$70.73 Per Sq Foot $10,334 est/mo Sourced by Back At You

15432 Lake Shore Boulevard,Cleveland, OH 44110

Cleveland OH, 44110

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Description

ABSOLUTELY GORGEOUS!! The perfect addition for any real estate portfolio. Completely renovated top to bottom - Newer: plumbing, electric, HVAC, roof, gutters and vinyl windows (120 of them!!). 19 unit apartment building (6 - studio, 8 - 1 Bed, 5 - 2 bed units) with 3 retail storefronts and an office space. Incredible occupancy rate - apartments will be 100% occupied by the end of the month. Adjacent parcel also included providing 13 - 16 parking spaces. Literally, every unit was gutted and remodeled. Each unit boasts refinished hardwood floors, 8 ft ceilings, updated kitchens (include: refrigerator, stove and microwave), updated bathrooms, in unit tank-less water heaters, furnaces and electric panels. Retail storefronts have also been completely renovated. Current gross rent w/ laundry is $190,992 - this does not include the office space (owner occupies) or the "rent ready" 2850 Sqft vacant retail storefront. ENORMOUS POTENTIAL for INCREASED INCOME: (1) Current rents are well below CMHA rental benchmarks (2) 5000 Sqft basement could be converted to add 4 additional 2 bedroom units and a 1 bedroom unit (3) Charging for parking spaces - $50 per month. Current cap rate 7.85 - could be considerably higher. Located in a high traffic and high rental demand area. Close to highway access, minutes from downtown Cleveland, close to Cleveland Clinic, University Hospital, Euclid Hospital, Lake Erie parks and beaches, restaurants, shopping and public transit. This is an exceptional property, location and opportunity!!!

Details

MLS#5037580
Listing TypeFor Sale
StyleTown House
Sub-TypeResale
StatusActive
Year1920
Days On Site69
Listing Provided ByKeller Williams Greater Metropolitan | Larry R Wanke

Features

SQ Feet27,216
BasementY
Story(s)3
Building(s)1
ZoningSee Remarks
Acreage0.34

Market Activity 44110

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Learn More About This Property

StateOH
CountyCuyahoga
CityCleveland
Zip Code44110
Community NameThompson
Listing VS Median (in Thompson)
Price:
$1,925,000
low | high
Med:
$432,450
100% of Average
SqFt:
27,216
low | high
Med:
2,552
100% of Average
$ / SqFt:
$71
low | high
Med:
$166
85.01933817587% of Average
On Site:
69
low | high
Med:
68.000000
100% of Average
Sourced by Back At You
Listing Updated: June 17, 2024 at 11:46:42 AM PDT