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$1,500,000
Est. payment /mo
0.36 Acres Lot
UPDATED:
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Palmer & Boyers Allotment
MLS Listing ID 5113643
HOA Y/N No
Year Built 1923
Annual Tax Amount $1,652
Tax Year 2024
Lot Size 0.360 Acres
Acres 0.36
Property Sub-Type Apartment
Property Description
Outstanding investment opportunity - add two fully renovated, high-income-producing apartment buildings to your portfolio. Together, these properties generate over $17,000 in monthly gross rental income. There is potential for even higher market rents, as the buildings house brand new tenants who moved in after the 2023 renovations. Enjoy a tax abatement on the property until 2038. Each building, completely updated in 2023, includes a tenant-operated, app-based laundry facility and individually metered units. Situated in Cleveland, a city with robust rental demand driven by its diverse economy and expanding healthcare and tech sectors, these properties are an ideal investment in a cost-effective and promising rental market. Capitalize on this chance to invest in one of the Midwest's most attractive rental markets. Current buildings are equipped with a property management team to ensure a seamless, hands-off ownership transition, if necessary for the buyer.
Location
State OH
County Cuyahoga
Interior
Heating Hot Water, Steam
Cooling None
Fireplace No
Exterior
Water Access Desc Public
Present Use Residential
Building
Sewer Public Sewer
Water Public
Schools
School District Cleveland Municipal - 1809
Others
Tax ID 130-18-121
Acceptable Financing Cash, Conventional, FHA
Listing Terms Cash, Conventional, FHA
Special Listing Condition Standard
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Listed by Violetta Varenkova • IIP Management, LLC. • 216-503-6300 realestate@iip-management.com