4387 Center Street
Willoughby, OH 44094

Property Description

(please note that seller has accepted an offer and we are just getting signatures) Cash flowing apartment complex! Fully occupied, 6 unit building providing a roughly 10% cap rate. 3 of the 6 units are 2 bedrooms bringing in $1,200 per month, 2 units are 1 bedrooms with each bringing in $1,000 and the last unit is a small efficiency apartment bringing in $700 with a total annual of $75,600. Total annual expenses of roughly $20,700 includes taxes, insurance and maintenance. This beautiful, freshly painted building reminds people of New Orleans, or other buildings not typical of Cleveland. Nestled in the incredibly beautiful city of Willoughby Ohio, and even within the historical corridor of Willoughby, this is a sure bet for future investors. This is truly a prime location for continued solid occupancy rates, where neighbors stroll on walks all day and night. Currently rented with tenants who take pride in their units as reflected in the pictures. They pay all of their own utilities. Most of the washers and dryers remain, however some tenants have purchased their own. Each unit has their own off street parking spot. Some have parking behind the building. Each unit except one has their own basement space for storage and laundry. Beautiful wood floors throughout most of the units. Proof of funds and/or preapproval prior to any showings. 48 hour minimum notice and may not be able to see all units until under contract. Prefer weekend showings.