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1839 E 85th Street

Cleveland, OH 44106
  • $555,000
  • STATUS: Active
  • ON SITE: 130 Days
  • MLS #: 4411681
UPDATED: 63 min ago
$555,000
  • 0
    BEDS
  • 0.33
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 3,748
    SQFT
  • $148
    $/SQFT
Neighborhood:
Type:
Commercial
Built:
1908
County:

School Ratings & Info

Listing courtesy of Trinity Commercial Realty, Llc..
Listing information © 2023 YES-MLS.

Description

Student Housing! ProForma CAP rate at 100% Occupancy is 8.23%!Exceptionally rare opportunity to purchase a quiet, turnkey, FURNISHED stabilized student housing dorm/home in one of the Nations hottest rental markets ideally located within short walking distance to the Cleveland Clinic Main Campus and Case Western Reserve University. Also, a short bus ride to Cleveland State University. This dormitory-type, Tudor-style housing has 11 bedrooms and 7.5 baths, is close to Case School of Dental Medicine, art and history museums, the Botanical Garden, and grocery stores. It is an ideal location for medical and master's degree+ students to stay while completing their training programs. Ensures a reliable pool of prospective tenants. 10 out of 11 bedrooms currently occupied and zero non-paying tenants - excellent opportunity for investors seeking passive income. Low maintenance building has many improvements, such as blown-in insulated walls, newer energy efficient windows and doors, high efficiency zoned central heating and cooling system, new ducts, new electrical and LED lighting, new plumbing and energy efficient toilets, and more! Parking is ample with space to the side of the building and overnight parking. The property is offered with a 91% Occupancy level and 6.93% cap rate based on current gross rents and a 29% projected expense ratio. With most room rates below market rate, there is an immediate opportunity for the new buyer to increase the NOI quickly!

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Listing information © 2023 YES-MLS. All rights reserved. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of YES-MLS. Real estate listings held by brokerage firms other than Keller Williams Chervenic Realty are marked with the Internet Data Exchange logo and detailed information about them includes the name of the listing broker(s). Information Deemed Reliable But Not Guaranteed. The photos may be altered, edited, enhanced or virtually staged. Data last updated 2023-02-07T13:08:30.623.
www.visionsalesteam.com/homes/133521554
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1839 E 85th Street Cleveland, OH 44106

  • Price: $555,000
  • Status: Active
  • On Site: 130 Days
  • Updated: 63 min ago
  • MLS #: 4411681
0
Beds
0
Baths
0
½ Baths
0.33
Acres
3,748
SQFT
$148
$/SQFT
1908
Built
Neighborhood:
George E & M B Collings
County:
Cuyahoga
Area:
Cle North Of Euclid Av (Cuy Rvr To Eddy)
Property Description
Student Housing! ProForma CAP rate at 100% Occupancy is 8.23%!Exceptionally rare opportunity to purchase a quiet, turnkey, FURNISHED stabilized student housing dorm/home in one of the Nations hottest rental markets ideally located within short walking distance to the Cleveland Clinic Main Campus and Case Western Reserve University. Also, a short bus ride to Cleveland State University. This dormitory-type, Tudor-style housing has 11 bedrooms and 7.5 baths, is close to Case School of Dental Medicine, art and history museums, the Botanical Garden, and grocery stores. It is an ideal location for medical and master's degree+ students to stay while completing their training programs. Ensures a reliable pool of prospective tenants. 10 out of 11 bedrooms currently occupied and zero non-paying tenants - excellent opportunity for investors seeking passive income. Low maintenance building has many improvements, such as blown-in insulated walls, newer energy efficient windows and doors, high efficiency zoned central heating and cooling system, new ducts, new electrical and LED lighting, new plumbing and energy efficient toilets, and more! Parking is ample with space to the side of the building and overnight parking. The property is offered with a 91% Occupancy level and 6.93% cap rate based on current gross rents and a 29% projected expense ratio. With most room rates below market rate, there is an immediate opportunity for the new buyer to increase the NOI quickly!
Exterior Features

Levels Three Or More Parking Features OutsidePublicOn Street Roof AsphaltFiberglass

Interior Features

Basement Common Basement Basement YN Yes Building Area Total 3748 Cooling Central Air Cooling YN Yes Heating Forced AirGasHot WaterSteam Heating YN Yes

Property Features

Above Grade Finished Area 3748 Lease Considered YN No Listing Terms CashConventional Ownership Principal/Nr Property Sub Type Apartment Sewer Public Sewer Township Cleveland Water Source Public Year Built Details Actual Ybt

Listing information © 2023 YES-MLS.
Listing provided courtesy of Trinity Commercial Realty, Llc.: (216) 402-8000.
Listing information © 2023 YES-MLS. All rights reserved. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of YES-MLS. Real estate listings held by brokerage firms other than Keller Williams Chervenic Realty are marked with the Internet Data Exchange logo and detailed information about them includes the name of the listing broker(s). Information Deemed Reliable But Not Guaranteed. The photos may be altered, edited, enhanced or virtually staged. Data last updated 2023-02-07T13:08:30.623.
 
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Keller Williams Chervenic Realty
3333 Massillon Rd., Suite 10
Akron OH, 44312
Listing courtesy of Trinity Commercial Realty, Llc..
Listing information © 2023 YES-MLS.