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1176 E 61st Street, Cleveland, OH 44103

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For Sale

$899,000

0.18 acres

Estimated Payment

$      /mo. †

APR for 30 years

Change Loan Terms

  • Other Residential
    Property type

  • 0.2 acres
    Lot size

  • Over 50 Years Old
    Age

  • Basement
    Rooms

Explore this Property

20-Unit, 6-Property Cleveland Portfolio-Cash Flow & Value-Add with 12% Proforma Cap Rate ----- Unlock immediate income and big upside with this rare 20-unit, 6-property portfolio in Cleveland. Four properties are conveniently clustered within walking distance on the east side, while two are on the west side in the 44102 zip code-offering both operational efficiency and geographic diversity. Current gross income exceeds $13,000/month with 3 vacancies providing instant value-add potential. Rents are well below market, with CMHA quoting $1,129/month for 2-bed units, making rent increases and lease-up a clear path to stronger returns. The portfolio is already delivering a cap rate over 9% as-is, with a proforma cap rate projected near 15% once fully stabilized and updated. Proforma income tops $20,000/month and ARV is estimated at $1.3M. Units will require some updates and hands-on management, but the bones are solid and the upside is real. New ownership can boost income through simple repairs, filling vacancies, and bringing rents to market. This is a perfect opportunity for buyers seeking steady cash flow, value-add, and scale in one of Cleveland's strongest rental corridors. Sellers will consider splitting the east and west side groups, but full portfolio offers are preferred. Includes: 1176, 1180 & 1187 E 61 St, 1167 E 60, 3355 W 91 & 3326 w 73 St Contact us today for financials, rent rolls, and showings-opportunities like this don't last!
MLS# 5133039

Courtesy Of KW Living

(440) 318-1620

Property Features

  • Age
    Over 50 Years Old
  • Heating System
    Forced Air
  • Lot Size
    0.18 Acres
  • Rooms
    Basement

Map and Directions

Directions to 1176 E 61st Street, Cleveland, OH 44103

Home seller CENTURY 21 HomeStar

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CENTURY 21 HomeStar

(440) 449-9100
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† Based on a 30-year fixed rate of 3.38% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval based on secondary market guidelines. The rates shown are based on average rates for our best qualified customers. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.

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