9620 Fuller AVE Active Save Request In-Person Tour Request Virtual Tour
Cleveland,OH 44104
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Subdivision Abraham Fullers Allotment
MLS Listing ID 5126483
Year Built 1910
Annual Tax Amount $8,413
Tax Year 2024
Lot Size 5,318 Sqft
Property Sub-Type Other
Property Description
This Portfolio offers a unique opportunity to acquire 6 parcels that include 6 multifamily buildings and a parcel of land on Cleveland's eastside—totaling 18 units with a diverse mix units.Priced at just $25,000 per unit / $67.89 per sq ft, it is primed for a motivated investor. Current rents and occupancy are below market, resulting in a present cap rate of -2.9%. Once stabilized and repositioned, the proforma cap rate jumps to 33.8%, with gross rental revenue projected at $211,800 annually. Current monthly income: $1950/ mo (from Only 3 occupied units) Current Gross Income: $23,400/year Proforma Gross Income: $211,800/year Actual Expenses: $36,544/year (expected to normalize to $53,312 at stabilization) Proforma NOI: $147,898/year (current NOI is negative) Projected Cash-on-Cash: 107% | IRR: 178% Unit Mix: Studios: 4 1BR/1BA: 3 2BR/1BA: 6 3BR/1BA: 3 5BR/1BA: 1 All properties need varying levels of renovation and lease-up, but most major capital expenditures are already factored into the proforma. Comparable sales in the neighborhood support an ARV between $648,000–$716,000, with plenty of margin for value creation. Whether you're looking to renovate and refinance, reposition and hold, or eventually sell as a stabilized package, this portfolio offers an unbeatable entry point into Cleveland multifamily with major value-add potential and strong projected returns.
Location
State OH
County Cuyahoga
Interior
Heating Forced Air,Hot Water,Steam
Building
Sewer Public Sewer
Water Public
Schools
School District Cleveland Municipal - 1809
Others
Special Listing Condition Bankruptcy Property