Seize this rare chance to acquire a meticulously maintained 22-unit building in one of Cleveland's most sought-after locations, just minutes from University Circle, Case Western and Cleveland State University. With 19 fully renovated 1-bedroom, 1-bath units (average 650 sq. ft.), this property is poised for immediate cash flow. The current average rent is $721.35 per month, but with local rental demand, pro forma rents could command $995 or more a unit. With around 24 parking spaces on the property and over night street parking available tenants and guest will have ample space to park. Investors will appreciate the impressive pro forma cap rate of 9.25%, factoring in conservative estimates for CapEx (3%), general maintenance (3%), and vacancy (9%). The projected NOI is $166,432, offering substantial upside from the current NOI of $97,746.6. This building is turn-key, offering an attractive opportunity for both seasoned investors and those looking to expand their portfolio. Additionally, the option to purchase the LLC owning the property streamlines the acquisition process.

Based on information submitted to MLS Now as of April 29, 2025 10:03 AM EDT . All data is deemed reliable but is not guaranteed accurate by the MLS. All information should be independently reviewed and verified for accuracy. Listing information is provided exclusively for consumers’ personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

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Property Details of 1847 E 87th Street

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Jesse Allison Team

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Property Details of 1847 E 87th Street

Property Details

Basic Information

Building

Location

Interior Features

Basement

Laundry

Utilities and Appliances

Utilities and Appliances

Community

Area

Map Location

Hi there! How can we help you?

Hi there! How can we help you?

Hi there! How can we help you?

Jesse Allison Team