2661 Grand Ave - Apartments FOR SALE


Cleveland, OH 44104
$329,900 USD
440-537-4686
2661 Grand Ave, Cleveland, OH for Sale
$329,900 USD
Apartments - FOR SALE
1/49
null | Request Cap Rate

2661 Grand Ave
Cleveland, OH 44104


OVERVIEW

Investment Opportunity in Cleveland's New "Opportunity Corridor" - $330M Redevelopment! Seize this ground-floor investment in Cleveland's newly emerging "Opportunity Corridor" with a fully updated/lead-certified, mixed-use turnkey project. Featuring two well-cared-for, remodeled buildings that reflect beautiful workmanship and pride of ownership, this property offers immense potential. Building #1 includes vacant retail/storefront/office/warehouse space (the current owner is interested in leasing), along with three remodeled apartments. Two 1-bedroom units are rented for $700/month each, and one spacious 3-bedroom unit, just remodeled, is ready to rent for $1,250-$1,400/month (perfect for Section 8). There's room to increase rents, and this building also boasts a full basement, 5 bedrooms, 2 full/2 half baths, and ample parking. Building #2 is a beautiful 3-bedroom, 1.5-bath home, nicely remodeled/currently rented through Section 8 for $1,250/month, with an approved increase to $1,425. With ample parking, potential for billboard advertising, and turnkey professional management available, this is your chance to get in on Cleveland's fast-developing area before prices rise. Out-of-state investors are encouraged to research Cleveland's Opportunity Corridor project and see the potential this prime investment offers! Vacant Units to be rented at: (includes Utilities and could also be rented through the Housing Voucher program for more) 3 bedroom unit - can be rented for up to $1250 or more. 1 bedroom unit - can be rented for $850 Utilities will need to be attributed to each tenant within the monthly rent, the utilities are not separated on the mixed use building. Occupied Units currently rented at: 4 bedroom single - $1250 (tenant pays all utilities including water/sewer/trash) (in 60 days CMHA Housing Voucher will increase to $1,571 per month) 1 bedroom unit in brick building - $700 per month utilities included Storefront/Warehouse Space: Depending on what new owner wants to place, rents can range from $400 to $1,000 per month. Owner would rent the vacant retail space till next year sometime.

FOR SALE DETAILS

PRICE

$329,900 USD

PRICE/SF

$60 USD /SF

# OF UNITS

4

PRICE/UNIT

$82,475

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1890

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.12 AC

LAND SF

5,358 SF

ZONING

GR

APN/PARCEL ID

126-22-008

ASK ABOUT THIS PROPERTY

Adrian FrederickColdwell Banker Schmidt RealtyMore Info
440-537-4686

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Adrian FrederickColdwell Banker Schmidt RealtyMore Info
440-537-4686

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.