$450,000
Fully occupied, 5 unit turnkey South Collinwood apartment building bringing in $5,402/month. All units thoroughly renovated and all units are 100% subsidized by either CMHA or Eden and are generating top of the market rents. All units have recently passed the CMHA / Eden pre-tenancy inspections and is lead safe certified through 8/16/2026. Each unit is submetered for electric and gas with their own furnaces and hot water tanks. Two furnaces and 3 water tanks recently replaced too. Landlord pays for water / sewer, trash removal, and common area electric. The owners were considering converting the attic to a studio apartment, and the basement is massive with room for another unit, so there's room for an enterprising investor to increase the rent potential by adding another unit or two.
Rents for each unit are as follows:
Unit #1: 3/1. $1,202/month rent fully subsidized by Eden.
Unit #2: 3/1. $1,300/month rent fully subsidized by CMHA.
Unit #3 3/1. $1,300/month rent fully subsidized by CMHA.
Unit #4: 2/1. $850/month rent fully subsidized by Eden.
Unit #5: 1/1. $750/month subsidized by CMHA.
This low maintenance turnkey property is the perfect portfolio builder for investors who are looking to sit back and collect the rent checks. This building may be purchased on its own, or in a package deal two other nearby turnkey properties; a duplex and a single family home. No seller financing. No wholesalers. Offers with assignment clauses will be rejected. See broker remarks or email broker for a video walk through of the property.
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C. Timothy Murphy III
837 Wayside Road, Cleveland
Listing Courtesy of : C. Timothy Murphy III ---- CTM Organization LLC
