$1,800,000
( $82.27Per Sq Foot )
 $11,975 est/mo Sourced by Back At You

1847 E 87th Street , Cleveland, OH 44106

Cleveland, OH 44106

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Description

Seize this rare chance to acquire a meticulously maintained 22-unit building in one of Cleveland's most sought-after locations, just minutes from University Circle, Case Western and Cleveland State University. With 19 fully renovated 1-bedroom, 1-bath units (average 650 sq. ft.), this property is poised for immediate cash flow. The current average rent is $721.35 per month, but with local rental demand, pro forma rents could command $995 or more a unit. With around 24 parking spaces on the property and over night street parking available tenants and guest will have ample space to park. Investors will appreciate the impressive pro forma cap rate of 9.25%, factoring in conservative estimates for CapEx (3%), general maintenance (3%), and vacancy (9%). The projected NOI is $166,432, offering substantial upside from the current NOI of $97,746.6. This building is turn-key, offering an attractive opportunity for both seasoned investors and those looking to expand their portfolio. Additionally, the option to purchase the LLC owning the property streamlines the acquisition process.

Details

MLS#5070120
Listing TypeFor Sale
StyleTown House
Sub-TypeResale
StatusPending
Year1900
Days On Site58
Listing Provided ByPlatinum Real Estate | Katie McNeill

Features

SQ Feet21,879
BasementY
Story(s)4
Units22
Building(s)1
Acreage0.33

Market Activity 44106

The information is being provided by MLS Now Independence OH. Information deemed accurate but not guaranteed. Information is provided for consumers personal, non-commercial use, and may not be used for any purpose other than the identification of potential properties for purchase. Copyright 2024 MLS Now Independence OH. All Rights Reserved.

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Listings Checked: 36 seconds ago
StateOH
CountyCuyahoga
CityCleveland
Zip Code44106
Community NameBabcock
Listing VS Median (in Babcock)
Price:
$1,800,000
low | high
Med:
$1,800,000
50% of Average
SqFt:
21,879
low | high
Med:
21,879
50% of Average
$ / SqFt:
$82
low | high
Med:
$82
50% of Average
On Site:
58
low | high
Med:
58.000000
100% of Average
Sourced by Back At You
Listing Updated: October 29, 2024 at 12:10:43 PM PDT