$615,000
$699,000
12.0%For more information regarding the value of a property, please contact us for a free consultation.
SOLD DATE : 08/24/2023
Key Details
Sold Price $615,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
Subdivision Crawford & Parmelees
MLS Listing ID 4446239
Sold Date 08/24/23
HOA Y/N No
Year Built 1920
Annual Tax Amount $8,591
Property Description
CASH COW! This 21 door Eastside portfolio is being offered at a true, CURRENT 9.6% cap rate! Current NOI is over $68k with a pro forma NOI at $124k+. Pro forma ARV leaves nearly $200k in equity left to be created through updates and rental increases. 16% cap rate expected once stabilized. This portfolio consists of a 7 unit, a 4 unit, 5 duplexes and a land parcel - (46 total bedrooms) Low expenses provide higher cash flow and with total taxes under $10k/year that definitely allows the cash to flow. Currently has 3 vacancies that are being made rent-ready. Owner pays water and trash. Selling as package only. The NOI was calculated including 10% management, 5% maintenance, 5% vacancy, taxes, insurance and water/sewer costs so numbers are very real. ** Seller reduced the price immediately to compensate for $50k in expected capx required**
Location
State OH
County Cuyahoga
Rooms
Basement Full
Interior
Heating Hot Water, Steam
Cooling None
Fireplace No
Exterior
Water Access Desc Public
Roof Type Other
Building
Water Public
Schools
School District Cleveland Municipal - 1809
Others
Tax ID 105-26-007
Financing Conventional
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Bought with Gregory Erlanger • Keller Williams Citywide
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