$168,750
Strong turnkey, as-is investment opportunity with immediate cash flow and significant value-add upside at 10906 Nelson Avenue in Cleveland. This duplex features two 2-bedroom, 1-bath units and is fully occupied, providing rental income from day one. Current in-place rent totals $1,680 per month, while HUD Fair Market Rent is approximately $2,140 per month, creating a substantial $460-per-month rent gap and clear opportunity to increase income over time.
As currently rented, the property underwrites to an estimated 7.13% cap rate, with the opportunity to increase that to approximately 9.2% at HUD Fair Market Rent using the same expense assumptions. Because the property is already fully occupied and Lead Safe Certified, the value-add opportunity can be captured through future rent adjustments and natural tenant turnover rather than requiring a major renovation or construction project.
Located in Cleveland's 44105 ZIP code, Nelson Avenue offers convenient access to I-77, the Opportunity Corridor, University Circle, Cleveland Clinic, shopping, public transportation, and major employment centers.
10906 Nelson Avenue is also available as part of a four-duplex, eight-unit Cleveland investment portfolio offered at $702,000. The portfolio includes 15332 Welton Dr, 3611 E 116th St, 9223 Adams Ave, and 10906 Nelson Ave, with more than $120,000 in capital improvements completed across the properties, including a combination of roofs, furnaces, hot water tanks, Lead Safe certifications, plumbing and sewer work, porches, gutters, windows, cabinets, appliances, and interior improvements.
For investors looking for a turnkey cash cow with tenants already in place and strong built-in value-add potential, Nelson offers immediate income today with meaningful room to grow rents toward current HUD levels over time. No showings without an accepted offer.
4
Beds
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3
Baths
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5246474
MLS
10906 Nelson Avenue, Cleveland
Listing Courtesy of: Kim Lewis, kim.lewis@heqrealty.com With Home Equity Realty Group
