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USAOHClevelandAbraham Fullers Allotment9620 Fuller Ave
9620 Fuller Ave, Home with 0 bedrooms, 0 bathrooms and null parking in Cleveland OH | Image 1
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$450,000

9620 Fuller Ave, Cleveland, OH

Real Estate

For Sale

$--,---,---
000
  • Key Facts
  • Description
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Key Facts

Type Other
Levels Commercial Sale
Size  sqft
Garage No
Maintenance Fees 
Taxes $8,413
Days Active 1
Approx. Age 1910
MLS® Number 5126483

Property Address: 

Average square foot calculated using Size range provided by listing agent.

Description

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.Show Description
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Bike Score®
MLS® Number5126483
Locker
Ensuite LaundryNo
Balcony
Furnished
Laundry Level
Exposure
Exterior
GarageNo
Approx. Age1910
Stories
Pets
Corp Number

Included in Maintenance Fee

Heat
Hydro
Water
Building Insurance
Condo Taxes
Cable TV
Central Air
Parking Maintenance

Utilities

HeatForced Air, Hot Water, Steam
A/C
Heating Fuel

Extras

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