CALLING ALL INVESTORS looking to expand their investment portfolio! If you are looking for a turnkey apartment complex then look no further! This property features 22 units (4 which are 1 bed/bath and 18 which are 2 bed/1bath.) All units are completely renovated, turnkey and are immediately ready for tenants! This building is currently being used as a sober living facility so it does not have any running financials records for rents. Current comparable apartment rents in the area range from 1,000-1,200 a unit.
Proforma gross income can be projected at a conservative amount of $26,000. This would put your gross rental income at $312,000 a year, which gives you a 15.6% cap rate before expenses! This will not last long! It's in close proximity to RTA transportation, freeway access, restaurants, hospitals, the Cleveland Heights community center, and is close to downtown Cleveland! Do not miss this opportunity today! Schedule your showing!