11802 Phillips Avenue , Cleveland, OH 44108
Cleveland, OH 44108
Description
Introducing a prime investment opportunity in the Cleveland rental market: a newly updated, 11-unit apartment building generating over $100K in annual gross rental income. This property, recently revitalized with extensive interior cosmetic renovations, is fully occupied and currently brings in $8500 per month. With a near 10% CAP rate as-is, there’s potential to further increase rental income upon lease renewals. The building features (4) 1-bedroom units and (7) 2-bedroom units, each with individual furnaces. Tenants cover their own electric and gas heating costs while the owner is responsible for water, sewer, and gas for the hot water heaters. This is a great chance to acquire a fully-occupied, cash-flowing, high-yield asset in a growing rental market.
Details
| MLS# | 5043129 |
|---|---|
| Listing Type | For Sale |
| Style | Town House |
| Sub-Type | Resale |
| Status | Pending |
| Year | 1925 |
| Days On Site | 106 |
| Listing Provided By | Russell Real Estate Services | Tal Tamir |
Features
| SQ Feet | 11,623 |
|---|---|
| Story(s) | 3 |
| Acreage | 0.18 |
Market Activity 44108
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Learn More About This Property
| State | OH |
|---|---|
| County | Cuyahoga |
| City | Cleveland |
| Zip Code | 44108 |
| Community Name | Palmer & Boyers Allotment |
| Listing VS Median (in Palmer & Boyers Allotment) | |
Price: $559,000 low | high Med: $153,250 SqFt: 11,623 low | high Med: 4,735 $ / SqFt: $48 low | high Med: $33 On Site: 106 low | high Med: 61.500000 | |