6729 Forman AVE Save Request In-Person Tour Request Virtual Tour
Cleveland,OH 44105
Key Details
Property Type Single Family Home, Multi-Family
Sub Type Quadruplex
Listing Status Active Under Contract
Purchase Type For Sale
Subdivision A W Morgans
MLS Listing ID 5129112
Bedrooms 8
Full Baths 4
Year Built 1910
Annual Tax Amount $3,996
Tax Year 2024
Lot Size 5,127 Sqft
Property Sub-Type Quadruplex
Property Description
High-yield, turnkey 4-unit property at 6729 Forman Ave—fully renovated less than two years ago with new LVP flooring, modern kitchens and baths, updated mechanicals, and a 2-car garage. This asset is cash flowing now at $2,434/month. Section 8 offers $1129 for 2 bed units in this area, driving the proforma to over $4,400+/month. Expenses run around 40%, keeping your net returns strong, and once fully leased the property projects a cap rate near 20%—rare in today's market. One vacant unit allows for immediate value-add, without capital investment—simply lease it up and raise rents to market. This brings immediate NOI to @25k/year or a 10.6% cap rate. Mechanicals and electric panels are all less than 2 years old! Tenants pay gas & electric. Recent neighborhood sales at 3893 E 57th ($87,500/unit) and 3620 E 59th ($90,000/unit) show the real upside here. Located in a stable Cleveland neighborhood near employers, transit, shopping, and schools—easy to attract and retain quality tenants. Turnkey, low-maintenance, high yield, and poised for fast appreciation. Opportunities like this don't last—contact us today for details and a tour.
Location
State OH
County Cuyahoga
Interior
Heating Forced Air
Cooling None
Exterior
Parking Features Driveway,Detached,Garage
Roof Type Asphalt,Fiberglass
Building
Sewer Public Sewer
Water Public
Schools
School District Cleveland Municipal - 1809