14222 Lorain AVE Cleveland, OH 44111
UPDATED:
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
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
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 leaving the potential for buyer to bring zero down payment to closing.
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