Description
Looking for an apartment to flip? This rare find is 16 townhome style units that basically define the term "value add".This brick building is located in the highly sought after Cleveland Heights neighborhood near Severance center. Its 1building that consists of 8- 2bed units and 8-3bed units that are each 2 stories with over 1100sqft, with 1.5 baths anattached garage and semi-private garage-top patio. 4 units are currently occupied bringing in just under $4k/mo at$858, $828, $1050 and $1185/ mo. Market rent for 2 & 3 bed units range from $850-1500/mo which is further proven bythe current rents. There is $20k/ mo potential income once occupied!! The best part of townhomes is that the tenantsare responsible for all their own utilities which make owner costs low. Townhomes also offer the potential to split intocondos for further profit. All units need rehab- some more then others but you could put $500k into the rehab and stillhave double digit return!!! The windows are all vinyl. TheHwt and furnace in each unit are newer. The garage patiosare incredibly unique and could offer a really cool outdoor space for the tenants and even open up the possibility ofusing it as an Air bnb.
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0BEDS
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0.69ACRES
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0BATHS
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01/2 BATHS
School Ratings & Info
Listing information © 2022 YES-MLS.
Description
Looking for an apartment to flip? This rare find is 16 townhome style units that basically define the term "value add".This brick building is located in the highly sought after Cleveland Heights neighborhood near Severance center. Its 1building that consists of 8- 2bed units and 8-3bed units that are each 2 stories with over 1100sqft, with 1.5 baths anattached garage and semi-private garage-top patio. 4 units are currently occupied bringing in just under $4k/mo at$858, $828, $1050 and $1185/ mo. Market rent for 2 & 3 bed units range from $850-1500/mo which is further proven bythe current rents. There is $20k/ mo potential income once occupied!! The best part of townhomes is that the tenantsare responsible for all their own utilities which make owner costs low. Townhomes also offer the potential to split intocondos for further profit. All units need rehab- some more then others but you could put $500k into the rehab and stillhave double digit return!!! The windows are all vinyl. TheHwt and furnace in each unit are newer. The garage patiosare incredibly unique and could offer a really cool outdoor space for the tenants and even open up the possibility ofusing it as an Air bnb.
Listing information © 2022 YES-MLS. All rights reserved.
The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of YES-MLS. Real estate listings held by brokerage firms other than Jose Medina and Associates | Keller Williams Legacy Group Realty are marked with the Internet Data Exchange logo and detailed information about them includes the name of the listing broker(s). Information Deemed Reliable But Not Guaranteed. The photos may be altered, edited, enhanced or virtually staged. Data last updated 2022-05-22T22:07:53.373.