14
See all 14 photos
$250,000
Est. payment /mo
5,998 Sqft Lot
Active
3362 E 145th ST Cleveland, OH 44120
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Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Shaker View
MLS Listing ID 5239734
HOA Y/N No
Year Built 1925
Annual Tax Amount $3,468
Tax Year 2025
Lot Size 5,998 Sqft
Acres 0.1377
Property Sub-Type Apartment
Property Description
Five-door brick multifamily on Cleveland's east side at just $50,000 a unit. Four of the five are occupied and paying $3,675 a month, $44,100 annualized, putting you at a 9.6% cap on day-one income at the $250,000 ask. The path to 14% is already mapped and it runs through one door.
That fifth unit is vacant and waiting for the right operator. Set aside roughly $50,000 for a full unit turn plus exterior cleanup, a rear retaining wall, brickwork, a basement support beam, and general repairs, and you have a squared-away five-door with real income and a building that finally looks the part. On $117,500 of total equity, cash to close plus that capital budget, pro forma cash-on-cash comes in near 18%.
The expensive systems are already handled. Newer gas furnaces and dual Rheem water heaters were confirmed on the walkthrough, so your capital goes to cosmetics and structure rather than mechanicals. Unit mix is a 3/1, three 2/1s, and a 1/1, family-sized layouts that hold rent far better than a building full of studios.
Location works in your favor. The 44120 corridor sits inside CMHA's Housing Choice Voucher market area, where rental demand runs deep and payments land on time.
Priced for the work it needs, which is precisely where the money is.
That fifth unit is vacant and waiting for the right operator. Set aside roughly $50,000 for a full unit turn plus exterior cleanup, a rear retaining wall, brickwork, a basement support beam, and general repairs, and you have a squared-away five-door with real income and a building that finally looks the part. On $117,500 of total equity, cash to close plus that capital budget, pro forma cash-on-cash comes in near 18%.
The expensive systems are already handled. Newer gas furnaces and dual Rheem water heaters were confirmed on the walkthrough, so your capital goes to cosmetics and structure rather than mechanicals. Unit mix is a 3/1, three 2/1s, and a 1/1, family-sized layouts that hold rent far better than a building full of studios.
Location works in your favor. The 44120 corridor sits inside CMHA's Housing Choice Voucher market area, where rental demand runs deep and payments land on time.
Priced for the work it needs, which is precisely where the money is.
Location
State OH
County Cuyahoga
Rooms
Basement Full
Interior
Heating Forced Air, Gas
Cooling None
Fireplace No
Exterior
Parking Features Paved
Water Access Desc Public
Roof Type Flat
Building
Story 2
Sewer Public Sewer
Water Public
Schools
School District Cleveland Municipal - 1809
Others
Tax ID 130-14-125
Special Listing Condition Standard
Listed by Tal Tamir • Russell Real Estate Services • tal@premierclevelandinvesting.com, 216-870-8687
NEARBY SCHOOL & BUSINESS
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