Property
Beds
6
Full Baths
4
1/2 Baths
None
Year Built
1927
Sq.Footage
8,288
ATTENTION VALUE-ADD INVESTORS: 30-YEAR LEGACY PROPERTY WITH MASSIVE UPSIDE! Unlock incredible equity in this rock-solid, all-brick 4-plex located in a high-demand rental pocket of Cleveland. Held by the same owner for over 30 years, this property is the definition of a "diamond in the rough." While the building requires some TLC and shows deferred maintenance (condition is slightly below average), the structural integrity of this all-brick 1927 build is a major selling point that is hard to find in today's market. WHY THIS IS THE DEAL OF THE YEAR: * Massive Rent Spread: Rents are currently significantly below market value. With professional management and cosmetic updates, there is a clear path to double the current NOI. * Solid Infrastructure: A "forever" building with 2) 2-bed/1-bath and 2) 1-bed/1-bath units. It features separate gas/electric meters, newer water tanks, and a sturdy brick exterior. * In-Demand Amenities: Includes 2 off-street parking spaces and basement washer/dryer hookupsāessential features that drive 0% vacancy. * Priced for the Spread: Strategically priced to account for maintenance needs, allowing the next owner to capture the appreciation gap as the property is brought to "Market Gold" standard. * Financials: Currently performing at a 6.3% Cap Rate even with below-market rents. Projections show a total equity accumulation of over $117k within Year 1 following stabilization. Bring your contractor and your visionāthis is a "set it and forget it" asset once the initial work is done. Priced to Sell AS-IS no retrade. Can show 1 vacant unit - Don't miss this one!
Features & Amenities
Interior
-
Total Bedrooms
6
-
Bathrooms
4
-
Above Grade Finished Area
6216.0
-
Basement YN
YES
-
Cooling YN
NO
-
Cooling
None
-
Heating YN
YES
-
Heating
Forced Air
-
Pet friendly
N/A
Exterior
-
Garage
No
-
Construction Materials
Brick, Block
-
Other Exterior Features
Balcony
-
Parking
Off Street
-
Pool
No
-
Waterfront YN
NO
Area & Lot
-
Lot Size(acres)
0.1102
-
Property Type
Residential Income
-
Property Sub Type
Quadruplex
Price
-
Sales Price
$339,000
-
Tax Amount
$6,620
-
Sq. Footage
8, 288
-
Price/SqFt
$40
HOA
-
Association
No
School District
-
Elementary School
Cleveland Municipal - 1809
-
Middle School
N/A
-
High School
N/A
Property Features
-
Stories
2
-
Sewer
Public Sewer
-
Water Source
Public
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Location
County
Cuyahoga
Elementary School
Cleveland Municipal - 1809
Middle School
High School
Listing Courtesy of James P Matheos , Keller Williams Citywide
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Agent / RealtorĀ®
Carla Ponikvar
Call Carla today to schedule a private showing.
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