9620 Fuller Avenue, Cleveland, OH 44104

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.

Listing Status:

Active

Listing Office:

Keller Williams Living : 440-318-1620

Listing Agent:

Erin Thomas : 440-670-2300

MLS ID:

5126483

Interior

• Heating: Forced AirHot WaterSteam

Location

• Originating MLS: NOWDD_NORM
• School District: Cleveland Municipal - 1809
• County: Cuyahoga

Lot

• Zoning: 441 FULLER 0026 ALL127-17-001

Utilities

• Water: Public
• Sewer: Public Sewer

Financial

• Source: NOWDD_NORM

This listing courtesy of Erin Thomas, Keller Williams Living