3362 E 145th StreetCleveland, OH 44120

Property Description

Five-door brick multifamily on Cleveland's east side at $50,000 a unit. Four of the five are occupied and paying $3,675 a month, $44,100 annualized, which puts you at a 9.6% cap on day-one income at the $250,000 ask. The fifth unit is in the middle of a full renovation and will be delivered finished at closing. This one is a cash flow play, and the seller is doing the work to keep it that way. Repairs are being handled as they come up, so there is no renovation budget needed to get to five paying doors. Lease the renovated unit at the $950 market rent and the stabilized model runs a 13.4% cap on the ask, with pro forma at 14.4%. The expensive systems are already handled, with newer gas furnaces and dual Rheem water heaters. Unit mix is a 3/1, three 2/1s, and a 1/1, family-sized layouts that hold rent far better than a building full of studios. Location works in your favor. The 44120 corridor sits inside CMHA's Housing Choice Voucher market area, where rental demand runs deep and payments land on time.

Property Features

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