4237 Rocky River DR Active Save Request In-Person Tour Request Virtual Tour
Cleveland,OH 44135
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
Investment Opportunity in Prime Kamm's Corner Location!
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