Homes for sale - 11802 Phillips AVE, Cleveland, OH 44108

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Kim Merckle

kim@thesupreme.team +1(330) 464-1464

$ 559,000

Est. payment | -/mo

7,797 Sqft Lot

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$ 559,000

Est. payment | -/mo

Save

7,797 Sqft Lot

Key Details

Property Type Commercial

Sub Type Apartment

Listing Status Pending

Purchase Type For Sale

Subdivision Palmer & Boyers Allotment

MLS Listing ID 5043129

Construction Status Updated/Remodeled

HOA Y/N No

Year Built 1925

Annual Tax Amount $5,498

Tax Year 2023

Lot Size 7,797 Sqft

Acres 0.179

Property Description

Introducing a prime investment opportunity in the Cleveland rental market: a newly updated, 11-unit apartment building generating over $100K in annual gross rental income. This property, recently revitalized with extensive interior cosmetic renovations, is fully occupied and currently brings in $8500 per month. With a near 10% CAP rate as-is, there’s potential to further increase rental income upon lease renewals. The building features (4) 1-bedroom units and (7) 2-bedroom units, each with individual furnaces. Tenants cover their own electric and gas heating costs while the owner is responsible for water, sewer, and gas for the hot water heaters. This is a great chance to acquire a fully-occupied, cash-flowing, high-yield asset in a growing rental market.

Location

State OH

County Cuyahoga

Rooms

Basement None

Interior

Heating Forced Air, Gas

Cooling Window Unit(s)

Fireplace No

Exterior

Garage Paved, On Street

Water Access Desc Public

Roof Type Composition,Flat

Present Use Residential

Parking Type Paved, On Street

Building

Story 3

Sewer Public Sewer

Water Public

Construction Status Updated/Remodeled

Schools

School District Cleveland Municipal - 1809

Others

Tax ID 110-26-045

Acceptable Financing Cash, Conventional, 1031 Exchange

Listing Terms Cash, Conventional, 1031 Exchange

Special Listing Condition Standard

Listed by Tal Tamir • Russell Real Estate Services • tal@premierclevelandinvesting.com 216-870-8687

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Kim Merckle

REALTOR® | Lic# 2001015588

kim@thesupreme.team

+1(330) 464-1464

149 East Liberty St Suite A, Wooster OH, 44691

11802 Phillips AVE Cleveland, OH 44108

Kim Merckle

Kim Merckle

Key Details

Location

Rooms

Interior

Exterior

Building

Schools

Others

11802 Phillips AVE