8415 Detroit Avenue, Cleveland, OH 44102
- $249,900
- 8
- BD
- 4
- BA
- 2,219
- SqFt
- List Price
- $249,900
- Status
- ACTIVE
- Stories
- 3
- MLS#
- 5228504
- Year Built
- 1910
- Bedrooms
- 8
- Bathrooms
- 4
- Living Area
- 2,219
- Region
- Cleveland
- Township
- Cleveland
- Subdivision / Building
- James F Rhodes Allotment
Property Description
Rare Detroit Shoreway value-add opportunity with immediate income and substantial upside. Public records identify the property as a duplex, while three units are currently registered with the City, fully occupied, and generating strong cash flow. The second- and third-floor units were renovated within the past three years, leaving a clear path to increased returns through remodeling the first-floor unit and separately metering gas and electric. The basement was previously occupied as a fourth unit but requires proper egress. Ownership obtained pricing below $5,000 for an egress window, creating the potential to complete this and pursue registration of an additional unit, subject to City approval. Projections show an 11.41% cash return after planned improvements. Ideally located near Gordon Square, Edgewater, Lakewood, dining, entertainment, and major commuter routes. Ownership is simply reallocating capital and passing on the potential as an exceptional opportunity for the next investor to capture the upside.
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Additional Information
- Taxes
- $5,245
- Acres
- 0.14
- Sewer
- Public Sewer
- Roof
- Asphalt, Fiberglass
- Water
- Public
- Garage Spaces
- 2
- Heating
- Dual System, Forced Air
- Cooling
- None
- School District
- Cleveland Municipal - 1809
Mortgage Calculator
Listing Courtesy of: Seth B Task, clientcare@taskteamcle.com With Berkshire Hathaway HomeServices Professional Realty
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