11226 Ashbury Avenue, Cleveland, OH 44106

Property Description

We are proud to list this cash cow opportunity for an investor. Currently Owner owns over 100 units in the Case Western Reserve neighborhood and rents all of them to Students only at 700-750 per bedroom. Case Western has a shortage of student housing so the Owner rents all by bedroom usually with a group of friend's. All leases start 6/1 even though most student are not back to school till August. Investors need to start advertising and renting units out by April. This is a cash added value property giving a new investor around 7 months of some growing pains, but breaking even with a couple bucks profit a month. Currently one side is rented to 4 young ladies at 700 per bedroom and all remodeled and owner added 2nd bath, however the other side is an elderly women who has lived as a tenant in several of owners' homes. Owner will move her to another property. Probably wise to have it vacated around March will need a light rehab, intense cleaning and add a 2nd bath approx 20K If you take all units to 750 June 1st here is how your financial will look Annually income 72,000 with 35% expenses -25,200 and after debt svs of 21,528 annually at 75% LTV gives you an NOI of 25,272 annually which will give you over 25% cash on cash return on your initial investment