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$ 695,000
Est. payment /mo
Active
7944 Lorain AVE Cleveland, OH 44102
0.57 Acres Lot
UPDATED:
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID 5192072
HOA Y/N No
Year Built 1910
Annual Tax Amount $10,462
Tax Year 2024
Lot Size 0.570 Acres
Acres 0.57
Property Sub-Type Apartment
Property Description
Rare opportunity to acquire a 10-unit multifamily portfolio consisting of five duplexes located within minutes of each other across Cleveland's westside rental corridors including Clark-Fulton, Stockyards, and West Boulevard. 7944 Lorain Ave, 3308 W 90th St, 3185 W 58th St, 3150 W 40th St, and 3324 W 32nd St. This portfolio offers investors the chance to acquire scale and execute a clear value-add stabilization strategy. The properties are currently in transition with 3 occupied units and 7 units vacant or in turnover, creating an opportunity for experienced investors to renovate, lease-up, and increase rents across the portfolio. The unit mix consists of 2- and 3-bedroom units, with market rents in the surrounding areas supporting approximately $1,000–$1,200 per unit once renovated and stabilized. Estimated renovation scope across the portfolio is approximately $120,000, including one heavier project requiring mechanical replacement and exterior improvements, along with several lighter unit turns. Once stabilized, the portfolio has the potential to generate $120K+ in annual gross rental income, with projected portfolio value approaching $950K–$1M. The property will be sold as the a portfolio during the initial marketing period. Ideal opportunity for experienced investors or operators seeking a westside Cleveland value-add multifamily project. Property information available upon request. See MLS 5191112 & 5191117 & 5191122 & 5191124 & 5191126. Tenant occupied units will only be shown once an offer has been accepted. EMAIL for any additional questions. $695k for the entire package.
Location
State OH
County Cuyahoga
Interior
Heating Gas
Fireplace No
Schools
School District Cleveland Municipal - 1809
Others
Tax ID 006-06-065
Acceptable Financing Cash, 1031 Exchange
Listing Terms Cash, 1031 Exchange
Listed by Michael L Magno • Keller Williams Living • [email protected]
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