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$885,000
2549 Kenilworth RD Cleveland Heights, OH 44106
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$885,000
Est. payment /mo
7,553 Sqft Lot
UPDATED:
11/19/2024 08:29 PM
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Euclid Heights
MLS Listing ID 5050612
HOA Y/N No
Year Built 1920
Annual Tax Amount $20,672
Tax Year 2023
Lot Size 7,553 Sqft
Acres 0.1734
Property Description
Introducing a 7-unit brick building investment opportunity nestled in the coveted heart of Coventry in Cleveland Heights – a rare gem in an ideal, prime location. Boasting proximity to educational institutions like Case Western Reserve (4-minute drive) and Notre Dame College (11-minute drive), and John Carroll University (12-minute drive), as well as quick access to major healthcare centers – a mere 8-minute drive to Cleveland Clinic Main Campus and 6-minute drive to University Hospital Main Campus. Not to mention, the property is situated just steps away from live music venues, vibrant bars, delectable restaurants, and eclectic shopping destinations. This 7-unit is strategically positioned for success no matter which way you look!
Fully occupied, this property currently generates $9,920 per month, with a proforma potential of over $11,000 per month. The extremely large units feature beautiful hardwood floors throughout, spacious kitchens with peninsula islands, and the convenience of in-suite laundry—an amenity highly sought after by tenants. Some units have already been updated with refinished hardwood floors, modern paint, and upgraded bathrooms and kitchens.
To achieve the proforma numbers, all a new owner needs to do are some cosmetic upgrades to one unit and raise the rents on lease renewals for the remaining units. Each unit has separate electric meters, with tenants responsible for their own electric bills, while the boiler and water/sewer is paid by the owner. Additionally, the property includes five garage spaces, providing secure and convenient parking for tenants.
Take advantage of this opportunity to invest in one of Cleveland's most dynamic neighborhoods, with immediate income and additional upside potential!
Fully occupied, this property currently generates $9,920 per month, with a proforma potential of over $11,000 per month. The extremely large units feature beautiful hardwood floors throughout, spacious kitchens with peninsula islands, and the convenience of in-suite laundry—an amenity highly sought after by tenants. Some units have already been updated with refinished hardwood floors, modern paint, and upgraded bathrooms and kitchens.
To achieve the proforma numbers, all a new owner needs to do are some cosmetic upgrades to one unit and raise the rents on lease renewals for the remaining units. Each unit has separate electric meters, with tenants responsible for their own electric bills, while the boiler and water/sewer is paid by the owner. Additionally, the property includes five garage spaces, providing secure and convenient parking for tenants.
Take advantage of this opportunity to invest in one of Cleveland's most dynamic neighborhoods, with immediate income and additional upside potential!
Location
State OH
County Cuyahoga
Rooms
Basement Full
Interior
Heating Hot Water, Steam
Cooling None
Fireplace No
Exterior
Water Access Desc Public
Roof Type Composition,Flat
Present Use Residential
Building
Story 3
Sewer Public Sewer
Water Public
Schools
School District Cleveland Hts-Univer - 1810
Others
Tax ID 685-05-002
Acceptable Financing Cash, Conventional, 1031 Exchange
Listing Terms Cash, Conventional, 1031 Exchange
Special Listing Condition Standard
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Listed by Tal Tamir • Russell Real Estate Services • tal@premierclevelandinvesting.com 216-870-8687
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