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$ 289,000
Est. payment | /mo
5,641 Sqft Lot
$ 289,000
Est. payment | /mo
5,641 Sqft Lot
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Schilling & Wetmores
MLS Listing ID 5105601
HOA Y/N No
Year Built 1920
Annual Tax Amount $1,875
Tax Year 2024
Lot Size 5,641 Sqft
Acres 0.1295
Property Sub-Type Apartment
Property Description
Incredible opportunity to purchase (5) units on Cleveland's west side! Located conveniently on Madison Avenue, this property has massive income potential for the savvy investor. There are (4) apartments and one very large, downstairs space (currently used as a room rental) that used to be a bar. The apartments are comprised of (2) two bedroom and (2) one bedroom apartments. The downstairs former bar space has a number of rooms with a common kitchen and a large open living room. A buyer can use the bottom floor space to make a couple separate apartments, optimize the current room rental situation, or convert back to a commercial space (please check and verify zoning). In addition, this sale includes the parcel next door (00127010) which is currently used as a parking lot and also generates additional income for the owner as a local business rents this space for $250 / month to store their trucks. Proforma, this property can easily generate over $4,600 per month in income! All tenants are currently month to month. Tenants are responsible for their own electricity and gas for the apartments, while the owner pays the water/sewer, and electric and gas for the bottom floor space.
Location
State OH
County Cuyahoga
Interior
Heating Forced Air
Fireplace No
Exterior
Water Access Desc Public
Building
Sewer Public Sewer
Water Public
Schools
School District Cleveland Municipal - 1809
Others
Tax ID 001-27-011
Special Listing Condition Standard
Listed by Michael Orlando • Key Realty • mjorlando1994@gmail.com 216-956-1884
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "