12 Residential Units w/2 Commercial Store Fronts – Cash Cow For Sale

  • $450,000
  • 7462 sqft

We are not just here to sell properties.  We are here to help average or newbie investors find great real estate cash-flowing deals in good areas with analysis and income projections done for you!  Contact us for a FREE consultation today.

Property Features
• 11615 Lorain Ave: 12 residential units
• 11619 & 11621 Lorain Ave: 2 Commercial units + Vacant (soon to be occupied)
• Tenants have own furnaces and pay their own gas and electric
• Each unit has new breaker box
• Building passed safety compliance inspected last year
• New smoke/carbon monoxide detectors in all units
• Laundry on site

Property Details
• 12 units / 1-bed & 1 bath each
• 1 commercial / restaurant occupied
• 1 commercial / vacant, soon to be occupied
• Building size: 11,224 sqft
• Lot size: 7,462 sqft
• Built in: 1930
• Parking: Lot / Street
• Laundry: Yes

 

Income:

Current Monthly Rents – All One Bedrooms Units (We can help place higher-paying tenants)

1. $450
2. $450
3. $350
4. $450
5. $375
6. $400
7. $400
8. $400
9. $375
10. $425
11. $400
12. $450

 

Monthly residential rent: (All units presently occupied)
• 11621 Lorain Ave (12 res. units): $4,925.00
• 11621 Lorain: Mofongo Restaurant $750.00
• Gross total income: $5,675.00
• 11619 Lorain Ave projected monthly rent: $1,500.00
• Projected Gross total income $7,175.00

 

Annual projected rent (fully rented) $86,100.00

 

Other Income
• Laundry $3,000
• Application Fees $200
• Total other income $2,550
• Total Gross Income $89,700

 

Expenses          Monthly               Annual
Advertising          $16                   $200                 2 months of ads in total
Cleaning               $100                 $1,200
Taxes                    $600                  $6,500
Insurance            $500                  $6,000
Landscaping        $83                  $1,000           snow removal and grass
Water and Sewer    $1,000              $12,000     $600 water & $400 sewer monthly
Electric               $100                   $1,200                common areas
Gas                       $100                 $1,200                hot water only
Garbage              $300               $3,600
Pest Control          $42                 $500                   2x per year
PM                        $545                   $6,544               PM @ 8%
Rental Registration $16                 $200
Professional / Legal $25                $300
V/M                        $734                 $8,805                     year: 5% vacancy / $340 repairs per unit
Totals                       $4,337               $49,249
Net Cash Flow:              $2,338           $40,451

 

Cap Rate: 8.98% (current, read below)

 

*Game play… Each unit is under market rents. Section is currently paying $550 and Eden is paying $640 per 1 bedroom units. When a tenant moves out, you replace with Eden/Section 8 and increase rents.
Let’s say between the two agencies you average $600 per unit… $7,200 gross rents. Rents go from $4,925 to $7,200.

 

Res. $7,200 x 12 = $86,400

Com. $750 + $1,500 = $2,250 x 12 = $27,000

27,000 + 86,400 = $113,400 Gross Annual Income

$113,400 – $49,249 = $64,151 Net Income

Once optimized cap rate will be 14.25% / net cash flow $64,151

We can help place higher-paying tenants

*ROI is determined by cash flow, market appreciation, tax savings, principal pay down, and rental income. Past performance is no guarantee of future results and individual results may vary. The information and any statistical data contained herein have been obtained from sources which we believe to be reliable, but we do not represent that they are accurate or complete, and they should not be relied upon as such. All opinions expressed and data provided herein are subject to change without notice. Past performance is no guarantee of future results, and current performance may be lower or higher than the performance data quoted. Results shown here are not typical, results will vary based upon real estate prices, interest rates, creditworthiness and many other factors.

Price:
$450,000
Address:
11615 Lorain Ave, Cleveland, OH 44111
Cleveland, Ohio 44111
Square Feet:
7462
Lot Size:
11224
Terms:
For Sale
Property Type:
Commercial
Year Built:
1930
Const. Type:
Commercial

Call 888-234-9828 for more details

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