Wholesale

Exciting Investment Opportunity in Cleveland – 13-Unit Apartment Building!

16010 Nelacrest Rd, East Cleveland, OH 44112

$770,000 After Repair Value -
$197,000 Asking Price -
$200,000 Cost of Repairs =
$373,000 Potential Profit

Property Details

Asking Price $197,000

After Repair Value $770,000

Costs of Repairs $200,000

Potential Profit $373,000

Living Area 12000 ft2

Property Type Multi-Family

Bedrooms 0

Bathrooms 0

Half Bathrooms N/A

Parking 0

Listed with Agent 1

Property Description

EMD: $5K Non refundable to secure. Goes towards price at closingNo contingencyTitle: Resource Title CompanyClosing date: 14 day preferredProperty Highlights:- [x] Appraised value: 360,000- [x] ARV: $770,000- [x] Fully Stabilized Value: $840,000 (at full lease-up)- [x] Potential Annual Rent Income: $106,000- [x] Monthly Rent: $11,793- [x] Current Occupancy: 100% vacant – perfect for a smooth renovation processUnit Mix:6 One-Bedroom Units / 1 bath in each unit 7 Two-Bedroom Units / 1 bath in each unit13 bedroom/13 bathroomsWhy This Property Stands Out:- [x] Below-Market Price: Similar renovated properties sell for around $63K per unit.- [x] Strong Rent Growth: Cleveland’s multifamily market is booming with rising demand.- [x] Clear Value-Add Strategy: Buy, renovate, lease-up, and enjoy strong cash flow.Renovation & Stabilization Plan:- [x] Estimated Rehab Budget: $200K- [x] Timeline:* Approximately 6 monthsThis property is focused on making it livable and cash-flowing without unnecessary luxury upgrades!

Repairs Needed

- [x] Water Damage: Address leaks and replace essential windows.\r\n- [x] Structural Repairs: Patch and reinforce floors & ceilings, repair hallways.\r\n- [x] Electrical & Plumbing: Basic system updates and reconnect fixtures.\r\n- [x] Appliances & Cleanup: Budget-friendly replacements and sanitation.

CONTACT LISTING OWNER

Zathan Powell

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