2630 Mayfield Road Cleveland Heights, OH 44106

Property Description

Add this income-producing quadraplex in the highly desirable Coventry neighborhood to your portfolio. This renovated four-unit property offers four massive apartments, each nearly 1,400 square feet, with spacious, thoughtfully designed layouts featuring beautiful hardwood floors, gorgeous built-ins, updated kitchens, in-unit laundry, vinyl windows, and central heat and air conditioning. Each unit offers an exceptional floor plan with a large living room, sunroom, dining room, spacious bedrooms, and a generously sized kitchen. The property has a massive full basement housing the mechanicals, abundant storage, and individual storage lockers for each tenant. Everything is separately metered, and a five-car garage provides an additional amenity that is highly desirable to renters. The location is difficult to beat, just a short walk from the heart of Coventry and convenient to public transportation, restaurants, shops, and entertainment. Based on current revenue, projected operating expenses?including property taxes, insurance, landlord-paid water and sewer, a repair/maintenance reserve, and light property management?are approximately 35% of gross income, resulting in a strong 8.2% cap rate at the current asking price. The current rents are also below market, creating meaningful upside; bringing rents to market levels could increase the projected cap rate to approximately 9.4% or higher. The property is intentionally priced below its potential market value due to outstanding violations that the buyer will need to assume, including the likely need for a new roof. Quotes and additional information regarding the required work are available upon request. Renovated units, large floor plans, strong current cash flow, significant rental upside, and an exceptional Coventry location make this a rare investment opportunity. Quadraplexes of this size and quality in a location this desirable rarely come to market. Add this income-producing asset to your portfolio before it's gone.

Property Features

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