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$ 650,000
Est. payment | /mo
0.47 Acres Lot
$ 650,000
Est. payment | /mo
0.47 Acres Lot
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Willoughby Euclid Ave Sub13
MLS Listing ID 5235006
HOA Y/N No
Year Built 1961
Annual Tax Amount $6,464
Tax Year 2025
Lot Size 0.470 Acres
Acres 0.47
Property Sub-Type Apartment
Property Description
Fantastic opportunity for the savvy investor. Grab this 5 unit, fully rented apartment complex that yields a great return of roughly 10% cap. Each of the 5 units features 1 bedroom, living room, kitchen, and a full basement. They each have a front and back entrance with the exception of one unit. Parking is plentiful. They all pay roughly $1,400 per month rent, plus they pay an extra $200 each to cover utilities. Current seller pays all the utilities for the building. Gross income is roughly $96,000 per year, with expenses as follows: utilities $12,000. Maintenance $6,000. Insurance $5,000. Taxes $6,464 with a net of $66,536. Pictures of 4 of the units included in the listing. Unit 22 tenant is in his 16th month and would like to stay. #24 is approaching 4th year there. #26 just signed a 12 month lease. #28 is in their 3rd year. #30 is in their 7th month on a 12 month lease. There will one showing day, Monday, as to not bother the tenants too much. Electric panel boxes, HVAC and water tanks are similar in all units. One has a newer water tank.
Location
State OH
County Lake
Rooms
Basement Full
Interior
Heating Forced Air, Gas
Cooling Wall Unit(s)
Fireplace No
Exterior
Parking Features Additional Parking, Common
Water Access Desc Public
Roof Type Shingle
Present Use Residential,Single Family
Building
Sewer Public Sewer
Water Public
Level or Stories One
Schools
School District Willoughby-Eastlake - 4309
Others
Tax ID 27-A-018-0-00-003-0
Special Listing Condition Standard
Listed by Mary A Markulis • The Agency Cleveland Northcoast • mary.markulis@theagencyre.com, 330-618-2118
Nearby Locations
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Mary Markulis
Partner | Lic# 2003017990