DETAILS

These apartments are located in one of Clevelands fastest appreciating markets near Downtown, Metro Hospital and 3 of the trendiest areas in northeast Ohio. Consisting of 44 total units, these buildings offer the new owner an unbelievable value add opportunity in a highly sought after area. With 12 units currently vacant, you have the opportunity to immediately reach market rents at or above $400,000 per year! The 44 units are comprised of 2 identical, twin sister buildings located directly next door to each other. 3311 is operating at 95% occupancy and will cash flow for you on day 1. Approximately 50% of the total occupied units are through CMHA or Eden, guaranteeing you rent each month-ideal as you complete the make readys at 3209. There is further opportunity to decrease heating expenses by converting the boiler heat to electric mini splits during unit turnovers. Electric has all been upgraded to breakers and windows are all vinyl $80,000 was recently poured into the roof of the 3209 building this year and between both buildings, have had a total of $260,000 in Capx improvements over the past 12 months. This area is ideal for tenants due to its close proximity to highways, public transportation, endless job opportunities and even the zoo! Due diligence is readily available for you review and a full walkthrough video is available on YouTube. Please Refer to broker remarks for information on how to reach the listing agent.

PROPERTY FEATURES

PROPERTY DETAILS

Street Address: 3209 Archwood Avenue
City: Cleveland
State: Ohio
Postal Code: 44109
County: Cuyahoga
MLS Number: 4496036
Year Built: 1929
Courtesy of Keller Williams Citywide

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