Property Details:
Type: Multifamily
Unit Mix: 2 one-bedroom; 4 two-bedroom
Investment Highlights:
Current Status: 4 of 6 units are renovated and generating steady income.
Upside Potential: 2 units require full renovation, offering significant potential for increased rental income.
Additional Revenue Opportunity: Potential to further increase income by installing laundry facilities in the basement.
Recent Upgrades:
Occupied Units: Freshly painted
Flooring: New carpet throughout
Bathrooms: Tubs reglazed
Plumbing: Updated
Inspections: Each unit CMHA approved and inspected (3 tenants are CMHA)
Electrical: All new electrical panels
This is a unique opportunity to acquire a turnkey apartment building with eight one-bedroom, one-bathroom units in one of the nation’s most sought-after rental markets. The property will be completely rented out by the time of transfer so that investors can benefit from a reliable passive income stream. The market rent for a one-bedroom unit is $795/month, while CMHA rates are $1095. Located in West Cleveland, The Bricks Apartments offers convenient access to highways, the international airport, and key employment hubs, ensuring a steady stream of potential tenants.
Size:
5078m²