15432 Lake Shore BLVD Active

Cleveland,OH 44110

$ 1925000

- Bed

0 Bath

0 SqFt


Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

Subdivision Thompson

MLS Listing ID 5037580

Year Built 1920

Annual Tax Amount $11,504

Tax Year 2023

Lot Size 0.341 Acres

Property Description

ABSOLUTELY GORGEOUS!! The perfect addition for any real estate portfolio. Completely renovated top to bottom - Newer: plumbing, electric, HVAC, roof, gutters and vinyl windows (120 of them!!). 19 unit apartment building (6 - studio, 8 - 1 Bed, 5 - 2 bed units) with 3 retail storefronts and an office space. Incredible occupancy rate - apartments will be 100% occupied by the end of the month. Adjacent parcel also included providing 13 - 16 parking spaces. Literally, every unit was gutted and remodeled. Each unit boasts refinished hardwood floors, 8 ft ceilings, updated kitchens (include: refrigerator, stove and microwave), updated bathrooms, in unit tank-less water heaters, furnaces and electric panels. Retail storefronts have also been completely renovated. Current gross rent w/ laundry is $190,992 - this does not include the office space (owner occupies) or the "rent ready" 2850 Sqft vacant retail storefront. ENORMOUS POTENTIAL for INCREASED INCOME: (1) Current rents are well below CMHA rental benchmarks (2) 5000 Sqft basement could be converted to add 4 additional 2 bedroom units and a 1 bedroom unit (3) Charging for parking spaces - $50 per month. Current cap rate 7.85 - could be considerably higher. Located in a high traffic and high rental demand area. Close to highway access, minutes from downtown Cleveland, close to Cleveland Clinic, University Hospital, Euclid Hospital, Lake Erie parks and beaches, restaurants, shopping and public transit. This is an exceptional property, location and opportunity!!!

Location

State OH

County Cuyahoga

Interior

Heating Forced Air,Hot Water,Steam

Cooling Central Air

Laundry Coin-operated

Exterior

Garage Additional Parking,No Garage,Parking Lot

Roof Type Rubber

Building

Story 3

Foundation Basement

Sewer Public Sewer

Water Public

Schools

School District Cleveland Municipal - 1809

Others

Acceptable Financing Cash,Conventional

Listing Terms Cash,Conventional

Special Listing Condition Standard

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