8.0% cap rate with minimal $50,000 investment to freshen units and raise rents from $3,900 to $5,060. Current rents are $800 and $700 for back house, $500 and $500 for tenants who will remain in front house. $700 and $700 for owner occupied units in front house. Month-to-month. Tenant information will be provided with submitted offer. Information provided on listing is all that is available. New development opportunity for six $350,000 Townhomes. Adjacent lot to north of similar acreage has eight 2016 Townhomes, four sold in $350k range, four in $550k range. Only six smaller units will fit because of lot dimensions. Please check county parcel map. Third option: Make four condos from existing structures, so narrow drive will be grandfathered. Forth option: Totally renovate to provide four luxury apartments.
Listing courtesy of Keller Williams Greater Cleveland.
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