7944 Lorain Avenue
Cleveland, OH 44102

Listed at $170,000

Details

  • MLS# 5191122
  • Multi Unit - Multiple
  • Status Active
  • 4 Bedrooms
  • 2 full Bathrooms
  • 2,548 Square Feet
  • 0.106 acres
  • Built in 1905
  • Cleveland Municipal - 1809 Local Schools
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Description

Rare opportunity to acquire a 10-unit multifamily portfolio consisting of five duplexes located within minutes of each other across Cleveland's westside rental corridors including Clark-Fulton, Stockyards, and West Boulevard. This portfolio offers investors the chance to acquire scale and execute a clear value-add stabilization strategy. The properties are currently in transition with 3 occupied units and 7 units vacant or in turnover, creating an opportunity for experienced investors to renovate, lease-up, and increase rents across the portfolio. The unit mix consists of 2- and 3-bedroom units, with market rents in the surrounding areas...read more supporting approximately $1,000$1,200 per unit once renovated and stabilized. Estimated renovation scope across the portfolio is approximately $120,000, including one heavier project requiring mechanical replacement and exterior improvements, along with several lighter unit turns. Once stabilized, the portfolio has the potential to generate $120K+ in annual gross rental income, with projected portfolio value approaching $950K$1M. The property will be sold as the a portfolio during the initial marketing period. Ideal opportunity for experienced investors or operators seeking a westside Cleveland value-add multifamily project.Detailed rent projections and property information available upon request. See MLS 5191112 & 5191117 & 5191122 & 5191124 & 5191126. Tenant occupied units will only be shown once an offer has been accepted. EMAIL for any additional questions. NO SELLER FINANCING.

Features

  • None
  • Forced Air
  • 2.0 Stories
  • $2,222 / year Taxes
  • Public
  • Built in 1905
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All Property Features

  • Property Type: Multi Unit - Multiple
  • Basement: Full
  • Basement: Yes
  • Cooling: None
  • Days on Site: 4
  • Exterior: Brick
  • Garage: 3
  • Heating: Forced Air
  • Lot Size: 0.11 Acres
  • Parcel#: 006-06-065
  • Parking: Driveway
  • Roof Type: Asphalt
  • Sewer: Public Sewer
  • Stories: 2.0
  • Taxes: $2,222 / year
  • Water: Public
  • Year Built: 1905