4439 State Road, Cleveland, OH 44109
sale
$199,000
|
Other
Courtesy Of KW Living
Value-add mixed-use opportunity offered at just $225,000 with an estimated stabilized value of approximately $360,000. This fully vacant property features four income-producing spaces, including a 4-bedroom apartment, 2-bedroom apartment, storefront, and warehouse/storage space, estimated at $3900/mo total. Beyond rental income, the property's utility configuration presents an opportunity to implement a RUBS reimbursement program, potentially shifting all utility costs back to tenants. This creates another avenue to improve NOI without significant capital investment. Major systems anre in great shape including a newer roof (-10yr) , vinyl windows, hot water tanks (-5yr) , and a newer Trane furnace, allowing buyers to focus on stabilization rather than major mechanical replacements. The asking price projects a 12.07% cap rate or a $350,000 ARV at an 8% cap rate. Located in Cleveland's growing Old Brooklyn neighborhood, the property benefits from strong rental demand, ongoing redevelopment along the Pearl Road corridor, and close proximity to MetroHealth Medical Center, Downtown Cleveland, I-71, I-480, Cleveland Metroparks Zoo, and the Towpath Trail. Renovated apartments in the area continue to command premium rents, making this an excellent opportunity to create equity while generating strong cash flow. Schedule your private showing today.
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Property Features
- Age: Over 50 Years Old
- Amenities: Security System
- Building Units: 4
- Cooling System: Central Air
- Floors: 2
- Heating System: Forced Air
- Legal Description: 63 MEADE 0001 ALL
- MLSID: 5235469
- Parking Spaces: 4
- Roof Type: Flat
- Rooms: Basement
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