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Key Details
Sold Price $3,250,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
Subdivision Frank E Bliss
MLS Listing ID 4451923
Sold Date 04/16/24
HOA Y/N No
Year Built 1905
Annual Tax Amount $34,398
Property Description
This FULLY OCCUPIED Westside Portfolio opportunity is now available! Consisting of 38 total properties with 35 in some of Cleveland’s fastest appreciating westside areas. This 43 door portfolio is being offered at a current 7.5% cap rate! Consisting of mostly single families, this package offers multiple exit strategies that assist you in maximizing your profits. The current NOI is over $250k with a pro forma NOI at over $400k+. The cap rate once stabilized exceeds well into the double digits. There are 5 duplexes and 33 single family homes with over 100 bedrooms! Low expenses provide higher cash flow and the total taxes are under an average of $1k/ year/ property. Owner pays water and trash. The NOI was calculated adding in 10% management, 5% maintenance, 5% vacancy, taxes, insurance and water/sewer costs so numbers are very real. Financials and photos of each are available from the listing agent. Selling as package only. The seller is open to splitting the 3 Eastside Properties off if necessary. (Note: ONLY those three properties are available to be split off). This is a great opportunity to create cash flow and equity.
Location
State OH
County Cuyahoga
Rooms
Basement Full
Interior
Heating Forced Air
Fireplace No
Exterior
Water Access Desc Public
Roof Type Other
Building
Sewer Public Sewer
Water Public
Schools
School District Cleveland Municipal - 1809
Others
Tax ID 015-17-111
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Financing Private
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Bought with Nicole M Garcia • EXP Realty, LLC.