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17811 Neff RD Cleveland, OH 44119
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Key Details
Sold Price $750,000
Property Type Commercial
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
Subdivision East Shore Park
MLS Listing ID 4370111
Sold Date 08/12/22
HOA Y/N No
Year Built 1930
Annual Tax Amount $9,645
Lot Size 5,823 Sqft
Acres 0.1337
Property Description
This portfolio consists of 6 duplexes that are all located in trending fringe areas. The current owner targeted these areas for the quick
appreciation. In just under 2 total years of ownership, they have all appreciated. He's ready to move into larger commercial deals so
he's passing these cash flowing assets on to you. All units are occupied and most have been renovated and are turnkey. Together, they
bring in $8937/ mo (over $107k per year) The long term tenants are rented slightly below market and once fully stabilized you can
expect a monthly rent of over $10k total ($124k+ per year). Tenant quality is strong and all tenants are on time with payments. Expenses
are low with tenants paying most utilities and taxes being less the $10k/year TOTAL. Assuming 50% expenses offers this portfolio offers
you a HUGE 8% return with room to add more! The entire portfolio also comes with built in equity. 17811 Neff is worth $170-180k
alone. Parcel numbers include 114-03-021 , 113-20-108, 1
Location
State OH
County Cuyahoga
Interior
Heating Forced Air
Fireplace No
Exterior
Water Access Desc Public
Building
Sewer Public Sewer
Water Public
Schools
School District Cleveland Municipal - 1809
Others
Tax ID 114-03-021
Financing Conventional
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Bought with Joshua Janus • REAFCO