11802 Phillips AVE Pending Save Request In-Person Tour Request Virtual Tour
Cleveland,OH 44108
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Pending
Purchase Type For Sale
Subdivision Palmer & Boyers Allotment
MLS Listing ID 5043129
Construction Status Updated/Remodeled
HOA Y/N No
Year Built 1925
Annual Tax Amount $5,498
Tax Year 2023
Lot Size 7,797 Sqft
Acres 0.179
Property Description
Introducing a prime investment opportunity in the Cleveland rental market: a newly updated, 11-unit apartment building generating over $100K in annual gross rental income. This property, recently revitalized with extensive interior cosmetic renovations, is fully occupied and currently brings in $8500 per month. With a near 10% CAP rate as-is, there’s potential to further increase rental income upon lease renewals. The building features (4) 1-bedroom units and (7) 2-bedroom units, each with individual furnaces. Tenants cover their own electric and gas heating costs while the owner is responsible for water, sewer, and gas for the hot water heaters. This is a great chance to acquire a fully-occupied, cash-flowing, high-yield asset in a growing rental market.
Location
State OH
County Cuyahoga
Rooms
Basement None
Interior
Heating Forced Air,Gas
Cooling Window Unit(s)
Fireplace No
Exterior
Garage Paved,On Street
Water Access Desc Public
Roof Type Composition,Flat
Present Use Residential
Building
Story 3
Sewer Public Sewer
Water Public
Construction Status Updated/Remodeled
Schools
School District Cleveland Municipal - 1809
Others
Tax ID 110-26-045
Acceptable Financing Cash,Conventional,1031 Exchange
Listing Terms Cash,Conventional,1031 Exchange
Special Listing Condition Standard