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Stacey Jones

[email protected] +1(216) 577-5874

$ 619,900

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10628-10630 Lee AVE Cleveland, OH 44106

8 Beds

6 Baths

2,516 SqFt

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Duplex

Listing Status Active

Purchase Type For Sale

Square Footage 2,516 sqft

Price per Sqft $246

Subdivision Wade

MLS Listing ID 5140564

Bedrooms 8

Full Baths 4

Half Baths 2

Construction Status Updated/Remodeled

HOA Y/N No

Abv Grd Liv Area 2,516

Year Built 1910

Annual Tax Amount $822

Tax Year 2024

Lot Size 5,201 Sqft

Acres 0.1194

Property Sub-Type Duplex

Property Description

One-of-a-kind investment opportunity to acquire a massive side-by-side duplex, fully remodeled in 2021 and benefiting from a 15-year tax abatement (about 11 years remaining). Each spacious unit offers four bedrooms and two and a half baths, and the property comes fully furnished and beautifully decorated. Currently leased to a tenant operating as an Airbnb arbitrage and leased for $5,000 per month with the tenant covering all utilities except water, this property provides an impressive as-is cap rate of over 8%. There's significant upside potential with the ability to raise rents or operate directly as a short-term rental, pushing returns close to a 10% cap rate with strong double digit cash on cash returns. You can also just move into a masterfully renovated unit and lease the second or airbnb it to pay for your mortgage! So many options with this gem. Just steps from the Cleveland Clinic main campus, University Circle, Little Italy, restaurants, shopping, and so much more, this is truly a prime location and a rare chance to acquire a fully turnkey, income-producing property in the heart of it all. *Note: County auditor website states that there are 4 bedrooms and 4 baths but the owner states that there are 8 bedrooms, 4 full bathrooms and 2 half-baths.

Location

State OH

County Cuyahoga

Rooms

Basement Full, Unfinished

Interior

Heating Forced Air

Cooling Central Air

Fireplace No

Exterior

Parking Features On Site

Water Access Desc Public

Roof Type Asphalt,Shingle

Private Pool No

Building

Sewer Public Sewer

Water Public

Level or Stories Three Or More

Construction Status Updated/Remodeled

Schools

School District Cleveland Municipal - 1809

Others

Tax ID 120-06-033

Acceptable Financing Cash, Conventional, 1031 Exchange

Listing Terms Cash, Conventional, 1031 Exchange

Special Listing Condition Standard

Listed by Tal Tamir • Russell Real Estate Services • [email protected], 216-870-8687

Stacey Jones

Agent

+1(216) 577-5874

Stacey Jones

10628-10630 Lee AVE Cleveland, OH 44106

Key Details

Location

Rooms

Interior

Exterior

Building

Schools

Others

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10628-10630 Lee AVE