801 Literary RD Active Save Request In-Person Tour Request Virtual Tour
Cleveland,OH 44113
Key Details
Property Type Commercial
Sub Type Retail
Listing Status Active
Purchase Type For Sale
MLS Listing ID 5034263
Year Built 1913
Annual Tax Amount $13,965
Tax Year 2023
Lot Size 1,960 Sqft
Property 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!
Location
State OH
County Cuyahoga
Interior
Heating Forced Air
Exterior
Waterfront No
Building
Foundation Basement
Sewer Public Sewer
Water Public
Schools
School District Cleveland Municipal - 1809
Others
Special Listing Condition Standard