10628-10630 Lee AVE new Save Request In-Person Tour Request Virtual Tour
Cleveland,OH 44106
Key Details
Property Type Single Family Home
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
Total Fin. Sqft 2516
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
Garage false
Private Pool No
Building
Entry Level Three Or More
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