Property Details for 11107 Detroit Ave

Year built

1920

Lot size

1.79 lot acres

Property size

20,646 SF

Property type

Commercial real estate

Description

This exceptional value-add opportunity presents a 28-unit apartment building situated at 11107 Detroit Avenue, Cleveland, OH 44102. The property, encompassing 20,646 square feet across two, three-story buildings on a 1.79-acre lot, is currently vacant. Built in 1920, the building is classified as Class C and zoned GR-C2 (General Retail). Significant work has already commenced, including demolition, roof repair, and the completion of architectural plans and scopes of work from multiple contractors. The property boasts a current NOI of $245,000, with a projected NOI of $245,000 post-rehabilitation. The asking price is $1,150,000, representing a price per square foot of $70.23 and a price per unit of $41,071.43. The net rentable square footage is 17,697 square feet. The projected gross rent after rehabilitation ranges from $390,000 to $440,000, leading to an expected cap rate of 11% to 13%. Seller financing is available up to 75% loan-to-value. The property requires further investment of approximately $800,000 to $1,200,000 to complete the necessary plumbing, electrical, HVAC, and finish work. This substantial investment will unlock the building's full potential, with projected post-rehab rents of $1,050 to $1,100 for one-bedroom units and $1,300 to $1,400 for two-bedroom units. The after repair value (ARV) is projected at $4,000,000 based on a 7.5% cap rate. This property offers a significant return on investment for a savvy developer.

Location Insight

City

Cleveland

County

Cuyahoga

State

Ohio

Longitude

-81.764376021053

Latitude

41.482490478907