Discover this remarkable 41 unit portfolio located in the highly sought-after Cleveland Heights neighborhood. The portfolio is made up of 2 brick apartment buildings in close proximity to one another. Enjoy seamless access to downtown Cleveland, major healthcare centers like CLE Clinic Main Campus and University Hospital Main Campus as well as educational institutions like Case Western Reserve University and Cleveland Institute of Music.
The portfolio is situated just steps away from live music venues, vibrant bars, restaurants and shopping destinations. The location makes them ideal rental options for young professionals, undergrad/graduate students, medical professionals, as well as tenants looking for an affordable and convenient living option on Cleveland's vibrant east side.
Currently grossing $27,725 per month in rental income with lots of upside, these assets are primed for a major value-add opportunity! Each unit has separate electric meters, with tenants responsible for their own electric bills. The boiler & water/sewer are the responsibility of the owner. Through light cosmetic updates, potentially renting to some voucher holding tenants, and implementing additional fee structures and water savings plan, an investor is poised to create significant equity.
Many units boast beautiful natural hardwood floors, adding charm and appeal. A number of units have seen cosmetic updates during current ownership including, paint, lighting, kitchen and bath updates. In general, the portfolio will benefit from additional, easy cosmetic updating on the remaining majority of units to fetch rental premiums or a buyer can opt to simplify their unit turns and rent to voucher holding tenants as a way to reduce out of pocket costs. In addition, new mechanicals, roof sealing, and other capital expenditures have been taken on by ownership in the last few years.