Property
Beds
8
Full Baths
4
1/2 Baths
2
Year Built
1910
Sq.Footage
2,516
One-of-a-kind investment opportunity to acquire a massive side-by-side duplex, fully remodeled in 2021 and benefiting from a 15-year tax abatement (about 11 years remaining). Each spacious unit offers four bedrooms and two and a half baths, and the property comes fully furnished and beautifully decorated. Currently leased to a tenant operating as an Airbnb arbitrage and leased for $5,000 per month with the tenant covering all utilities except water, this property provides an impressive as-is cap rate of over 8%. There’s significant upside potential with the ability to raise rents or operate directly as a short-term rental, pushing returns close to a 10% cap rate with strong double digit cash on cash returns. You can also just move into a masterfully renovated unit and lease the second or airbnb it to pay for your mortgage! So many options with this gem. Just steps from the Cleveland Clinic main campus, University Circle, Little Italy, restaurants, shopping, and so much more, this is truly a prime location and a rare chance to acquire a fully turnkey, income-producing property in the heart of it all. *Note: County auditor website states that there are 4 bedrooms and 4 baths but the owner states that there are 8 bedrooms, 4 full bathrooms and 2 half-baths.
Features & Amenities
Interior
-
Total Bedrooms
8
-
Bathrooms
4
-
1/2 Bathrooms
2
-
Above Grade Finished Area
2516.0
-
Basement YN
YES
-
Cooling YN
YES
-
Cooling
Central Air
-
Heating YN
YES
-
Heating
Forced Air
-
Pet friendly
N/A
Exterior
-
Garage
No
-
Construction Materials
Frame
-
Parking
On Site
-
Pool
No
-
Waterfront YN
NO
Area & Lot
-
Lot Size(acres)
0.1194
-
Property Type
Residential Income
-
Property Sub Type
Duplex
Price
-
Sales Price
$619,900
-
Tax Amount
822.0
-
Sq. Footage
2, 516
-
Price/SqFt
$246
HOA
-
Association
No
School District
-
Elementary School
Cleveland Municipal - 1809
-
Middle School
N/A
-
High School
N/A
Property Features
-
Sewer
Public Sewer
-
Water Source
Public
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Location
County
Cuyahoga
Elementary School
Cleveland Municipal - 1809
Middle School
High School
Listing Courtesy of Tal Tamir , Russell Real Estate Services
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