1471 E 118th StreetCleveland, OH 44106

Property Description

This exceptional investment opportunity offers the best of both worlds: strong immediate cash flow with significant upside potential for even greater returns. Currently generating nearly $65,000 in gross annual income and over $55,000 in net income, the property delivers an impressive 10.9% cap rate at the asking price. The right side has truly luxurious finishes and comes fully furnished ready to command premium rents for the next lease cycle. With rents adjusted to market value?projected at $4,000 per month on one side and $3,200 on the other?net annual income would exceed $77,000, pushing the cap rate to an outstanding projected 14.23%, while still factoring in property management costs and anticipating 3% of revenue will go to repairs. Both units underwent extensive renovations in 2017, including major plumbing and electrical updates, with the right-side unit receiving substantial additional upgrades in 2024. These improvements include a fully renovated kitchen, new bathrooms, updated flooring, fresh walls, modern lighting, and new fixtures. Major exterior capital improvements have also been completed, including a new roof in 2024, a full front porch rebuild in 2026, and significant landscaping enhancements in 2026. Ideally located within walking distance of Case Western Reserve and nearby University Hospitals, Cleveland Clinic and the VA, this property benefits from a consistently strong rental market and historically low vacancy. Its location is especially attractive to students and medical professionals, with many tenants often helping to secure their own replacements upon graduation?creating a low-maintenance turnover process for ownership. To add even more value, the property will transfer with lead-safe certification for both units, eliminating immediate compliance costs for the new owner while providing strong day-one cash flow and long-term appreciation potential.

Property Features

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