Property Description

24-unit multifamily property consisting of three 8-unit brick apartment buildings offering immediate cash flow with significant upside. Current financials include 4 vacant units currently being renovated and prepared for lease-up or buyers may submit offers based on the property's current condition and complete the remaining work themselves. The portfolio consists entirely of 24 2-bedroom, 1-bath apartments with tenants paying gas and electric, individual furnaces for each unit. Owner-owned laundry with two washers and two dryers in each building, 29 garage spaces, 6 surface parking spaces, and slab foundations with no basements to maintain. Ownership has invested approximately $175,000 in recent capital improvements, including two new roofs, furnaces and hot water tank replacements, and extensive interior renovations. Current NOI is $161,453 with additional upside through lease-up, continued rent growth, and implementation of a utility reimbursement program projected to increase returns to an 11%+ pro forma cap rate. Located adjacent to the North and South Quarry green space and minutes from Cleveland Clinic, University Hospitals, shopping, dining, and Metroparks, this is an outstanding opportunity to acquire a well-maintained multifamily investment with strong in-place income and long-term appreciation potential. Seller is also selling 885 S green which can be sold together. Buyers interested in the entire portfolio could qualify for up to 15% Seller financing.

Property Features

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