9223 Adams Avenue, Cleveland, OH 44108

Property Description

Turnkey as-is investment opportunity with strong value-add upside and cash-cow potential at 9223 Adams Avenue in Cleveland. This duplex features two 2-bedroom, 1-bath units and is being delivered vacant and rent ready, allowing the next owner to immediately place tenants and begin generating income. The property is underwritten at $2,320 per month in combined HUD Fair Market Rent, supporting an estimated 10.09% cap rate as currently configured. What makes Adams especially attractive is the combination of turnkey condition today and significant upside tomorrow. The property is Lead Safe Certified and can be operated as-is, while the existing third-floor layout creates a compelling value-add opportunity. The building was previously used as a triplex, and the upper level still includes two additional bedrooms, a full bathroom, kitchen plumbing and electrical, and a great room. This creates a potential path to convert the upper unit into a 5-bedroom unit, increasing achievable HUD rent, or potentially restore an additional income-producing unit subject to current City of Cleveland zoning and approvals. Located in Cleveland's 44108 Glenville area, the property is minutes from University Circle, Case Western Reserve University, Cleveland Clinic, and University Hospitals, providing convenient access to some of Northeast Ohio's largest employment centers. 9223 Adams Avenue is also available as part of a four-duplex, eight-unit Cleveland investment portfolio offered at $702,000. The portfolio includes 15332 Welton Dr, 3611 E 116th St, 9223 Adams Ave, and 10906 Nelson Ave, with more than $120,000 in capital improvements completed across the portfolio. For investors seeking a turnkey cash-flowing asset with strong value-add potential, Adams offers the ability to operate the property as-is while retaining multiple opportunities to increase future rental income and overall property value.