1054 Nela View Road, Cleveland Heights, OH 44112

Property Description

PORTFOLIO SALE! Incredible opportunity to acquire 18 units in one of Cleveland’s premier east side suburbs! Ideally located in Cleveland Heights, this portfolio is perfect for the investor looking for the opportunity for instant cashflow and scale. 16 individual properties totaling 18 units make up this portfolio. Currently, 14 units are occupied and bringing in over $20,000 per month with a significant amount of upside through applying for rent increases via section 8 and rehabbing/leasing the vacant units! The current occupants are section 8 tenants, meaning a new owner will be happy with consistent and essentially “guaranteed” rent collections. Based on proforma rents in the area, a new owner should easily be able to get this portfolio to gross over $28,500+ per month with little effort! With the majority of units being 3 bedrooms, rents can easily be pushed and NOI increased. Based on estimated expenses, at a cap rate of 7% on proforma numbers, the value of this portfolio should easily exceed $2.85M! In addition, all tenants are month to month, allowing a buyer to immediately implement their business plan and increase rents across the board. Tenants are currently responsible for their own electricity, gas, trash and lawn care. Owner pays water/sewer at all properties.