11226 Ashbury AVE Pending Save Request In-Person Tour Request Virtual Tour
Cleveland,OH 44106
Key Details
Property Type Single Family Home, Multi-Family
Sub Type Duplex
Listing Status Pending
Purchase Type For Sale
Subdivision Wade Park Allotment
MLS Listing ID 5072102
Bedrooms 8
Full Baths 2
Half Baths 1
Year Built 1900
Annual Tax Amount $3,570
Tax Year 2023
Lot Size 8,550 Sqft
Property Description
We are proud to list this cash cow opportunity for an investor. Currently Owner owns over 100 units in the Case Western Reserve neighborhood and rents all of them to Students only at 700-750 per bedroom. Case Western has a shortage of student housing so the Owner rents all by bedroom usually with a group of friend's. All leases start 6/1 even though most student are not back to school till August. Investors need to start advertising and renting units out by April.
This is a cash added value property giving a new investor around 7 months of some growing pains, but breaking even with a couple bucks profit a month. Currently one side is rented to 4 young ladies at 700 per bedroom and all remodeled and owner added 2nd bath, however the other side is an elderly women who has lived as a tenant in several of owners' homes. Owner will move her to another property. Probably wise to have it vacated around March will need a light rehab, intense cleaning and add a 2nd bath approx 20K
If you take all units to 750 June 1st here is how your financial will look
Annually income 72,000 with 35% expenses -25,200 and after debt svs of 21,528 annually at 75% LTV gives you an NOI of 25,272 annually which will give you over 25% cash on cash return on your initial investment
Location
State OH
County Cuyahoga
Interior
Heating Forced Air
Cooling Ceiling Fan(s)
Exterior
Garage Driveway
Waterfront No
Roof Type Asphalt,Fiberglass
Building
Sewer Public Sewer
Water Public
Schools
School District Cleveland Municipal - 1809