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6914 St Clair AVE Cleveland, OH 44103
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Key Details
Sold Price $615,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
Subdivision Crawford & Parmelees
MLS Listing ID 4446239
Year Built 1920
Annual Tax Amount $8,591
Property Description
CASH COW! This 21 door Eastside portfolio is being offered at a true, CURRENT 9.6% cap rate! Current NOI is over $68k with a pro forma NOI at $124k+. Pro forma ARV leaves nearly $200k in equity left to be created through updates and rental increases. 16% cap rate expected once stabilized. This portfolio consists of a 7 unit, a 4 unit, 5 duplexes and a land parcel - (46 total bedrooms) Low expenses provide higher cash flow and with total taxes under $10k/year that definitely allows the cash to flow. Currently has 3 vacancies that are being made rent-ready. Owner pays water and trash. Selling as package only. The NOI was calculated including 10% management, 5% maintenance, 5% vacancy, taxes, insurance and water/sewer costs so numbers are very real. ** Seller reduced the price immediately to compensate for $50k in expected capx required**
Location
State OH
County Cuyahoga
Interior
Heating Hot Water, Steam
Cooling None
Exterior
Roof Type Other
Building
Water Public
Schools
School District Cleveland Municipal - 1809
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Bought with Gregory Erlanger • Keller Williams Citywide
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