3181 38Th St Cleveland, OH 44109

Property Details for 3181 38Th St

Property type

Residential income homes

Description

This exceptional investment opportunity presents a portfolio of 99 single-family rental homes located in Cleveland, Ohio, within Cuyahoga County. Priced at $17,020,000, this Class C multifamily property boasts a strong 7.90% cap rate and a Net Operating Income (NOI) of $1,343,100. All 99 units are currently rented and professionally managed by a company with over 75 years of combined experience managing more than 425 local properties. The portfolio offers a turnkey investment solution with recently rehabilitated properties. Significant capital improvements have been made, exceeding typical interior renovations. These improvements include roofs with a minimum of 15 years of remaining useful life (or replaced), hot water tanks and furnaces less than 10 years old (or replaced), updated electrical panels compliant with current code, vinyl window replacements where needed, and exterior paint and siding repairs as necessary. The seller is open to selling the entire portfolio, a portion "a la carte," or individual properties, depending on buyer preference. The properties are spread across several addresses in Cleveland, Ohio, with zip codes 44102, 44109, and 44111. This presents a rare opportunity to acquire a substantial, well-maintained rental portfolio in a growing market. Detailed property addresses and further information are available upon request.