17
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$702,000
Est. payment /mo
3,885 Sqft Lot
New
9223 Adams AVE Cleveland, OH 44108
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Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Superior Park 04
MLS Listing ID 5246481
HOA Y/N No
Year Built 1926
Annual Tax Amount $3,499
Tax Year 2025
Lot Size 3,885 Sqft
Acres 0.0892
Property Sub-Type Apartment
Property Description
Turnkey, as-is Cleveland multifamily portfolio featuring 4 duplexes / 8 total units offered at $702,000. The properties are clustered on Cleveland's east side, providing investors an opportunity to acquire immediate scale with efficient management and maintenance across the portfolio.
More than $120,000 in capital improvements have been completed, including a combination of roofs, furnaces, hot water tanks, Lead Safe certifications, plumbing/sewer work, porches, gutters, windows, cabinets, appliances, and interior renovations. Two properties are fully occupied and producing income, while two are vacant, renovated, and rent ready.
15332 Welton Dr is fully Section 8 occupied at $2,300/mo. 10906 Nelson Ave is fully occupied at $1,680/mo with HUD FMR of approximately $2,140/mo, creating strong rent-growth potential. 3611 E 116th St is rent ready with approximately $2,740/mo in HUD FMR and potential for a 4-bedroom upper-unit conversion. 9223 Adams Ave is rent ready at approximately $2,320/mo HUD FMR and offers significant value-add potential through a possible 5-bedroom upper-unit configuration.
Current blended rents total approximately $9,040/mo or $108,480 annually, with an estimated 9.86% portfolio cap rate. Additional upside remains through rent increases and bedroom-count conversions.
Located near University Circle, Cleveland Clinic, University Hospitals, Case Western Reserve University, Downtown Cleveland, major highways, public transportation, and employment centers. Ideal for investors seeking a turnkey cash-flowing portfolio with existing tenants, rent-ready units, completed capital improvements, and clear value-add opportunities.
Photo Note: Interior photos currently shown are of 3611 E 116th St. Interior photos of 9223 Adams Ave are coming soon.
Portfolio sold as-is. No showings without an accepted offer on occupied units.
More than $120,000 in capital improvements have been completed, including a combination of roofs, furnaces, hot water tanks, Lead Safe certifications, plumbing/sewer work, porches, gutters, windows, cabinets, appliances, and interior renovations. Two properties are fully occupied and producing income, while two are vacant, renovated, and rent ready.
15332 Welton Dr is fully Section 8 occupied at $2,300/mo. 10906 Nelson Ave is fully occupied at $1,680/mo with HUD FMR of approximately $2,140/mo, creating strong rent-growth potential. 3611 E 116th St is rent ready with approximately $2,740/mo in HUD FMR and potential for a 4-bedroom upper-unit conversion. 9223 Adams Ave is rent ready at approximately $2,320/mo HUD FMR and offers significant value-add potential through a possible 5-bedroom upper-unit configuration.
Current blended rents total approximately $9,040/mo or $108,480 annually, with an estimated 9.86% portfolio cap rate. Additional upside remains through rent increases and bedroom-count conversions.
Located near University Circle, Cleveland Clinic, University Hospitals, Case Western Reserve University, Downtown Cleveland, major highways, public transportation, and employment centers. Ideal for investors seeking a turnkey cash-flowing portfolio with existing tenants, rent-ready units, completed capital improvements, and clear value-add opportunities.
Photo Note: Interior photos currently shown are of 3611 E 116th St. Interior photos of 9223 Adams Ave are coming soon.
Portfolio sold as-is. No showings without an accepted offer on occupied units.
Location
State OH
County Cuyahoga
Interior
Heating Forced Air
Cooling None
Fireplace No
Exterior
Parking Features Driveway
Fence Fenced
Water Access Desc Public
Roof Type Asphalt
Total Parking Spaces 16
Building
Foundation Slab
Sewer Public Sewer
Water Public
Schools
School District Cleveland Municipal - 1809
Others
Tax ID 109-02-115
Special Listing Condition Standard
Listed by Kim Lewis • Home Equity Realty Group • garrett.rowan@heqrealty.com; 803-992-1429
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