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Rehab-Ready Multifamily 3425 E 128th St 10 Unit Apartment Building $275,000 ($27,500/Unit) 20% Cap Rate Cleveland, OH 44120
INVESTMENT HIGHLIGHTS
- 3425 E 128th St is home to a 10-unit multifamily building delivered vacant to the market and in rehab-ready condition to tap into upside potential.
- The property has low taxes and expenses and modern improvements will enable stabilized occupancy and market-rate rent opportunities.
- Nestled in great residential location that is in the quiet neighborhood of Mt. Pleasant.
- Each unit averages 900 square feet and has a kitchen, tub/ shower bath, living room/ dining room, and bedroom.
EXECUTIVE SUMMARY
3425 E 128th Street presents a 9,000-square-foot brick building on a quiet street across from a church in the Mt. Pleasant neighborhood of Cleveland, OH. The 10-unit multifamily building is rehab-ready to tap into its immense value-add potential. Most walls, floors, and doors are in good condition, but much work is needed to return this asset to its former glory. A (now) repaired leak in the roofs has led to some framing work in addition to the plumbing, kitchens, baths, furnaces, and hot water tanks The property has electricity, but the central meter bases need upgrading. The property has been valued to assume about $200k in rehab. 100 new windows have been installed and boards put up to protect them though a few more are needed Great rental area property should gross about 120,000 a year when cash flowing and net over 90k a year resulting in over a 20% cap rate if rehab and purchase price combined is less than $450,000
This cash-cow property is a great asset with untapped potential. The current owner is a contractor but has too many other projects, so they will reluctantly part with the asset.
Inquire today for more property, rehab, and proforma information.
This cash-cow property is a great asset with untapped potential. The current owner is a contractor but has too many other projects, so they will reluctantly part with the asset.
Inquire today for more property, rehab, and proforma information.
FINANCIAL SUMMARY (PRO FORMA - 2026) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$120,000
|
$13.33
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$120,000
|
$13.33
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$20,000
|
$2.22
|
| Net Operating Income |
$100,000
|
$11.11
|
FINANCIAL SUMMARY (PRO FORMA - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $120,000 |
| Annual Per SF | $13.33 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $120,000 |
| Annual Per SF | $13.33 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $20,000 |
| Annual Per SF | $2.22 |
| Net Operating Income | |
|---|---|
| Annual | $100,000 |
| Annual Per SF | $11.11 |
PROPERTY FACTS
| Price | $275,000 | Apartment Style | Low-Rise |
| Price Per Unit | $27,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.03 AC |
| Cap Rate | 20% | Building Size | 9,000 SF |
| No. Units | 10 | Average Occupancy | 0% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1925/1985 |
| Zoning | LR | ||
| Price | $275,000 |
| Price Per Unit | $27,500 |
| Sale Type | Investment |
| Cap Rate | 20% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.03 AC |
| Building Size | 9,000 SF |
| Average Occupancy | 0% |
| No. Stories | 2 |
| Year Built/Renovated | 1925/1985 |
| Zoning | LR |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 10 | $1,000 | 900 |
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PROPERTY TAXES
| Parcel Number | 130-23-078 | Improvements Assessment | $13,090 (2024) |
| Land Assessment | $1,785 (2024) | Total Assessment | $14,875 (2024) |
PROPERTY TAXES
Parcel Number
130-23-078
Land Assessment
$1,785 (2024)
Improvements Assessment
$13,090 (2024)
Total Assessment
$14,875 (2024)
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VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
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STREET VIEW
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Presented by
Kevin Klein
Rehab-Ready Multifamily | 3425 E 128th St
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