1690 Eddington Road | Cleveland Heights
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 recently finished rehabbing the full building including refreshed common areas, rebuilt exterior stairways, all new vinyl windows, all newly renovated units including refinished hardwood floors, new paint, new kitchens and bathrooms, a buyer will simply need to take over and continue lease up. In addition, professional management that is extremely familiar with the building and area, are already in place and have begun leasing. Current management would like to stay on and offer a seamless transition for a new owner. Currently 7 units are leased (currently grossing $5,280), with leasing still in progress and will continue. 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. MLSNow 5104968
Directions to property: North of mayfield road
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