2120 Ocoee St Cleveland, TN 37311
- Residential income homes
- 2,500 SF
Current Use by Public Records
- Residential income homes
Property Details for 2120 Ocoee St
- Year built
- 1935
- Property size
- 2,500 SF
- Property type
- Residential income homes
Description
This exceptional multifamily property in Cleveland, Tennessee, presents a unique investment opportunity. The property comprises three fully furnished units – a main house, a basement apartment, and a carriage house – currently generating a combined annual net operating income (NOI) of $64,000, representing a 10.94% cap rate. Each unit is approximately 833 square feet, totaling 2,500 square feet on a 7,650 square foot lot. Built in 1935 and extensively renovated in 2021, the property boasts 100% occupancy as of July 31, 2023, currently operating as a successful short-term rental on Airbnb. The property's commercial zoning allows for flexible use, potentially transitioning to long-term rentals or commercial office space to further increase revenue. Located at 2120 N Ocoee St, Cleveland, TN 37311, this property benefits from its proximity to Lee University, Tennova Healthcare, CHI Memorial Cleveland, and numerous major employers including Amazon, Mars Chocolate, and Whirlpool. The area also offers abundant recreational opportunities, including nearby rivers, state parks, and the attractions of Chattanooga, just 30 minutes away. This turnkey investment offers a strong current income stream with significant upside potential through various operational strategies. The asking price is $585,000, or $195,000 per unit, with a price per square foot of $234. This represents a compelling opportunity for investors seeking a high-yield, versatile property in a thriving Tennessee market.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Cleveland
- County
- Bradley
- State
- Tennessee
- Longitude
- -84.869159114621
- Latitude
- 35.173305439385
