9223 Adams Avenue, Cleveland, OH 44108

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.