$ 1,750,000
3209-3311 Archwood AVE Cleveland, OH 44109
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$ 1,750,000
Est. payment | /mo
9,953 Sqft Lot
$ 1,750,000
Est. payment | /mo
9,953 Sqft Lot
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Pending
Purchase Type For Sale
Subdivision Diodate Clark Allotment
MLS Listing ID 5056326
HOA Y/N No
Year Built 1929
Annual Tax Amount $28,401
Tax Year 2023
Lot Size 9,953 Sqft
Acres 0.2285
Property Description
A prime Value add investment opportunity in one of Cleveland's most vibrant and rapidly growing areas. Located near Metro Hospital, Ohio City, and the Cleveland Zoo, this property recently appraised at $1.85 million, presenting a valuable prospect for investors. This property is compromised of two identical sister buildings, each with 22 units, totaling 44 units that have been previously Lead Certified! Due to terms of the previous contract, the occupancy has fallen to 30% allowing you as the investor an opportunity to create instant value. The newly improved price reflects the need for full renovation and rehab with estimated costs between $400,000 and $500,000. The studio (12) and large 1-bedroom (8) apartments offer a huge potential for conversion to one and two-bedroom units which creates even stronger cash flow. Units were previously rented at $750 (studio) $850 (1bed) and $950 (2bed). Seller is motivated by a cash, quick close. Estimated ARV over 3.2M. Enviromental phase 2 came back clear. Current unit breakdown is 12- studio, 30- 1-bed & 2- 2bed units. After conversion would be 34-1 bed & 10 2bed for an estimated $500k+ yearly gross rent. Conversion from boiler to electric heating would drastically reduce long term expenses. Showings will be held by appointment only.
Location
State OH
County Cuyahoga
Rooms
Basement Full, Unfinished
Interior
Heating Gas, Hot Water, Steam
Fireplace No
Exterior
Water Access Desc Public
Roof Type Flat
Building
Sewer Public Sewer
Water Public
Schools
School District Cleveland Municipal - 1809
Others
Tax ID 015-24-083
Security Features Security System
Acceptable Financing Cash
Listing Terms Cash
Listed by Gregory Erlanger • Keller Williams Citywide • Info@EZSalesTeam.com 216-916-7778
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "