4237 Rocky River DR Cleveland, OH 44135
0.6 Acres Lot
UPDATED:
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Rockport Homes
MLS Listing ID 5083766
HOA Y/N No
Year Built 1948
Annual Tax Amount $24,729
Tax Year 2024
Lot Size 0.603 Acres
Acres 0.6026
Property Sub-Type Apartment
Property Description
Come SEE this all brick 2 story - 15) unit property which consists of 8) large 2 - Bedrooms / 1 Baths units and 7) 1- Bedrooms / 1 Baths units. This asset offers a rare opportunity in a highly sought-after westside location near public transportation, major highways, and job hubs such as Cleveland Hopkins International Airport and Cleveland Clinics Fairview Hospital.
Most units have been updated - featuring refinished hardwood floors in living spaces, new LVP flooring in kitchens and tiled bathroom floors and surrounds, added LED lighting in several units along w/ upgraded breaker panels.
Several units are achieving market rents of $850 per 1) Bed & $975 per 2) Beds these are strong rents for area.
UPDATES:
Newer shingled roof (full tear-off) and added insulation 5/2022, roughly 10 units have had full renovations, and the balance of the units have been nicely updated.
Mechanicals: Boiler was rebuilt in 2023, along with about 65% cast iron feed & return lines, Boiler Tech Added: Weil McLein low water shut-off, auto water feeder, Tekmar Boiler Smart Control with int. / ext. sensors for water/gas efficiencies.
Cosmetics & Interior Common: 2023 main entry vestibules, hallway flooring 2x 2 carpeted tile, low consumption water fixtures.
Exterior Grounds: Sealed and striped parking lot in 2022 as well as two sewer stacks replaced from basement to attic.
Property offers private off-street parking at 1:1 for tenants.
Income Opp: (20) storage units ($10 ea. x $20 or $2,400 annual) & laundry for added income estimated at $1,300 annually.
Investor can add value by with soft rentals increases on longer-term tenants.
This property is well-positioned for long-term success w/ projected proforma income of $ 168,580
Don't miss this opportunity for a solid, passive investment in Cleveland's vibrant Kamm's Corner neighborhood.
Ask to see the “Actual and Proformas” financials for this asset.
Location
State OH
County Cuyahoga
Rooms
Basement Apartment, Full, Concrete, Partially Finished, Walk-Up Access, Walk-Out Access
Interior
Heating Hot Water, Steam
Fireplace No
Exterior
Parking Features Additional Parking, Asphalt, On Site, Paved, Parking Lot, Private
Fence Wood
Water Access Desc Public
Roof Type Asphalt,Fiberglass,Pitched
Total Parking Spaces 15
Building
Story 2
Foundation Basement, Block
Sewer Public Sewer
Water Public
Level or Stories Two
Schools
School District Cleveland Municipal - 1809
Others
Tax ID 027-09-003
Acceptable Financing Cash, Conventional, 1031 Exchange
Listing Terms Cash, Conventional, 1031 Exchange
Special Listing Condition Standard