1471 E 118th StreetCleveland, OH 44106

Property Description

FULLY OCCUPIED 10 bedroom duplex in the heart of the thriving University Circle area!! This high performing duplex currently generates almost $65K in annual GROSS INCOME and over $55K in NET INCOME  yielding a 11.12% CAP RATE (details available upon request).  With strong cash flow and a premium location that is within minutes to CWRU (CWRU Safe Ride stop is only a few houses away), and convenient to University Hospitals, Cleveland Clinic, VA and Cleveland Institute of Music in an area that is GROWING in demand, this remodeled duplex is the perfect addition to any portfolio. The FURNISHED right side of duplex is currently fully leased by the room to students through August 15, 2026, generating $3130/mo. in rent.  The left-side duplex features the same spacious 5 bedroom/2 bath layout and is occupied by a great, long-term CMHA-assisted family that has been in place for 8 years.  The left side unit currently generates $2269/mo. with the tenant responsible for only $81/mo. There is also potential for a CMHA rent increase this November, adding more upside to this already strong-performing asset. Extensive capital investments ensure low-maintenance ownership in future: new roof (2024), new hot water heater on left side (2025), right side gutted and remodeled new everything bathrooms, kitchen, floors, walls, appliances, lighting and fixtures (2024), entire front porch rebuilt (2026), landscaping renovation (2026), left side gut renovated (2017). This is a standout opportunity for investors seeking IMMEDIATE CASH FLOW, strong rental history and long-term appreciation potential in one of Cleveland's hottest rental areas.  Don't miss out on this perfect blend of guaranteed, recession-proof CMHA income and the premium pricing power of furnished student housing! Property will transfer with a valid Lead Safe Certificate.

Property Features

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