15432 Lake Shore BLVD Active Save Request In-Person Tour Request Virtual Tour
Cleveland,OH 44110
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Thompson
MLS Listing ID 5037580
Year Built 1920
Annual Tax Amount $11,504
Tax Year 2023
Lot Size 0.341 Acres
Property Description
ABSOLUTELY GORGEOUS!! The perfect addition for any real estate portfolio. Completely renovated top to bottom - Newer: plumbing, electric, HVAC, roof, gutters and vinyl windows (120 of them!!). 19 unit apartment building (6 - studio, 8 - 1 Bed, 5 - 2 bed units) with 3 retail storefronts and an office space. Incredible occupancy rate - apartments will be 100% occupied by the end of the month. Adjacent parcel also included providing 13 - 16 parking spaces. Literally, every unit was gutted and remodeled. Each unit boasts refinished hardwood floors, 8 ft ceilings, updated kitchens (include: refrigerator, stove and microwave), updated bathrooms, in unit tank-less water heaters, furnaces and electric panels. Retail storefronts have also been completely renovated. Current gross rent w/ laundry is $190,992 - this does not include the office space (owner occupies) or the "rent ready" 2850 Sqft vacant retail storefront. ENORMOUS POTENTIAL for INCREASED INCOME: (1) Current rents are well below CMHA rental benchmarks (2) 5000 Sqft basement could be converted to add 4 additional 2 bedroom units and a 1 bedroom unit (3) Charging for parking spaces - $50 per month. Current cap rate 7.85 - could be considerably higher. Located in a high traffic and high rental demand area. Close to highway access, minutes from downtown Cleveland, close to Cleveland Clinic, University Hospital, Euclid Hospital, Lake Erie parks and beaches, restaurants, shopping and public transit. This is an exceptional property, location and opportunity!!!
Location
State OH
County Cuyahoga
Rooms
Ensuite Laundry Coin-operated
Interior
Laundry Location Coin-operated
Heating Forced Air,Hot Water,Steam
Cooling Central Air
Laundry Coin-operated
Exterior
Garage Additional Parking,No Garage,Parking Lot
Roof Type Rubber
Building
Story 3
Foundation Basement
Sewer Public Sewer
Water Public
Schools
School District Cleveland Municipal - 1809
Others
Acceptable Financing Cash,Conventional
Listing Terms Cash,Conventional
Special Listing Condition Standard