Cleveland Heights, OH 44121,2670 Noble RD
Cleveland Heights, OH 44121,2670 Noble RD
Cleveland Heights, OH 44121,2670 Noble RD
Cleveland Heights, OH 44121,2670 Noble RD
Cleveland Heights, OH 44121,2670 Noble RD
Cleveland Heights, OH 44121,2670 Noble RD
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$ 2,200,000
Est. payment | /mo

0.92 Acres Lot


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$ 2,200,000
Est. payment | /mo
Save

0.92 Acres Lot

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

Subdivision Richmond Mayfield

MLS Listing ID 5079346

HOA Y/N No

Year Built 1938

Annual Tax Amount $53,786

Tax Year 2023

Lot Size 0.917 Acres

Acres 0.917

Property Description

Discover this remarkable 41 unit portfolio located in the highly sought-after Cleveland Heights neighborhood. The portfolio is made up of 2 brick apartment buildings in close proximity to one another. Enjoy seamless access to downtown Cleveland, major healthcare centers like CLE Clinic Main Campus and University Hospital Main Campus as well as educational institutions like Case Western Reserve University and Cleveland Institute of Music.
The portfolio is situated just steps away from live music venues, vibrant bars, restaurants and shopping destinations. The location makes them ideal rental options for young professionals, undergrad/graduate students, medical professionals, as well as tenants looking for an affordable and convenient living option on Cleveland’s vibrant east side.
Currently grossing $27,725 per month in rental income with lots of upside, these assets are primed for a major value-add opportunity! Each unit has separate electric meters, with tenants responsible for their own electric bills. The boiler & water/sewer are the responsibility of the owner. Through light cosmetic updates, potentially renting to some voucher holding tenants, and implementing additional fee structures and water savings plan, an investor is poised to create significant equity.
Many units boast beautiful natural hardwood floors, adding charm and appeal. A number of units have seen cosmetic updates during current ownership including, paint, lighting, kitchen and bath updates. In general, the portfolio will benefit from additional, easy cosmetic updating on the remaining majority of units to fetch rental premiums or a buyer can opt to simplify their unit turns and rent to voucher holding tenants as a way to reduce out of pocket costs. In addition, new mechanicals, roof sealing, and other capital expenditures have been taken on by ownership in the last few years.

Location

State OH

County Cuyahoga

Interior

Heating Hot Water, Steam

Cooling None

Fireplace No

Exterior

Water Access Desc Public

Present Use Residential

Building

Sewer Public Sewer

Water Public

Schools

School District Cleveland Hts-Univer - 1810

Others

Tax ID 682-31-138

Acceptable Financing Cash, Conventional, 1031 Exchange

Listing Terms Cash, Conventional, 1031 Exchange

Special Listing Condition Standard

Listed by Tal Tamir • Russell Real Estate Services • tal@premierclevelandinvesting.com 216-870-8687
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2670 Noble RD