3311 Archwood Ave, Cleveland, OH 44109
2 Multifamily Properties Offered at $2,499,000 in Cleveland, OH
Asking Price $2,499,000
- Property Type
-
Multifamily
Listing Contacts
- Property Info
Property Overview
These apartments are located in one of Clevelands fastest appreciating markets near Downtown, Metro Hospital and 3 of the trendiest areas in northeast Ohio. Consisting of 44 total units, these buildings offer the new owner an unbelievable value add opportunity in a highly sought after area. With 12 units currently vacant, you have the opportunity to immediately reach market rents at or above $400,000 per year! The 44 units are comprised of 2 identical, twin sister buildings located directly next door to each other. 3311 is operating at 95% occupancy and will cash flow for you on day 1. Approximately 50% of the total occupied units are through CMHA or Eden, guaranteeing you rent each month-ideal as you complete the make readys at 3209. There is further opportunity to decrease heating expenses by converting the boiler heat to electric mini splits during unit turnovers. Electric has all been upgraded to breakers and windows are all vinyl $80,000 was recently poured into the roof of the 3209 building this year and between both buildings, have had a total of $260,000 in Capx improvements over the past 12 months. This area is ideal for tenants due to its close proximity to highways, public transportation, endless job opportunities and even the zoo! Due diligence is readily available for you review and a full walkthrough video is available on YouTube. Please Refer to broker remarks for information on how to reach the listing agent.
Highlights
- https://youtu.be/JV4uA7GVXjA?si=EKgkqH3HruEhArzq
Nearby Properties
Similar Properties
FAQ
- How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
- Please email our support team at [email protected] and they will add the team member.
- How do I access a private listing?
- Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
- How can I contact the broker
- We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
- What is the difference between Tier 1 & Tier 2 in the Due Diligence Vault?
- Documents that are placed in a Tier-1 Due Diligence vault require the execution of a Confidentiality Agreement (“CA”) for access. Documents and folders placed in the Tier-2 vault are intended to have an added layer of security and require the execution of a CA in addition to required Broker approval for access.
- How do I unsubscribe from emails?
- At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].