ATTENTION OUT OF TOWN INVESTORS!
GREAT CAP RATES IN CLEVELAND !
Are you ready to get into the real estate game?
Want to own your own INSTANT rental empire? Complete landlording business “in a box” with salaried w-2 property manager being paid $1400/month and very happy with that.
Ideal for out of town landlord who wants to get into the real estate game.
Reason for selling:pursuing other business opportunity.
ALL CASH OFFERS ONLY.
NO BANK FINANCING ACCEPTED. NO SELLER FINANCING.
TOTAL PROPERTIES:9
TOTAL UNITS:20 units over 9 properties
ANNUAL RENTAL REVENUE:$155,916 divided by 2(roughly 50% expenses)= $77,958 Net Operating Income
TOTAL BLENDED CAP RATE: 15.56%
PACKAGE DEAL PRICE:$495K (Discounted from $575k if totaled individually)
Can be run as an out of town landlord business. Single employee onsite manages everything.
I own a portfolio of completely rented properties with guaranteed government Section 8 rent on the "West Side" of Cleveland.
The total number of properties is 9(nine) with 20 total units. This is enough to employ ONE full time property manager who I have on board right now and knows every single property and can manage the tenants well. She is super diligent and pays very close attention to detail.
Our property manager is awesome and does a great job of running everything "turn key". She will stay in daily contact with you and handle all of the tenants for you. If you already own other properties, she can manage those for you as well.
This portfolio of properties will only be sold as a package deal so that this property manager can retain her full time position managing these properties. Ideal for an “out of town” landlord.
We have predominantly Section 8 tenants with a mixture of CMHA and Eden tenants. We have some private pay tenants as well, all of whom are paying their rent on time. Rent will be sent electronically by ACH deposit for the Section 8 tenants directly to your bank account.
There are some small copays the tenants make. Our employed property manager goes to meet with each tenant each month and collect these copays. At the same time she gets “eyes on the property” several times each month.
Our property manager knows the whole CMHA and Eden process and often goes down to Eden and CMHA offices to submit paperwork, make adjustments and clarifications. She can teach you the whole process of Section 8 rentals and manage it all for you. Our property manager is “on call” for our tenants 24/7 and responds quickly to all tenant and property issues. You will NOT find another portfolio like this that comes with an employed property manager making the whole business “turn key”.
Many of the properties are NEWLY REHABBED and we can provide contractors invoices/receipts and we can introduce you to the contractor who did all the work and can answer any questions you may have.
Here is the entirety of the property portfolio for sale:
1. 47th street...Ohio City area...4(four) unit NEWLY REHABBED apartment building with additional NEWLY REHABBED single family house ON THE SAME PROPERTY. This four unit building brings in $692, $646,$672 and $642 in government guaranteed rent. The single family home on this same property brings in $1200/month in government guaranteed rent. This property is in the Ohio City area. The TOTAL rental income for this property= $3,852/month which is $46,224/year divided by 2(50% expenses)= $23,112 NOI. The asking price for this property is $150k for a CAP RATE= 15.40%
2. 54th street...Ohio City Area..NEWLY REHABBED FRONT DUPLEX. Repairs done to rear duplex. This property has TWO duplexes on the same property. The duplex in back rents for $450 down unit and $300 up unit. These rents could easily be raised to $550 and $400. The front duplex rents for $550 up unit and $730 down unit. Total rent for the whole property= $1980.00 with annual rental revenue of $23,760/2 for expenses= $11,880. Asking price is $95k for a CAP rate of 12.50%.
3. Tremont area,, Buhrer Avenue Duplex: NEWLY REHABBED UPSTAIRS UNIT. Upstairs tenant brings in $646/month in section 8 rent and the downstairs tenant
who has lived there for 4 years pays $600/month. Total monthly rent= $1246,, annual rent= $14,952/2 = $7476 NOI. Asking price= $50k for a CAP rate of 15%.
4. West 45th Street,, Upstairs tenant pays $500,, downstairs tenant pays $500/month,, both tenants pay on time,, total=$1000/month, annual rent= $12k/2= $6K NOI. Asking price = $40k for a CAP rate of 15%
5. West 30th Street,,, Mother lives downstairs, daughter lives upstairs. Long term tenants. Downstairs very large unit. Downstairs mother pays $750/month and upstairs the daughter pays $400/month, total rent= $1150/ month,, annual rent= $13,800/2= $6,900 NOI,, asking price= $45k for a CAP rate of 15.3%.
6. Single family home Memphis Avenue,, long term tenants, monthly rent= $650/month,, annual rent= $7,800/=$3,900 NOI,, Asking price =$30k for a CAP rate of 13.00%.
7. West 44th Street,, Single family home, NEWLY REHABBED, Section 8 tenants bringing in $760/month,, annual rent= $9,120.00/2=$4,560 NOI,, Asking price $35k for a CAP rate of 13.00%.
8. West 90th Street,, Duplex,,newly rehabbed,, upstairs 4 bedroom unit waiting on rent offer from CMHA but anticipating $950/month,, downstairs two bedroom newly rehabbed anticipating rent offer from CMHA of $580/month,, total monthly rent of $1,530, annual = $18,360/2= $9180 NOI.. Asking price of $55k,, for a CAP rate of 16.6%.
9. University Heights single family home. Blocks away from Whole Foods and Macys. This home sold for over $200k in 2008. We did a NEW REHAB in 2011 and since then have had a stable section 8 tenant who will stay for several more years. Monthly rent= $825/month annual rent=$9,900/2= $4,950 NOI,, tenant pays water,sewer and all utilities which is in the HAP contract. Asking price= $65k for a CAP rate of 7.61%. While the CAP rate on this property is not as high as the others, there is much greater appreciation potential with this property. Has required minimal if any work for past several years. Tenant does a lot of repairs herself. Pretty much a hands off property.
These properties are ONLY BEING OFFERED AS A PORTFOLIO SALE. So we are looking for serious investors only who want to get into the game of real estate investing and build a rental empire.
Please send us an email and we can share more information with you as well as give you a tour of all of the properties being sold together as a portfolio sale. Properties are being offered with EXTREMELY ATTRACTIVE CAP RATES.
NO BANK FINANCING. NO SELLER FINANCING
ALL CASH OFFERS ONLY
Employed property manager comes with package with salary at $1400/month for totally turn key out of town ownership.
Email or call now! This portfolio will not stay on the market long !
216-533-7059 cell
[email protected]
