2549 Kenilworth RD Active

Cleveland Heights,OH 44106

$ 885000

- Bed

0 Bath

0 SqFt


Key Details

Property Type Commercial

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

Subdivision Euclid Heights

MLS Listing ID 5050612

HOA Y/N No

Year Built 1920

Annual Tax Amount $20,672

Tax Year 2023

Lot Size 7,553 Sqft

Acres 0.1734

Property Description

Introducing a 7-unit brick building investment opportunity nestled in the coveted heart of Coventry in Cleveland Heights – a rare gem in an ideal, prime location. Boasting proximity to educational institutions like Case Western Reserve (4-minute drive) and Notre Dame College (11-minute drive), and John Carroll University (12-minute drive), as well as quick access to major healthcare centers – a mere 8-minute drive to Cleveland Clinic Main Campus and 6-minute drive to University Hospital Main Campus. Not to mention, the property is situated just steps away from live music venues, vibrant bars, delectable restaurants, and eclectic shopping destinations. This 7-unit is strategically positioned for success no matter which way you look!

Fully occupied, this property currently generates $9,990 per month, with a proforma potential of $11,050 per month. The extremely large units feature beautiful hardwood floors throughout, spacious kitchens with peninsula islands, and the convenience of in-suite laundry—an amenity highly sought after by tenants. Some units have already been updated with refinished hardwood floors, modern paint, and upgraded bathrooms and kitchens.

To achieve the proforma numbers, all a new owner needs to do are some cosmetic upgrades to one unit and raise the rents on lease renewals for the remaining units. Each unit has separate electric meters, with tenants responsible for their own electric bills, while the boiler and water/sewer is paid by the owner. Additionally, the property includes five garage spaces, providing secure and convenient parking for tenants.

Take advantage of this opportunity to invest in one of Cleveland's most dynamic neighborhoods, with immediate income and additional upside potential!

Location

State OH

County Cuyahoga

Rooms

Basement Full

Interior

Heating Hot Water,Steam

Cooling None

Fireplace No

Exterior

Water Access Desc Public

Roof Type Composition,Flat

Present Use Residential

Building

Story 3

Sewer Public Sewer

Water Public

Schools

School District Cleveland Hts-Univer - 1810

Others

Tax ID 685-05-002

Acceptable Financing Cash,Conventional,1031 Exchange

Listing Terms Cash,Conventional,1031 Exchange

Special Listing Condition Standard

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