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9620 Fuller Avenue, Cleveland, OH 44104

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For Sale

$450,000

0.12 acres

Estimated Payment

$      /mo. †

APR for 30 years

Change Loan Terms

  • Other Residential
    Property type

  • 0.1 acres
    Lot size

  • Over 50 Years Old
    Age

Explore this Property

This Portfolio offers a unique opportunity to acquire 6 parcels that include 6 multifamily buildings and a parcel of land on Cleveland's eastside-totaling 18 units with a diverse mix units.Priced at just $25,000 per unit / $67.89 per sq ft, it is primed for a motivated investor. Current rents and occupancy are below market, resulting in a present cap rate of -2.9%. Once stabilized and repositioned, the proforma cap rate jumps to 33.8%, with gross rental revenue projected at $211,800 annually. Current monthly income: $1950/ mo (from Only 3 occupied units) Current Gross Income: $23,400/year Proforma Gross Income: $211,800/year Actual Expenses: $36,544/year (expected to normalize to $53,312 at stabilization) Proforma NOI: $147,898/year (current NOI is negative) Projected Cash-on-Cash: 107% | IRR: 178% Unit Mix: Studios: 4 1BR/1BA: 3 2BR/1BA: 6 3BR/1BA: 3 5BR/1BA: 1 All properties need varying levels of renovation and lease-up, but most major capital expenditures are already factored into the proforma. Comparable sales in the neighborhood support an ARV between $648,000-$716,000, with plenty of margin for value creation. Whether you're looking to renovate and refinance, reposition and hold, or eventually sell as a stabilized package, this portfolio offers an unbeatable entry point into Cleveland multifamily with major value-add potential and strong projected returns.
MLS# 5126483

Courtesy Of KW Living

(440) 318-1620

Property Features

  • Age
    Over 50 Years Old
  • Heating System
    Steam, Forced Air
  • Lot Size
    0.12 Acres

Map and Directions

Directions to 9620 Fuller Avenue, Cleveland, OH 44104

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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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