Are you looking for an investment property in Cleveland? Well, look no further! We have a fantastic duplex for sale that is sure to catch your attention. This four-unit multifamily property has the potential to bring in a monthly rent of $1600 when fully occupied. With three 2-bedroom/1-bath units and one 3-bedroom/1-bath unit, this property has a lot to offer.
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One of the most attractive features of this duplex is its well-kept condition. All units have been properly maintained, ensuring that you won’t have to worry about any major repairs or renovations. In fact, two of the units have already been renovated with new flooring, paint, and bathrooms. These updates not only enhance the overall appeal of the units but also make them more attractive to potential tenants.
Speaking of tenants, this property boasts long-term tenants in all units. This is great news for any investor as it provides a stable source of income. Additionally, two of the units are currently rented below market value on a month-to-month basis. However, with a little effort, you can easily increase the rent to $500, which is more in line with the market rate. The tenants are aware of this possible increase, and they have been very cooperative throughout the process.
To sweeten the deal, the seller is offering to pay a $200 difference for the units currently rented at around $300 for up to three months. This gives you, as the buyer, ample time to put these units on new leases with increased rents. With the right offer, you can maximize your returns on this investment.
Parking is never an issue with this duplex, as it comes with a large wrap-around concrete driveway and a three-car garage. This means that both you and your tenants will have plenty of space for parking. Additionally, Unit 4, which was completely remodeled eight years ago, has newer windows and is attached to the third level, providing a total of three bedrooms.
In terms of maintenance, this property is in good shape. Two furnaces and two hot water tanks are newer, while the others are in good condition. To ensure smooth operations, professional property management is already in place, taking care of all the day-to-day tasks.
Location-wise, this duplex is just minutes away from Rockefeller Park, Route 90 freeway, restaurants, Cleveland Clinic, and University Hospitals. This makes it an attractive option for potential tenants who are looking for convenience and easy access to amenities.
Interested in taking a closer look? Showings are available for Unit 3 and the basement, while the other units can be seen as a contingency with an accepted contract. Don’t miss out on this incredible investment opportunity. Contact us today for additional information!
6330 Carl Avenue, Cleveland, OH 44103