14222 Lorain AVE Save Request In-Person Tour Request Virtual Tour
Cleveland,OH 44111
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active Under Contract
Purchase Type For Sale
Subdivision Chas A Cook
MLS Listing ID 5127781
Year Built 1940
Annual Tax Amount $6,986
Tax Year 2024
Lot Size 6,599 Sqft
Property Sub-Type Apartment
Property Description
(6) Unit Commercial Apartment Building on Cleveland's West Side; Highly Coveted 44111 Zip Code! Located near highways 71 & 90 on Lorain Ave near new shopping & in the West Park Neighborhood. (3) 2 bed 1 bath units (1st floor) & (3) 1 bed 1 bath units (second floor). All apartments have been renovated through 2017-2020.
The property boasts total monthly rent income of $4695 with an additional $795/month in utility chargebacks totaling $5490 in monthly income. Tenants enjoy the ease of 1 monthly bill making this a highly desirable property for new tenants should any units come available. Unit #4 was left vacant for showing purposes & has a waiting list to occupy once ready. Property has a large parking lot in the back.
To clarify; there are (2) Total Electric Meters, (2) Total Gas Meters, (1) Total Water Meter, (1) Dumpster Bill Totaling $903/month in owner paid utility bills. Unit #1 is the onsite manager & does not pay the utility reimbursement fee per month as a result of maintaining the property. Add property tax & property insurance to total $20,223 in total annual expenses. Gross Annual Revenue $65,880 minus total annual expenses = $45,657 net operating income! 9% Cap Rate. Perfect Investment for investor looking for stabilized property in highly sought after area.
Rents
#1, $785
#2, $765
#3, $750
#4, $875
#5, $775
#6, $745
Seller Financing available up to 25% of purchase price.
Easy to show! Listing Broker is Owner.
Location
State OH
County Cuyahoga
Interior
Heating Forced Air
Cooling Ceiling Fan(s),Wall/Window Unit(s)
Exterior
Parking Features Assigned,Asphalt,Parking Lot
Roof Type Flat
Building
Sewer Public Sewer
Water Public
Schools
School District Cleveland Municipal - 1809
Others
Acceptable Financing Cash,Conventional,Owner May Carry
Listing Terms Cash,Conventional,Owner May Carry