5917 Storer AVE Active Save Request In-Person Tour Request Virtual Tour
Cleveland,OH 44102
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Daniel Hoyts Re-Allotment
MLS Listing ID 5045202
Year Built 1910
Annual Tax Amount $5,974
Tax Year 2023
Lot Size 5,349 Sqft
Property Description
Discover this 7-unit brick building located on the desirable westside of Cleveland. The property boasts a mix of updated units featuring modern vinyl flooring, fresh paint, and various cosmetic enhancements. This building includes five spacious 2-bedroom units, one cozy 1-bedroom unit, and one studio apartment. Each unit is equipped with separate furnaces and hot water tanks, ensuring tenants are responsible for their own electric and gas, reducing your overhead costs. Currently fully occupied, this property offers great current earnings with an IMPRESSIVE proforma. By implementing minor rent increases, you can easily elevate the property to achieve a 10% cap rate. As it stands, the building will operates at over a 9% cap rate, presenting an attractive return on investment. Seize the opportunity to invest in a property that not only provides immediate income but also holds significant potential for future value enhancement.
Location
State OH
County Cuyahoga
Interior
Heating Forced Air,Gas
Cooling None
Exterior
Garage On Site,Paved
Roof Type Composition,Flat
Building
Story 2
Sewer Public Sewer
Water Public
Schools
School District Cleveland Municipal - 1809
Others
Acceptable Financing Cash,Conventional,1031 Exchange
Listing Terms Cash,Conventional,1031 Exchange
Special Listing Condition Standard