Commercial Real Estate for Sale at 3362 E 145th Street in Cleveland, OH for $250,000

3362 E 145th Street | Cleveland

Five-door brick multifamily on Cleveland\u0027s 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.\r\n\r\nThat 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%.\r\n\r\nThe 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.\r\n\r\nLocation works in your favor. The 44120 corridor sits inside CMHA\u0027s Housing Choice Voucher market area, where rental demand runs deep and payments land on time.\r\n\r\nPriced for the work it needs, which is precisely where the money is. MLSNow 5239734 Directions to property: Cleveland