Remarks

Discover this exceptional, income-generating property that offers both stability potential for growth. This meticulously updated mixed-use asset features two fully renovated residential units (side-by-side duplex) and three commercial garage spaces currently leased to a long-term tenant—all generating a total of $3,750 in monthly rent (18% cash on cash)!

Each residential unit has undergone a comprehensive renovation, including: Brand new flooring + fresh paint, Updated light fixtures and modern hardware, Refinished ceilings + complete kitchen + bath remodels, New furnaces + hot water tanks, Updated electrical panels, newer sump pump, Numerous newer windows and Newer Roof! Exterior highlights include durable vinyl siding, private entrances, + a partially fenced backyard. The property also boasts a large parking lot,+ with two dedicated spaces per residential unit, and additional open land at the rear offering added privacy—an ideal feature on a quiet dead-end street. Residential Unit B includes a refreshed basement with generous storage + is currently rented on a 1-year lease at $1,250/month starting May 15. Residential Unit A is rent-ready and currently vacant, offering the flexibility to place your own tenant. (A prospective tenant is already identified and ready to pay $1,000/month, if the buyer chooses.) The commercial component consists of 3 garage bays (used as an auto/mechanic shop) leased together at $1,500/month on a new five-year lease beginning June 1 with 3% annual increases. The garage also includes a private office, + the tenant—who has been occupying the space for over six years—has expressed interest in staying on as property manager for just $200/month, representing approximately 5% of gross income. Each residential unit is separately metered, + property will be delivered Point-of-Sale Compliant! With proximity to parks, major highways, healthcare facilities, retail, dining, + recreation, this is a highly desirable investment in a prime location!

Details

MLS#: 5117454
Price: $275,000

Style: Mixed Use
Sq Ft: 0
Year Built: 1949

County: Cuyahoga
Subdivision: Orchard Grove Allotment/G M Hick
Tax Fee: 5191

School District: Garfield Heights CSD - 1815