Cleveland, OH 44106,1847 E 87th ST
Cleveland, OH 44106,1847 E 87th ST
Cleveland, OH 44106,1847 E 87th ST
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$1,800,000
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0.33 Acres Lot
Pending

1847 E 87th ST Cleveland, OH 44106

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UPDATED:

10/29/2024 04:02 PM

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Pending

Purchase Type For Sale

Subdivision Babcock

MLS Listing ID 5070120

Construction Status Updated/Remodeled

HOA Y/N No

Year Built 1900

Annual Tax Amount $12,605

Tax Year 2023

Lot Size 0.330 Acres

Acres 0.3302

Property Description

Seize this rare chance to acquire a meticulously maintained 22-unit building in one of Cleveland's most sought-after locations, just minutes from University Circle, Case Western and Cleveland State University. With 19 fully renovated 1-bedroom, 1-bath units (average 650 sq. ft.), this property is poised for immediate cash flow. The current average rent is $721.35 per month, but with local rental demand, pro forma rents could command $995 or more a unit. With around 24 parking spaces on the property and over night street parking available tenants and guest will have ample space to park.

Investors will appreciate the impressive pro forma cap rate of 9.25%, factoring in conservative estimates for CapEx (3%), general maintenance (3%), and vacancy (9%). The projected NOI is $166,432, offering substantial upside from the current NOI of $97,746.6.

This building is turn-key, offering an attractive opportunity for both seasoned investors and those looking to expand their portfolio. Additionally, the option to purchase the LLC owning the property streamlines the acquisition process.

Location

State OH

County Cuyahoga

Community Laundry Facilities

Rooms

Basement Unfinished

Interior

Heating Hot Water, Steam

Fireplace No

Laundry Coin-operated

Exterior

Parking Features Asphalt, Common, On Site, Parking Lot

Community Features Laundry Facilities

Water Access Desc Public

Present Use Multi-Family

Total Parking Spaces 24

Building

Story 4

Sewer Public Sewer

Water Public

Construction Status Updated/Remodeled

Schools

School District Cleveland Municipal - 1809

Others

Tax ID 119-05-044

Acceptable Financing Cash, Conventional, 1031 Exchange, Owner May Carry

Listing Terms Cash, Conventional, 1031 Exchange, Owner May Carry

Special Listing Condition Standard


Listed by Katie McNeill • Platinum Real Estate • katie@thekatiemcneillteam.com 440-796-5506

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Derek Villers

REALTOR/Salesperson | License ID: WVS200301302

+1(304) 532-4907

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1847 E 87th ST