5250 E 115th Street, Garfield Heights, OH 44125

Property Description

This 7-property, 8-unit portfolio (including one duplex) is located on Cleveland’s east side, primarily in Garfield Heights—an appreciating suburb just 15 minutes from downtown. Fully occupied and generating $9,230/month in rent with pro forma rents at $11,650/month, this portfolio offers over $30,000/year in immediate rent upside. Tenants pay all utilities except water/sewer in the duplex, and annual expenses are lean at just $16,000. Current NOI is $58,479 with pro forma NOI at $84,392, resulting in a 7.8% cap rate today and 12% pro forma. With a 1.3 DSCR and 7.24% day-one cash-on-cash return, this is an excellent candidate for long-term financing, refinance, or retail exit. All single-family homes have 3+ bedrooms, making them ideal for future resale. ARV is estimated at $1.1M based on $143K/unit comps. Recent updates include new roofs (Bancroft & Gladden), furnace and hot water tanks (Bancroft, 8113 Grand Division), flooring (E 115), and interior renovations at Linda Ln and E 115. Over 50% of past repair costs were CapEx, allowing future management to reduce expenses to 5–8%. Leases are secured through 2026–2027. Garfield Heights continues to see strong demand, with median home prices up 16% year-over-year and limited inventory. The area is supported by nearby hospitals, employers, and downtown access, making it ideal for long-term tenant retention. Full due diligence available. No showings until accepted offer. Seller has two other portfolios and two single-family properties also available: search 8213 Ivandale (Parma), 509 Lake, 1344 W 93rd, and 2036 W 99th for more.