Description
(6) Unit Commercial Apartment Building on Cleveland's West Side; Highly Coveted 44111 Zip Code! Located near highways 71 & 90 on Lorain Ave near new shopping & in the West Park Neighborhood. (3) 2 bed 1 bath units (1st floor) & (3) 1 bed 1 bath units (second floor). All apartments have been renovated through 2017-2020. The property boasts total monthly rent income of $4695 with an additional $795/month in utility chargebacks totaling $5490 in monthly income. Tenants enjoy the ease of 1 monthly bill making this a highly desirable property for new tenants should any units come available. Unit #4 was left vacant for showing purposes & has a waiting list to occupy once ready. Property has a large parking lot in the back. To clarify; there are (2) Total Electric Meters, (2) Total Gas Meters, (1) Total Water Meter, (1) Dumpster Bill Totaling $903/month in owner paid utility bills. Unit #1 is the onsite manager & does not pay the utility reimbursement fee per month as a result of maintaining the property. Add property tax & property insurance to total $20,223 in total annual expenses. Gross Annual Revenue $65,880 minus total annual expenses = $45,657 net operating income! 9% Cap Rate. Perfect Investment for investor looking for stabilized property in highly sought after area. Rents #1, $785 #2, $765 #3, $750 #4, $875 #5, $775 #6, $745 Seller Financing available up to 25% of purchase price. Easy to show! Listing Broker is Owner.
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0BEDS
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0.15ACRES
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0BATHS
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01/2 BATHS
Listing information © 2025 YES-MLS.
Description
(6) Unit Commercial Apartment Building on Cleveland's West Side; Highly Coveted 44111 Zip Code! Located near highways 71 & 90 on Lorain Ave near new shopping & in the West Park Neighborhood. (3) 2 bed 1 bath units (1st floor) & (3) 1 bed 1 bath units (second floor). All apartments have been renovated through 2017-2020. The property boasts total monthly rent income of $4695 with an additional $795/month in utility chargebacks totaling $5490 in monthly income. Tenants enjoy the ease of 1 monthly bill making this a highly desirable property for new tenants should any units come available. Unit #4 was left vacant for showing purposes & has a waiting list to occupy once ready. Property has a large parking lot in the back. To clarify; there are (2) Total Electric Meters, (2) Total Gas Meters, (1) Total Water Meter, (1) Dumpster Bill Totaling $903/month in owner paid utility bills. Unit #1 is the onsite manager & does not pay the utility reimbursement fee per month as a result of maintaining the property. Add property tax & property insurance to total $20,223 in total annual expenses. Gross Annual Revenue $65,880 minus total annual expenses = $45,657 net operating income! 9% Cap Rate. Perfect Investment for investor looking for stabilized property in highly sought after area. Rents #1, $785 #2, $765 #3, $750 #4, $875 #5, $775 #6, $745 Seller Financing available up to 25% of purchase price. Easy to show! Listing Broker is Owner.
Listing information © 2025 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 Richfield Realty Group 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 2025-06-13T00:08:01.82.