Description
This 6-unit mixed-use property on East 185th Street offers a rare combination: four commercial storefronts and a residential duplex on the same lot, priced at just $45,000 per door. One commercial unit is vacant and ready for immediate lease-up, while the occupied spaces are well below market rent, creating a clear path to stabilization. The duplex units are currently leased at $575 and $625 per month, with market rents closer to $850. The commercial spaces average $700-750 against an $800 market rate. A brand-new roof was just installed on the commercial building, eliminating a major capital expense for the next owner. With proforma numbers showing a 12%+ cap rate and over 19% cash-on-cash return, this is a straightforward value-add play in a high-traffic corridor just outside Euclid.
Details
| MLS # | 5187357 |
|---|---|
| Listing Type | For Sale |
| Style | Mixeduse |
| Sub-Type | Resale |
| Status | Active |
| Year | 1927 |
| Days On Site | 193 |
| Listing Provided By | Russell Real Estate Services | Tal Tamir |
Features
| Units | 6 |
|---|---|
| Building(s) | 2 |
| Acreage | 0.16 |
Parking
| Parking Features | Asphalt |
|---|
Taxes
| Tax Annual Amount | 5454 |
|---|
Area Information
| State | OH |
|---|---|
| County | Cuyahoga |
| City | Cleveland |
| Zip Code | 44119 |
| Listing VS Median (in 44119) | |
Price: $250,000 low | high Med: $147,000 On site: 193 low | high Med: 64 | |
Market Activity 44119
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Learn More About This Property
| State | OH |
|---|---|
| County | Cuyahoga |
| City | Cleveland |
| Zip Code | 44119 |
| Listing VS Median (in 44119) | |
Price: $250,000 low | high Med: $147,000 On site: 193 low | high Med: 64 | |