Asking Price: $1,250,000
Cap Rate: 7.59%
Annual Gross Revenue: $133,020
Net Operating Income (NOI): $94,840
Cleveland Property Management, Cleveland’s premiere residential property manager is excited to offer a rare opportunity for a smart investor to acquire 7 units with 10 off street parking spaces in Cleveland’s sought after “Little Italy” neighborhood. Little Italy is an exciting neighborhood with fine dining, walkability and close proximity to University Circle, Case Western Reserve University, The Cleveland Institute of Music, The Cleveland Institute of Art University Hospitals main campus and the Cleveland Clinic main campus. The combination of high walkability, fine lifestyle and easy access to education and jobs makes this the most sought after neighborhood in Cleveland despite the fact that many properties do not have off street parking. This portfolio consists of 2 duplexes and one three unit building. All units are renovated and ready positioned for maximum rent in the market. The combination of location, quality of units and ample off street parking make this a truly unique opportunity for an investor to gain maximum rent in a stable and easy to manage location. At the current rent and asking price, this offering should produce a stable cap rate of about 7% while enjoying maximum appreciation. Contact Laird Wynn with Cleveland Property Management today to place your offer!
