1839 E 85th Street

Description

Student Housing! ProForma CAP rate at 100% Occupancy is 8.23%! Exceptionally rare opportunity to purchase a quiet, turnkey, FURNISHED stabilized student housing dorm/home in one of the Nations hottest rental markets ideally located within short walking distance to the Cleveland Clinic Main Campus and Case Western Reserve University. Also, a short bus ride to Cleveland State University. This dormitory-type, Tudor-style housing has 11 bedrooms and 7.5 baths, is close to Case School of Dental Medicine, art and history museums, the Botanical Garden, and grocery stores. It is an ideal location for medical and master's degree+ students to stay while completing their training programs. Ensures a reliable pool of prospective tenants. 10 out of 11 bedrooms currently occupied and zero non-paying tenants - excellent opportunity for investors seeking passive income. Low maintenance building has many improvements, such as blown-in insulated walls, newer energy efficient windows and doors, high efficiency zoned central heating and cooling system, new ducts, new electrical and LED lighting, new plumbing and energy efficient toilets, and more! Parking is ample with space to the side of the building and overnight parking. The property is offered with a 91% Occupancy level and 6.93% cap rate based on current gross rents and a 29% projected expense ratio. With most room rates below market rate, there is an immediate opportunity for the new buyer to increase the NOI quickly!