Owner is motivated to get a deal done on this 4 unit 2 story walk up APT building. The Building has been maintained and in the current owners possession for over 16 years. Bring this product to fame right along with the other newer developments in the surrounding area. The APT consists of 4-3 bd. units avg. 1200 sf each unit. Rental Income is $2650/mth. Occupancy 100% MTM tenants. Netting $24k annually. Increase the bottom line with the right strategy and updates. Room to + 2 add`l units in basement. Current rent rate per sq is around .50 cents. Class A structures rental rates are around $2-3 per sq. W/list price of $325k, the subject property has achieved double digit returns annually on a consistent basis which supports a 7% Cap Rate. W/improvements, projected returns can bring you 12%+ Cap Rate. Owner has made improvements to the APTS that feature newer ceramic tile shower surrounds, vinyl flooring in kitchen and baths, newer fixtures throughout, newer cabinetry, laminated counters in 2 of 4 kitchens. Natural HW floors in all units. Building mechanics are in solid shape. Copper water lines, 200 Amp service, breaker panels with sub-panel in units. HWT`s are 3 yr. Furnaces are 7 yr. Newer vinyl windows. Conveniently located near major public transportation, VA hospital, CLE Clinic, CWRU + many retail store in Clevelands Uptown neighborhood. This product awaits the perfect investor looking to increase their holdings with this value-add, already cash flowing opportunity.
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Listing Provided Courtesy of: Frederick Davis, EXP Realty, LLC.
Last Updated: 2021-06-18 17:09:48
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