OH > Cleveland > Abraham Fullers Allotment
Cleveland, OH 44104,9620 Fuller AVE
Cleveland, OH 44104,9620 Fuller AVE
Cleveland, OH 44104,9620 Fuller AVE
Cleveland, OH 44104,9620 Fuller AVE
Cleveland, OH 44104,9620 Fuller AVE
Cleveland, OH 44104,9620 Fuller AVE
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Shawana Hanson

Shawana Hanson

+1(216) 971-3161
$ 450,000
Est. payment | /mo

5,318 Sqft Lot

Save
$ 450,000
Est. payment | /mo
Save

5,318 Sqft Lot

Key Details

Property Type Commercial

Sub Type Other

Listing Status Active

Purchase Type For Sale

Subdivision Abraham Fullers Allotment

MLS Listing ID 5126483

HOA Y/N No

Year Built 1910

Annual Tax Amount $8,413

Tax Year 2024

Lot Size 5,318 Sqft

Acres 0.1221

Property Sub-Type Other

Property Description

This Portfolio offers a unique opportunity to acquire 6 parcels that include 6 multifamily buildings and a parcel of land on Cleveland's eastside—totaling 18 units with a diverse mix units.Priced at just $25,000 per unit / $67.89 per sq ft, it is primed for a motivated investor. Current rents and occupancy are below market, resulting in a present cap rate of -2.9%. Once stabilized and repositioned, the proforma cap rate jumps to 33.8%, with gross rental revenue projected at $211,800 annually. Current monthly income: $1950/ mo (from Only 3 occupied units) Current Gross Income: $23,400/year Proforma Gross Income: $211,800/year Actual Expenses: $36,544/year (expected to normalize to $53,312 at stabilization) Proforma NOI: $147,898/year (current NOI is negative) Projected Cash-on-Cash: 107% | IRR: 178% Unit Mix: Studios: 4 1BR/1BA: 3 2BR/1BA: 6 3BR/1BA: 3 5BR/1BA: 1 All properties need varying levels of renovation and lease-up, but most major capital expenditures are already factored into the proforma. Comparable sales in the neighborhood support an ARV between $648,000–$716,000, with plenty of margin for value creation. Whether you're looking to renovate and refinance, reposition and hold, or eventually sell as a stabilized package, this portfolio offers an unbeatable entry point into Cleveland multifamily with major value-add potential and strong projected returns.

Location

State OH

County Cuyahoga

Interior

Heating Forced Air, Hot Water, Steam

Fireplace No

Exterior

Water Access Desc Public

Building

Sewer Public Sewer

Water Public

Schools

School District Cleveland Municipal - 1809

Others

Tax ID 127-17-001

Special Listing Condition Bankruptcy Property

Northern Ohio Regional MLS (YES-MLS)
Listed by Erin Thomas • Keller Williams Living • Erinthomas@kwcommercial.com, 440-670-2300
Shawana Hanson

"Whether you're looking to purchase your first home, dream home, investment property, and/or sell your current home, I am committed to providing you with high-quality bespoke services."

+1(216) 971-3161

info@luxehauscle.com

1991 Crocker Rd. Suite 600, Westlake, OH, 44145, United States

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9620 Fuller AVE