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8208 Denison AVE Cleveland, OH 44102
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Key Details
Sold Price $465,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
Subdivision W J Lang Denison Ave
MLS Listing ID 5041749
Sold Date 08/05/24
HOA Y/N No
Year Built 1920
Annual Tax Amount $3,320
Tax Year 2023
Lot Size 6,891 Sqft
Acres 0.1582
Property Description
Seize this new investment opportunity with a fully renovated 8-unit apartment building situated in the desirable Westside of Cleveland. This property underwent a comprehensive renovation in 2019, featuring a new roof, updated electrical and plumbing systems, and individual furnaces and hot water tanks for each unit. Each unit has also been cosmetically upgraded with new flooring, fresh paint, and completely revamped kitchens and bathrooms, enhancing tenant appeal and retention. The building consists of a diverse unit mix, including (1) 2-bedroom unit, (3) 1-bedroom units, and (4) studio units. Currently, only one unit is vacant and actively being leased. Tenants are responsible for all utilities aside from water and sewer, reducing owner expenses and increasing net income. Once fully leased, the property is projected to generate nearly $70,000 per year in gross income. With a nearly 9% CAP rate AS-IS and further potential to increase rents as current leases expire, this turn-key property offers investors a solid return on investment with minimal maintenance requirements due to all of the upgrades. Don’t miss out on the chance to add a high-performing asset to your portfolio in a sought-after location with strong rental demand. See supplements for additional financial information.
Location
State OH
County Cuyahoga
Rooms
Basement Unfinished
Interior
Heating Forced Air
Cooling None
Fireplace No
Exterior
Parking Features On Site
Water Access Desc Public
Roof Type Composition,Flat
Present Use Residential
Building
Story 2
Sewer Public Sewer
Water Public
Level or Stories Three Or More
Schools
School District Cleveland Municipal - 1809
Others
Tax ID 017-07-028
Acceptable Financing Cash, Conventional, 1031 Exchange
Listing Terms Cash, Conventional, 1031 Exchange
Financing Other
Special Listing Condition Standard
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Bought with Michael Noble • Keller Williams Elevate