See all 37 photos
37 photos
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$940,000
Est. payment /mo
0.29 Acres Lot
UPDATED:
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision A C Spears Sub #3
MLS Listing ID 5115330
HOA Y/N No
Year Built 1958
Annual Tax Amount $20,188
Tax Year 2024
Lot Size 0.292 Acres
Acres 0.292
Property Sub-Type Apartment
Property Description
Incredible opportunity to acquire this 18-unit multifamily property boasting over 90% occupancy and numerous recent updates! Priced at an attractive cap rate of over 8% based on current financials, this asset offers immediate strong returns with the potential to exceed an 11% cap rate through a simple value-add strategy—just bump rents upon lease renewals. The building features 12 spacious one-bedroom units and six two-bedroom units, all with open floor plans and plenty of on-site parking for residents! Tenants cover their own electric via baseboard heating, while ownership is only responsible for water, sewer, and common area electric. This is a low-maintenance, easy-to-stabilize investment with solid cash-on-cash returns and a great price per door—perfect for investors seeking upside with minimal effort.
Location
State OH
County Cuyahoga
Interior
Heating Baseboard, Electric
Fireplace No
Exterior
Water Access Desc Public
Roof Type Composition,Flat
Present Use Residential
Building
Sewer Public Sewer
Water Public
Schools
School District Cleveland Municipal - 1809
Others
Tax ID 130-18-138
Acceptable Financing Cash, Conventional, 1031 Exchange
Listing Terms Cash, Conventional, 1031 Exchange
Special Listing Condition Standard
Read Less Info
Listed by Tal Tamir • Russell Real Estate Services • tal@premierclevelandinvesting.com 216-870-8687