OH > Cleveland > Thompson
Cleveland, OH 44110,15432 Lake Shore BLVD
Cleveland, OH 44110,15432 Lake Shore BLVD,Video Tour
Cleveland, OH 44110,15432 Lake Shore BLVD
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$1,925,000
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0.34 Acres Lot
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15432 Lake Shore BLVD Cleveland, OH 44110

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William Mehl

William Mehl

+1(412) 877-9945

UPDATED:

09/30/2024 05:36 PM

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

Subdivision Thompson

MLS Listing ID 5037580

Construction Status Updated/Remodeled

HOA Y/N No

Year Built 1920

Annual Tax Amount $11,504

Tax Year 2023

Lot Size 0.341 Acres

Acres 0.3411

Property Description

ABSOLUTELY GORGEOUS!! The perfect addition for any real estate portfolio. Completely renovated top to bottom - Newer: plumbing, electric, HVAC, roof, gutters and vinyl windows (120 of them!!). 19 unit apartment building (6 - studio, 8 - 1 Bed, 5 - 2 bed units) with 3 retail storefronts and an office space. Incredible occupancy rate - apartments will be 100% occupied by the end of the month. Adjacent parcel also included providing 13 - 16 parking spaces. Literally, every unit was gutted and remodeled. Each unit boasts refinished hardwood floors, 8 ft ceilings, updated kitchens (include: refrigerator, stove and microwave), updated bathrooms, in unit tank-less water heaters, furnaces and electric panels. Retail storefronts have also been completely renovated. Current gross rent w/ laundry is $190,992 - this does not include the office space (owner occupies) or the "rent ready" 2850 Sqft vacant retail storefront. ENORMOUS POTENTIAL for INCREASED INCOME: (1) Current rents are well below CMHA rental benchmarks (2) 5000 Sqft basement could be converted to add 4 additional 2 bedroom units and a 1 bedroom unit (3) Charging for parking spaces - $50 per month. Current cap rate 7.85 - could be considerably higher. Located in a high traffic and high rental demand area. Close to highway access, minutes from downtown Cleveland, close to Cleveland Clinic, University Hospital, Euclid Hospital, Lake Erie parks and beaches, restaurants, shopping and public transit. This is an exceptional property, location and opportunity!!!

Location

State OH

County Cuyahoga

Rooms

Basement Full, Unfinished

Ensuite Laundry Coin-operated

Interior

Laundry Location Coin-operated

Heating Forced Air, Hot Water, Steam

Cooling Central Air

Fireplace No

Laundry Coin-operated

Exterior

Garage Additional Parking, No Garage, Parking Lot

Water Access Desc Public

Roof Type Rubber

Parking Type Additional Parking, No Garage, Parking Lot

Total Parking Spaces 16

Building

Story 3

Foundation Basement

Sewer Public Sewer

Water Public

Level or Stories Three Or More

Construction Status Updated/Remodeled

Schools

School District Cleveland Municipal - 1809

Others

Tax ID 112-15-004

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Special Listing Condition Standard

Listed by Larry R Wanke • Keller Williams Greater Metropolitan • larrywanke@att.net 216-215-1165

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William Mehl

License ID: C2012002205

+1(412) 877-9945

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