1947-1949 Coltman, Cleveland, OH 44106

Property Description

Extremely rare opportunity to own TWO neighboring, income producing fourplexes in the heart of Little Italy! This 8 unit portfolio is ideal for an investor to gain instant scale with 8 apartments in one of the most desirable and growing neighborhoods of Cleveland. The properties are currently grossing $7,285 at 100% occupancy as of 9/1. A savvy investor can easily increase rents as leases come due, or complete strategic cosmetic renovations on the interiors of the units to fetch top dollar rents in the area and have this portfolio grossing $9,000 per month in the future. The two buildings share a driveway as well as parking in the back, allowing for management efficiencies due to proximity. Both properties are beautifully built, brick construction & contain various floor plans including a studio apartment, one bedroom units and two bedroom units (see rent roll for full breakdown). There are two covered garage spots as well as room for additional cars in the lot. Garage also has additional covered storage space. Parking income can easily be increased as off street parking in the area is in high demand. Both properties have had all windows replaced with vinyl, solid mechanicals and roofs with significant life left in them as well as other capital improvements including appliance replacements and unit updates. 1949 contains coin-op laundry for use by tenants (laundry cost also has never been increased & can be).