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Sold for $399,000 on 11/29/24
  • $399,000

    11226 Ashbury Ave, Cleveland, OH 44106

    8beds
    --sqft
    Duplex, Multi Family
    Built in 1900
    -- sqft lot
    $352,200 Zestimate®
    $--/sqft
    $1,952 Estimated rent

    What's special

    We are proud to list this cash cow opportunity for an investor. Currently Owner owns over 100 units in the Case Western Reserve neighborhood and rents all of them to Students only at 700-750 per bedroom. Case Western has a shortage of student housing so the Owner rents all by bedroom usually with a group of friend's. All leases start 6/1 even though most student are not back to school till August. Investors need to start advertising and renting units out by April. This is a cash added value property giving a new investor around 7 months of some growing pains, but breaking even with a couple bucks profit a month. Currently one side is rented to 4 young ladies at 700 per bedroom and all remodeled and owner added 2nd bath, however the other side is an elderly women who has lived as a tenant in several of owners' homes. Owner will move her to another property. Probably wise to have it vacated around March will need a light rehab, intense cleaning and add a 2nd bath approx 20K If you take all units to 750 June 1st here is how your financial will look Annually income 72,000 with 35% expenses -25,200 and after debt svs of 21,528 annually at 75% LTV gives you an NOI of 25,272 annually which will give you over 25% cash on cash return on your initial investment

    Zillow last checked: 7 hours ago

    Listing updated: December 04, 2024 at 10:45am

    Listing Provided by:

    Mary L Palumbo 216-509-6361jjfschaefer@aol.com,

    CREO Real Estate Group

    Bought with:

    Katherine M Oesch, 2002000562

    Keller Williams Chervenic Rlty

    Source: MLS Now,MLS#: 5072102MLS LogoOriginating MLS: Other/Unspecificed

    Facts & features

    Interior

    Bedrooms & bathrooms
    • Bedrooms: 8
    • Bathrooms: 3
    • Full bathrooms: 2
    • 1/2 bathrooms: 1
    Heating
    • Forced Air
    Cooling
    • Ceiling Fan(s)
    Appliances
    • Included: Range, Refrigerator
    Features
    • Basement: Unfinished

    Property

    Parking
    • Parking features: Driveway
    Features
    • Levels: Three Or More
    Lot
    • Size: 8,550 sqft
    Details
    • Parcel number: 12021012

    Construction

    Type & style
    • Home type: MultiFamily
    • Property subtype: Duplex, Multi Family
    Materials
    • Aluminum Siding
    • Roof: Asphalt,Fiberglass
    Condition
    • Fixer,Updated/Remodeled
    • Year built: 1900

    Utilities & green energy

    • Sewer: Public Sewer
    • Water: Public

    Community & neighborhood

    Location
    • Region: Cleveland
    • Subdivision: Wade Park Allotment
    Services availability
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