$371.79 Per Sq Foot $7,784 est/mo Sourced by Back At You

801 Literary Road,Cleveland, OH 44113

Cleveland OH, 44113

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Description

Welcome to your next investment opportunity in the heart of Cleveland's historic Tremont neighborhood! This versatile commercial property presents a unique chance to capitalize on its prime location and potential for multiple income streams. Currently configured as a single apartment and a bustling hair salon, this property offers the flexibility to be transformed into three living units, each with its own separate HVAC systems already in place. The ground floor houses the salon, equipped with six styling stations, a bathroom, and a kitchen/break area. With minimal renovation, the back of the salon could easily be converted into a standalone unit featuring a bedroom, kitchen, full bathroom, and convenient washer/dryer hookups. Ascending to the second floor, you'll find a stylishly updated apartment showcasing a modern industrial aesthetic. The spacious layout includes a stunning kitchen, inviting living room, laundry room, and two bedrooms, complemented by two bathrooms. The crowning jewel awaits on the third floor, boasting a luxurious master bedroom with an en-suite bathroom featuring heated floors. The option to enclose the soffit and establish a distinct unit on this level further enhances the property's allure and value. Enjoy the luxury of three balconies offering picturesque views of downtown Cleveland, providing the perfect backdrop for relaxation and entertainment. Six parking spaces are included, enhancing accessibility for tenants. Currently, the salon commands a rental income of $2,892, while the apartment generates $3,914, with both rents increasing by a steady 3% annually. Whether you're an investor seeking multiple revenue streams or a homeowner looking to offset mortgage costs, this property presents an exceptional opportunity to capitalize on the vibrant Tremont neighborhood's ever-growing demand for residential and commercial spaces. Don't miss out on making this your next successful venture!

Details

MLS#5034263
Listing TypeFor Sale
StyleRetail
Sub-TypeResale
StatusActive
Year1913
Days On Site73
Listing Provided ByKeller Williams Living | Christopher Trivisonno
Buying Commision3/2/1

Features

SQ Feet3,900
BasementY
Story(s)3
Building(s)1
ZoningCommercial
Acreage0.05

Market Activity 44113

The information is being provided by MLS Now Independence OH. Information deemed accurate but not guaranteed. Information is provided for consumers personal, non-commercial use, and may not be used for any purpose other than the identification of potential properties for purchase. Copyright 2024 MLS Now Independence OH. All Rights Reserved.

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Learn More About This Property

StateOH
CountyCuyahoga
CityCleveland
Zip Code44113
Listing VS Median (in 44113)
Price:
$1,450,000
low | high
Med:
$289,950
100% of Average
SqFt:
3,900
low | high
Med:
1,484
100% of Average
$ / SqFt:
$372
low | high
Med:
$206
94.468661587354% of Average
On Site:
73
low | high
Med:
100.000000
73% of Average
Sourced by Back At You
Listing Updated: June 17, 2024 at 12:32:34 PM PDT