287 156Th St Cleveland, OH 44110

Property Details for 287 156Th St

Year built

1960

Lot size

0.14 lot acres

Property size

5,544 SF

Property type

Apartment buildings

Description

This well-maintained, fully occupied nine-unit apartment building presents a compelling investment opportunity in Cleveland's vibrant Waterloo Art District. The brick structure boasts a total of 5,544 square feet situated on a 0.14-acre lot. Each unit is a one-bedroom, one-bathroom apartment. The property currently generates a substantial monthly gross income of $5,500. Tenants are responsible for their own electricity and gas, while the owner covers water, sewer, and common area electricity. The tenant base is a mix of Section 8 and cash-paying residents, offering stability and potential for future rent increases. Recent improvements include some new plumbing and a roof replacement completed just two years ago. Ample paved parking is available for tenants. This property offers a strong return on investment with its consistent cash flow and strategic location within a thriving arts district. The building's solid construction and recent upgrades minimize maintenance concerns, making it an attractive option for both seasoned and new investors seeking a stable and profitable multi-family investment. The current rent structure provides room for growth, further enhancing the property's long-term value. This is a turnkey opportunity to acquire a well-managed income-producing asset in a desirable Cleveland neighborhood.