(6) Unit Commercial Apartment Building on Cleveland's West Side; Highly Coveted 44111 Zip Code! Located near highways 71 & 90 on Lorain Ave near new shopping & in the West Park Neighborhood. (3) 2 bed 1 bath units (1st floor) & (3) 1 bed 1 bath units (second floor). All apartments have been renovated through 2017-2020. The property boasts total monthly rent income of $4695 with an additional $795/month in utility chargebacks totaling $5490 in monthly income. Tenants enjoy the ease of 1 monthly bill making this a highly desirable property for new tenants should any units come available. Unit #4 was left vacant for showing purposes & has a waiting list to occupy once ready. Property has a large parking lot in the back. To clarify; there are (2) Total Electric Meters, (2) Total Gas Meters, (1) Total Water Meter, (1) Dumpster Bill Totaling $903/month in owner paid utility bills. Unit #1 is the onsite manager & does not pay the utility reimbursement fee per month as a result of maintaining the property. Add property tax & property insurance to total $20,223 in total annual expenses. Gross Annual Revenue $65,880 minus total annual expenses = $45,657 net operating income! 9% Cap Rate. Perfect Investment for investor looking for stabilized property in highly sought after area. Rents #1, $785 #2, $765 #3, $750 #4, $875 #5, $775 #6, $745 Seller Financing available up to 25% of purchase price. Easy to show! Listing Broker is Owner.
5127781
Commercial - Apartment, Other
1940
Cuyahoga
0.1515
Acres
Public Water
Public Sewer
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The scores below measure the walkability of the address, access to public transit of the area and the convenience of using a bike on a scale of 1-100
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Arrows indicate 90 day trend
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