1690 Eddington Road, Cleveland Heights, OH 44118

Property Description

Incredible opportunity to purchase a newly rehabbed and turnkey 11 (potentially 12!) unit apartment building in one of Cleveland's hottest east side suburbs! Located right in Coventry Village, this property's proximity to schools, entertainment and employment is second to none. Just seconds walk to all the entertainment Coventry Village has to offer and minutes drive to Little Italy, Cedar Hill, Case Western Reserve, University Hospitals and Cleveland Clinic, this property is positioned for long term stability, consistently high occupancy, rent growth. The owner has refreshed nearly every unit at the property. In addition, owner ship has painted the common areas, rebuilt exterior stairways, and installed all new vinyl windows. Professional management that is extremely familiar with the building and area, are already in place. Current management would like to stay on and offer a seamless transition for a new owner. Currently 10 units are leased (grossing about $7,300 per month), with the one vacancy nearly rent ready. In addition, there is a potential 12th unit currently used for storage that a buyer can convert for additional income! Proforma, this property has the potential for over $75,000 annually in NOI. At a 7% cap rate, that's a proforma value of over $1M! Tenants are responsible for their own electric and gas, the owner is responsible for water/sewer, gas for the boiler heat, common electric and trash.