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$ 879,900
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4578 E 131st ST Garfield Heights, OH 44105
0.37 Acres Lot
UPDATED:
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID 5222720
HOA Y/N No
Year Built 1962
Annual Tax Amount $18,145
Tax Year 2025
Lot Size 0.367 Acres
Acres 0.3671
Property Sub-Type Apartment
Property Description
100% occupied, cash flowing 12 unit complex with value-add upside! This newly updated 12 unit deal is perfect for the investor looking for solid, stable cash flow day 1, while still having easy value-add upside available through basic cosmetic updates and organic rent bumps!
Currently 100% occupied, grossing $10,740 in rent per month, an investor will walk into nearly a 9.5% cap rate AS IS. Proforma, a savvy buyer will easily achieve $12,500+ per month in gross rent, with the ability to implement parking fees and on-site coin operated laundry for additional income!
The unit mix is ideal - boasting (8) two bedroom units and (4) one bedroom units. (6) of the (12) total units have been totally remodeled including updated kitchens with granite countertops and new appliances, updated flooring including vinyl plank and new carpet, updated bathrooms with tiled shower surrounds and new vanities, as well as updated lighting throughout and completely refreshed common areas.
In addition, there are a number of new furnaces and wall unit AC's that have been installed, as well as a new parking lot, painted and refreshed garages, two completely new roofs installed in 2025, new carpet, paint and lighting in the hallways, and new exterior entry doors, and new common how water tanks!
Tenants are responsible for gas and electricity, while the owner pays water/sewer/trash and common area electricity and gas. A number of tenants are currently month to month as well, allowing a buyer to quickly start implementing their business plan.
Currently 100% occupied, grossing $10,740 in rent per month, an investor will walk into nearly a 9.5% cap rate AS IS. Proforma, a savvy buyer will easily achieve $12,500+ per month in gross rent, with the ability to implement parking fees and on-site coin operated laundry for additional income!
The unit mix is ideal - boasting (8) two bedroom units and (4) one bedroom units. (6) of the (12) total units have been totally remodeled including updated kitchens with granite countertops and new appliances, updated flooring including vinyl plank and new carpet, updated bathrooms with tiled shower surrounds and new vanities, as well as updated lighting throughout and completely refreshed common areas.
In addition, there are a number of new furnaces and wall unit AC's that have been installed, as well as a new parking lot, painted and refreshed garages, two completely new roofs installed in 2025, new carpet, paint and lighting in the hallways, and new exterior entry doors, and new common how water tanks!
Tenants are responsible for gas and electricity, while the owner pays water/sewer/trash and common area electricity and gas. A number of tenants are currently month to month as well, allowing a buyer to quickly start implementing their business plan.
Location
State OH
County Cuyahoga
Rooms
Basement None
Interior
Heating Forced Air
Cooling Wall Unit(s)
Fireplace No
Exterior
Parking Features Assigned, Paved
Water Access Desc Public
Roof Type Asphalt,Fiberglass,Other
Total Parking Spaces 18
Building
Story 3
Sewer Public Sewer
Water Public
Schools
School District Cleveland Municipal - 1809
Others
Tax ID 546-35-100
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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