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563 E 118th St, Cleveland, OH 44108, USA

$545,000

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12 Unit apartment building in Cleveland, OH. Currently 8 units are occupied and the remaining 4 units need work. On 8 units rented, the current monthly gross income is $3,950. All the units are large size and they all have dining room and a front porch. Tenants pay for electric and gas. Landlord is responsible only for water. All the units have separate gas furnaces. Currently, there is no onsite laundry. The new owner can add laundry for additional income. All the units have hardwood floors. The CAP rate is computed based on $500 for 1BR and $600 for 2BR. There is room to increase rents. Cash-on-cash return is 20.2%. Currently there are no section 8 tenants. On bus lane and the stop is right at the building. Very easy to rent.
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