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$ 225,000
Est. payment | /mo
7,348 Sqft Lot
$ 225,000
Est. payment | /mo
7,348 Sqft Lot
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Subdivision Mary C Meades Allotment
MLS Listing ID 5235469
HOA Y/N No
Year Built 1890
Annual Tax Amount $5,073
Tax Year 2025
Lot Size 7,348 Sqft
Acres 0.1687
Property Sub-Type Mixed Use
Property Description
Value-add mixed-use opportunity offered at just $225,000 with an estimated stabilized value of approximately $360,000. This fully vacant property features four income-producing spaces, including a 4-bedroom apartment, 2-bedroom apartment, storefront, and warehouse/storage space, estimated at $3900/mo total. Beyond rental income, the property's utility configuration presents an opportunity to implement a RUBS reimbursement program, potentially shifting all utility costs back to tenants. This creates another avenue to improve NOI without significant capital investment. Major systems anre in great shape including a newer roof (-10yr) , vinyl windows, hot water tanks (-5yr) , and a newer Trane furnace, allowing buyers to focus on stabilization rather than major mechanical replacements. The asking price projects a 12.07% cap rate or a $350,000 ARV at an 8% cap rate. Located in Cleveland's growing Old Brooklyn neighborhood, the property benefits from strong rental demand, ongoing redevelopment along the Pearl Road corridor, and close proximity to MetroHealth Medical Center, Downtown Cleveland, I-71, I-480, Cleveland Metroparks Zoo, and the Towpath Trail. Renovated apartments in the area continue to command premium rents, making this an excellent opportunity to create equity while generating strong cash flow. Schedule your private showing today.
Location
State OH
County Cuyahoga
Rooms
Basement Unfinished
Interior
Heating Forced Air
Cooling Central Air
Fireplace No
Exterior
Parking Features Driveway, Off Street
Water Access Desc Public
Roof Type Flat
Total Parking Spaces 4
Building
Sewer Public Sewer
Water Public
Level or Stories Two
Schools
School District East Cleveland Csd - 1812
Others
Tax ID 011-03-015
Security Features Security System
Special Listing Condition Standard
Listed by Erin Thomas • Keller Williams Living • Erinthomas@kwcommercial.com, 440-670-2300
MORTGAGE CALCULATOR
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