14222 Lorain AVE Cleveland, OH 44111
UPDATED:
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
Construction Status Updated/Remodeled
HOA Y/N No
Year Built 1940
Annual Tax Amount $6,986
Tax Year 2024
Contingent Appraisal,Inspections
Lot Size 6,599 Sqft
Acres 0.1515
Property Sub-Type Apartment
Property Description
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
Rooms
Basement Partial, Sump Pump
Interior
Heating Forced Air
Cooling Ceiling Fan(s), Wall/Window Unit(s)
Fireplace No
Exterior
Parking Features Assigned, Asphalt, Parking Lot
Water Access Desc Public
Roof Type Flat
Present Use Commercial
Building
Sewer Public Sewer
Water Public
Construction Status Updated/Remodeled
Schools
School District Cleveland Municipal - 1809
Others
Tax ID 024-32-008
Acceptable Financing Cash, Conventional, Owner May Carry
Listing Terms Cash, Conventional, Owner May Carry