10 Unit Turnkey in Euclid! Commercial and Residential
632 East 185th Cleveland Oh 44119
New roof! New boiler! This brick building is BULLETPROOF turnkey asset.
$6,400/mo GROSS$3,613/mo NET INCOME
13% CAP RATE *when full
624 - $950 630 - $850 - $1,000 (unoccupied, market rent) 632 - $900
Residential Rents $3,700/mo
1 - $500
2 - $550 3 - $550 4 - $550 5 - $550 6 - $500 7 - $500Operating Expenses are $2,787/mo
$780 utilities and trash
$597 taxes
$640 10% vacancy
$640 10% management
$130 2% Repairs and Rent Registration
Besides the immaculate condition, this asset has a LOT going for it:
- LOCATION. This section of the street is a commercial district - walking distance to bars, restaurants, coffee, etc. Low Cleveland taxes.
- Brand new boiler JUST installed two weeks ago ($17,000.00)
- New roof three years ago
- 3 commercial units, one of which is ready for a new tenant paying a solid rent fee.
- Amazon distribution center being built 5 minutes away...
- Chipotle and Starbuck's recently opened up 2 minutes away- Near Lake Erie
This is an old, tired landlord who has had this building since the 70s. He hasn't kept stellar historical records, but he has keep some.
Please respond here with any interest. Thank you!