3738 W 137th ST Cleveland, OH 44111
6 Beds
4 Baths
8,288 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Active
Purchase Type For Sale
Square Footage 8,288 sqft
Price per Sqft $40
Subdivision Fairwdhts
MLS Listing ID 5202364
Bedrooms 6
Full Baths 4
HOA Y/N No
Abv Grd Liv Area 6,216
Year Built 1927
Annual Tax Amount $6,620
Tax Year 2025
Lot Size 4,800 Sqft
Acres 0.1102
Property Sub-Type Quadruplex
Property Description
Unlock incredible equity in this rock-solid, all-brick 4-plex located in a high-demand rental pocket of Cleveland. Held by the same owner for over 30 years, this property is the definition of a "diamond in the rough." While the building requires some TLC and shows deferred maintenance (condition is slightly below average), the structural integrity of this all-brick 1927 build is a major selling point that is hard to find in today's market.
WHY THIS IS THE DEAL OF THE YEAR:
* Massive Rent Spread: Rents are currently significantly below market value. With professional management and cosmetic updates, there is a clear path to double the current NOI.
* Solid Infrastructure: A "forever" building with 2) 2-bed/1-bath and 2) 1-bed/1-bath units. It features separate gas/electric meters, newer water tanks, and a sturdy brick exterior.
* In-Demand Amenities: Includes 2 off-street parking spaces and basement washer/dryer hookups—essential features that drive 0% vacancy.
* Priced for the Spread: Strategically priced to account for maintenance needs, allowing the next owner to capture the appreciation gap as the property is brought to "Market Gold" standard.
* Financials: Currently performing at a 6.3% Cap Rate even with below-market rents. Projections show a total equity accumulation of over $117k within Year 1 following stabilization.
Bring your contractor and your vision—this is a "set it and forget it" asset once the initial work is done.
Priced to Sell AS-IS no retrade.
Can show 1 vacant unit - Don't miss this one!
Location
State OH
County Cuyahoga
Rooms
Basement Full
Interior
Heating Forced Air
Cooling None
Fireplace No
Window Features Aluminum Frames,Wood Frames
Laundry In Basement
Exterior
Exterior Feature Balcony
Parking Features Off Street
Water Access Desc Public
Roof Type Asphalt,Asbestos Shingle
Porch Balcony
Private Pool No
Building
Story 2
Sewer Public Sewer
Water Public
Level or Stories Two
Schools
School District Cleveland Municipal - 1809
Others
Tax ID 022-04-008
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
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