10731 Elmarge Avenue, Cleveland, OH 44105

Property Description

Welcome to this great investment opportunity! This rare and fully occupied side-by-side duplex, boasts an over 10% cap rate AS-IS, delivering nearly 20% cash-on-cash return. Each of the well-maintained units features a 2-bedroom and 1-bathroom layout, occupied by dependable Section 8 tenants. With a combined gross rent of $1,716 per month – $910 from one tenant under lease until February 2024 and $806 from the other, who has resided here for many years on a month-to-month lease – this investment is primed for continued stable returns. The savvy investor will appreciate the tenant-paid utilities, with occupants responsible for electric and gas while the owner covers water and sewer expenses. Mechanicals are in excellent condition, showcasing furnaces dating from 2007 and 2013, along with hot water tanks from 2012 and 2022. The property’s roof is currently in the middle of its life expectancy and is still in great condition. With various updates completed over the years, this duplex promises a secure and lucrative investment opportunity for those seeking reliability and long-term value. Don't miss your chance to own this income-generating asset!