Located in Cleveland's hottest downtown residential neighborhood of Tremont, situated along the Towpath Trail, minutes from Downtown Cleveland, Tremont is Cleveland’s vibrant urban village where visitors mingle seamlessly with residents, business owners, artists and entrepreneurs. This oversized parcel with addl land and private off-street parking offers 8-multifamily units featuring six units in the front house (2113) and two very large up-down units (2109) commanding upwards of $1550 per mo. Major CapX improvements across the board boast brand new tear-and-replaced roofs and gutters on both structures; brand new electrical sub panels to all units with market rate renovations to a majority of the units. Duplex units in rear have brand new floors, updated kitchens, freshly painted and rent ready. All units have new or newer mechanicals (furnaces and hot water tanks) with Dry locked water-sealed basements and storage locker opportunities. Cash flow positive turning out $91,200 annual, strong upside advantage with the unfinished vacant third floor spaces (rentable net square footage of 2,200sf+) with added-value opportunities to update remaining units. At market rate, renovated lease ups/rents could potentially fetch upwards of $16,000+ monthly or $190,000+ annually. This unique opportunity also includes addl land in the rear—possible ADU (Additional Dwelling Units); 7-15 year tax abated renovation rehab program and Opportunity Zone (OZ Fund) designated development area.
The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of MLS NOW. Real estate listings held by brokerage firms other than Laronge Wagner Realty are marked with the Internet Data Exchange logo and detailed information about them includes the name of the listing broker(s). Placester, Inc. does not display the entire MLS NOW IDX database on this website. The listings of some real estate brokerage firms have been excluded. Information is deemed reliable but not guaranteed. Updated: 2nd October, 2023 7:13 AM (UTC)
Listing Office: Russell Real Estate Services
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