14
See all 14 photos
$250,000
Est. payment /mo
5,998 Sqft Lot
Active
3362 E 145th ST Cleveland, OH 44120
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Key Details
Property Type Commercial
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Shaker View
MLS Listing ID 5239734
HOA Y/N No
Year Built 1925
Annual Tax Amount $3,468
Tax Year 2025
Lot Size 5,998 Sqft
Acres 0.1377
Property Sub-Type Apartment
Property Description
Five-door brick multifamily on Cleveland's east side at $50,000 a unit. Four of the five are occupied and paying $3,675 a month, $44,100 annualized, which puts you at a 9.6% cap on day-one income at the $250,000 ask. The fifth unit is in the middle of a full renovation and will be delivered finished at closing.
This one is a cash flow play, and the seller is doing the work to keep it that way. Repairs are being handled as they come up, so there is no renovation budget needed to get to five paying doors. Lease the renovated unit at the $950 market rent and the stabilized model runs a 13.4% cap on the ask, with pro forma at 14.4%.
The expensive systems are already handled, with newer gas furnaces and dual Rheem water heaters. Unit mix is a 3/1, three 2/1s, and a 1/1, family-sized layouts that hold rent far better than a building full of studios.
Location works in your favor. The 44120 corridor sits inside CMHA's Housing Choice Voucher market area, where rental demand runs deep and payments land on time.
This one is a cash flow play, and the seller is doing the work to keep it that way. Repairs are being handled as they come up, so there is no renovation budget needed to get to five paying doors. Lease the renovated unit at the $950 market rent and the stabilized model runs a 13.4% cap on the ask, with pro forma at 14.4%.
The expensive systems are already handled, with newer gas furnaces and dual Rheem water heaters. Unit mix is a 3/1, three 2/1s, and a 1/1, family-sized layouts that hold rent far better than a building full of studios.
Location works in your favor. The 44120 corridor sits inside CMHA's Housing Choice Voucher market area, where rental demand runs deep and payments land on time.
Location
State OH
County Cuyahoga
Rooms
Basement Full
Interior
Heating Forced Air, Gas
Cooling None
Fireplace No
Exterior
Parking Features Paved
Water Access Desc Public
Roof Type Flat
Building
Story 2
Sewer Public Sewer
Water Public
Schools
School District Cleveland Municipal - 1809
Others
Tax ID 130-14-125
Special Listing Condition Standard
Listed by Tal Tamir • Russell Real Estate Services • tal@premierclevelandinvesting.com, 216-870-8687
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