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$1,430,000
$1,800,000
20.6%For more information regarding the value of a property, please contact us for a free consultation.
0.33 Acres Lot
SOLD DATE : 02/28/2025
Key Details
Sold Price $1,430,000
Property Type Commercial
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
Subdivision Babcock
MLS Listing ID 5070120
Sold Date 02/28/25
Construction Status Updated/Remodeled
HOA Y/N No
Year Built 1900
Annual Tax Amount $12,605
Tax Year 2023
Lot Size 0.330 Acres
Acres 0.3302
Property Sub-Type Apartment
Property Description
Seize this rare chance to acquire a meticulously maintained 22-unit building in one of Cleveland's most sought-after locations, just minutes from University Circle, Case Western and Cleveland State University. With 19 fully renovated 1-bedroom, 1-bath units (average 650 sq. ft.), this property is poised for immediate cash flow. The current average rent is $721.35 per month, but with local rental demand, pro forma rents could command $995 or more a unit. With around 24 parking spaces on the property and over night street parking available tenants and guest will have ample space to park.
Investors will appreciate the impressive pro forma cap rate of 9.25%, factoring in conservative estimates for CapEx (3%), general maintenance (3%), and vacancy (9%). The projected NOI is $166,432, offering substantial upside from the current NOI of $97,746.6.
This building is turn-key, offering an attractive opportunity for both seasoned investors and those looking to expand their portfolio. Additionally, the option to purchase the LLC owning the property streamlines the acquisition process.
Location
State OH
County Cuyahoga
Community Laundry Facilities
Rooms
Basement Unfinished
Interior
Heating Hot Water, Steam
Fireplace No
Laundry Coin-operated
Exterior
Parking Features Asphalt, Common, On Site, Parking Lot
Community Features Laundry Facilities
Water Access Desc Public
Present Use Multi-Family
Total Parking Spaces 24
Building
Story 4
Sewer Public Sewer
Water Public
Construction Status Updated/Remodeled
Schools
School District Cleveland Municipal - 1809
Others
Tax ID 119-05-044
Acceptable Financing Cash, Conventional, 1031 Exchange, Owner May Carry
Listing Terms Cash, Conventional, 1031 Exchange, Owner May Carry
Financing Conventional
Special Listing Condition Standard
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Bought with Katie McNeill • Platinum Real Estate