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$ 150,000
Est. payment /mo
Price Dropped by $25K
4435 State RD Cleveland, OH 44109
4,843 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Subdivision F W Sears Allotment
MLS Listing ID 5185011
HOA Y/N No
Year Built 1900
Annual Tax Amount $3,137
Tax Year 2025
Lot Size 4,843 Sqft
Acres 0.1112
Property Sub-Type Mixed Use
Property Description
Located in the highly desirable Old Brooklyn neighborhood, this two-unit mixed-use property offers strong cash flow with tenants paying all utilities, including water, sewer, and trash. The upper residential unit features a studio and a 2 bedrooms, one full bath, full attic access, and new flooring throughout, and was recently rented at $950 a month and will be vacant at closing. (The lower tenant has a friend interested in leasing this space) The lower commercial unit includes a half bath and private access to the basement and is occupied at $700 per month on a month-to-month lease by a long-term tenant of approximately two years who uses the space for music practice and storage and would like to remain. Market rents for both units exceed $1,200 per month, providing clear upside. Owner expenses are minimal with approximately $95 per month in insurance and $260 per month in taxes, and the property is currently self-managed. The roof is approximately four years old, the hot water tank was replaced in 2023, and the electric was updated about two years ago. Conveniently located near MetroHealth Hospital, Cleveland Zoo, Ridge Park Square, and major commuter routes, this property is easy to rent and produces a current cap rate over 8 percent with a pro forma cap rate exceeding 10 percent after factoring in maintenance and management. Financials and proforma attached. No seller financing.
Location
State OH
County Cuyahoga
Rooms
Basement Full
Interior
Heating Forced Air, Gas
Cooling Central Air
Fireplace No
Exterior
Parking Features Driveway, Paved
Fence Partial
Water Access Desc Public
Roof Type Composition,Shingle
Present Use Mixed Use,Residential,Single Family
Building
Foundation Basement
Sewer Public Sewer
Water Public
Level or Stories Two
Schools
School District Cleveland Municipal - 1809
Others
Tax ID 011-03-014
Special Listing Condition Standard
Listed by Erin Thomas • Keller Williams Living • [email protected], 440-670-2300
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