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$ 600,000
Est. payment /mo
Pending
1690 Eddington RD Cleveland Heights, OH 44118
4,800 Sqft Lot
UPDATED:
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Pending
Purchase Type For Sale
Subdivision Coventry Mayfield
MLS Listing ID 5104968
HOA Y/N No
Year Built 1930
Annual Tax Amount $17,847
Tax Year 2024
Lot Size 4,800 Sqft
Acres 0.1102
Property Sub-Type Apartment
Property Description
Incredible opportunity to purchase a newly rehabbed and turnkey 11 (potentially 12!) unit apartment building in one of Cleveland's hottest east side suburbs! Located right in Coventry Village, this property's proximity to schools, entertainment and employment is second to none. Just seconds walk to all the entertainment Coventry Village has to offer and minutes drive to Little Italy, Cedar Hill, Case Western Reserve, University Hospitals and Cleveland Clinic, this property is positioned for long term stability, consistently high occupancy, rent growth. The owner has refreshed nearly every unit at the property. In addition, owner ship has painted the common areas, rebuilt exterior stairways, and installed all new vinyl windows. Professional management that is extremely familiar with the building and area, are already in place. Current management would like to stay on and offer a seamless transition for a new owner. Currently 10 units are leased (grossing about $7,300 per month), with the one vacancy nearly rent ready. In addition, there is a potential 12th unit currently used for storage that a buyer can convert for additional income! Proforma, this property has the potential for over $75,000 annually in NOI. At a 7% cap rate, that's a proforma value of over $1M! Tenants are responsible for their own electric and gas, the owner is responsible for water/sewer, gas for the boiler heat, common electric and trash.
Location
State OH
County Cuyahoga
Interior
Heating Hot Water, Steam
Fireplace No
Exterior
Water Access Desc Public
Building
Sewer Public Sewer
Water Public
Schools
School District Cleveland Hts-Univer - 1810
Others
Tax ID 684-02-019
Special Listing Condition Standard
Listed by Michael Orlando • Key Realty • mjorlando1994@gmail.com 216-956-1884
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