Property Description

Five-unit multifamily in Cleveland's Goodrich-Kirtland Park at $325,000, or $65,000 per door, with two units occupied and three open. Priced and underwritten as a lease-up. Two structures on one site: a brick four-unit up front with four two-bedroom, one-bath apartments, plus a separate rear house with a three-bedroom, one-bath layout. The current owner replaced the wiring and panels throughout at a cost of roughly $70,000, so the largest capital item on a building of this vintage is already retired and the open units are ready to lease/being refreshed post tenant move-out. Interiors have been fully renovated within the last couple of years, current ownership redid the exterior, and holds rental licenses on all five units. The two occupied two-bedrooms are in place at $775. PCI underwrites the two-bedrooms at $900 and the rear house at $1,350, or $59,400 a year, carrying an NOI just over $37,000 and an 11.5 percent cap on the asking price. Every unit is separately metered with its own furnace and hot water tank. Roughly two miles from downtown and within three miles of the Cleveland Clinic's main campus, in a submarket about 65 percent renter-occupied. Full rent roll, financials and lease detail are available in the Document Center. Reach out for the package and to get on the tour schedule.

Property Features

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