14315 Milverton Road , Cleveland, OH 44120
Cleveland, OH 44120
Description
MASSIVE opportunity for a value-add investor to create significant equity - 47 units just outside Shaker Heights, in an up and coming area of Cleveland! These 46 units are primed for a buyer looking to capitalize on a fantastic entry price point and create significant equity through implementing structured management and filling units. Just outside of Shaker Heights, this property sits literally right next to one of the wealthiest suburbs in Cleveland with ample employment and entertainment nearby. With new development occurring just down the street and the revitalization effort of Shaker Square, this property is perfectly located for significant equity growth. There are 46 rentable apartments with potential for a 47th that was previously an office. The path to a heavy cash flowing, stabilized asset is clear through tightening up management, removing non-paying tenants, and turning the vacant units that are currently sitting (most are easy, quick cosmetic turns). With rents already significantly under market, income can be easily grown through rent bumps on current tenants, filling vacant units at market or section 8 premiums, and increasing rents on occupied units as most tenants are month to month. In addition, there is low hanging cost savings by implementing a water savings initiative as nearly all toilets and fixtures are old. The owner has put significant capital into the property since acquisition in 2020 including removing the boiler system and installing electric baseboard heat which passes the heating cost of the units onto the tenants, installing all new electrical meters and panels, installing new furnaces for common area heating, and installing new plumbing in most of the bathrooms throughout the property. The property also has two large parking lots with ample off-street parking for tenants. *Note: Auditor's website states the heat type is hot water/steam but the owner states that has been removed and they installed electric baseboard heaters.
Details
| MLS# | 5045262 |
|---|---|
| Listing Type | For Sale |
| Style | Town House |
| Sub-Type | Resale |
| Status | Active |
| Year | 1925 |
| Days On Site | 101 |
| Listing Provided By | Russell Real Estate Services | Tal Tamir |
Features
| SQ Feet | 50,280 |
|---|---|
| Basement | Y |
| Acreage | 0.70 |
Market Activity 44120
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Learn More About This Property
| State | OH |
|---|---|
| County | Cuyahoga |
| City | Cleveland |
| Zip Code | 44120 |
| Community Name | Shaker View |
| Listing VS Median (in Shaker View) | |
Price: $2,250,000 low | high Med: $2,250,000 SqFt: 50,280 low | high Med: 50,280 $ / SqFt: $45 low | high Med: $45 On Site: 101 low | high Med: 101 | |