Schools
School District Shaker Heights Csd - 1827
Others
Tax ID 144-04-306
Acceptable Financing Cash, Conventional, 1031 Exchange
Listing Terms Cash, Conventional, 1031 Exchange
Special Listing Condition Standard
Listed by Tal Tamir • Russell Real Estate Services • tal@premierclevelandinvesting.com 216-870-8687
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