$449,900
3848 E 186th ST Cleveland, OH 44122
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$449,900
Est. payment /mo
0.86 Acres Lot
Pending
3848 E 186th ST Cleveland, OH 44122
UPDATED:
10/01/2024 04:05 PM
Key Details
Property Type Commercial
Sub Type Other
Listing Status Pending
Purchase Type For Sale
Subdivision H J Morrison Bldg Cos 02
MLS Listing ID 5043307
HOA Y/N No
Year Built 1951
Annual Tax Amount $5,238
Tax Year 2023
Lot Size 0.864 Acres
Acres 0.864
Property Description
Fantastic opportunity for investors to acquire a 5-property SFR portfolio in the highly desirable 44122 and 44128 zip codes. Four of these properties are currently occupied, generating a total of $4,207 per month in gross rental income. The fifth property is vacant and requires some cosmetic updates to become rent-ready. The owner currently covers water and sewer expenses for the entire portfolio. With a proforma portfolio rent of approximately $7,000 per month, this deal presents a potential future cap rate of 12%! The properties are located in close proximity to each other, facilitating a smooth and efficient takeover process and easy management. Notably, the property at 4416 E 154th is subsidized, while the remaining properties are market rate, offering an ideal opportunity to transform this portfolio into a hands-off, cash-flowing Section 8 investment. Very straightforward and a great pick-up for any investor!
Location
State OH
County Cuyahoga
Interior
Heating Forced Air
Fireplace No
Exterior
Water Access Desc Public
Building
Sewer Public Sewer
Water Public
Schools
School District Cleveland Municipal - 1809
Others
Tax ID 140-23-020
Acceptable Financing Cash, Conventional, 1031 Exchange
Listing Terms Cash, Conventional, 1031 Exchange
Special Listing Condition Standard
Listed by Tal Tamir • Russell Real Estate Services • tal@premierclevelandinvesting.com 216-870-8687
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