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5250 E 115th Street, Garfield Heights, OH 44125

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For Sale

$750,000

0.53 acres

Estimated Payment

$      /mo. †

APR for 30 years

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  • Other Residential
    Property type

  • Newly Listed
    Time on Century 21

  • 0.5 acres
    Lot size

  • Over 50 Years Old
    Age

Explore this Property

This 7-property, 8-unit portfolio (including one duplex) is located on Cleveland's east side, primarily in Garfield Heights-an appreciating suburb just 15 minutes from downtown. Fully occupied and generating $9,230/month in rent with pro forma rents at $11,650/month, this portfolio offers over $30,000/year in immediate rent upside. Tenants pay all utilities except water/sewer in the duplex, and annual expenses are lean at just $16,000. Current NOI is $58,479 with pro forma NOI at $84,392, resulting in a 7.8% cap rate today and 12% pro forma. With a 1.3 DSCR and 7.24% day-one cash-on-cash return, this is an excellent candidate for long-term financing, refinance, or retail exit. All single-family homes have 3+ bedrooms, making them ideal for future resale. ARV is estimated at $1.1M based on $143K/unit comps. Recent updates include new roofs (Bancroft & Gladden), furnace and hot water tanks (Bancroft, 8113 Grand Division), flooring (E 115), and interior renovations at Linda Ln and E 115. Over 50% of past repair costs were CapEx, allowing future management to reduce expenses to 5-8%. Leases are secured through 2026-2027. Garfield Heights continues to see strong demand, with median home prices up 16% year-over-year and limited inventory. The area is supported by nearby hospitals, employers, and downtown access, making it ideal for long-term tenant retention. Full due diligence available. No showings until accepted offer. Seller has two other portfolios and two single-family properties also available: search 8213 Ivandale (Parma), 509 Lake, 1344 W 93rd, and 2036 W 99th for more.
MLS# 5147925

Courtesy Of KW Living

(440) 318-1620

Property Features

  • Age
    Over 50 Years Old
  • Heating System
    Forced Air
  • Lot Size
    0.53 Acres
  • Roof Type
    Asphalt
  • Rooms
    Basement

Map and Directions

Directions to 5250 E 115th Street, Garfield Heights, OH 44125

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Monthly Payment Breakdown

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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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