1847 E 87th Street, Cleveland, OH 44106

Property Description

Seize this rare chance to acquire a meticulously maintained 22-unit building in one of Cleveland's most sought-after locations, just minutes from University Circle, Case Western and Cleveland State University. With 19 fully renovated 1-bedroom, 1-bath units (average 650 sq. ft.), this property is poised for immediate cash flow. The current average rent is $721.35 per month, but with local rental demand, pro forma rents could command $995 or more a unit. With around 24 parking spaces on the property and over night street parking available tenants and guest will have ample space to park. Investors will appreciate the impressive pro forma cap rate of 9.25%, factoring in conservative estimates for CapEx (3%), general maintenance (3%), and vacancy (9%). The projected NOI is $166,432, offering substantial upside from the current NOI of $97,746.6. This building is turn-key, offering an attractive opportunity for both seasoned investors and those looking to expand their portfolio. Additionally, the option to purchase the LLC owning the property streamlines the acquisition process.