9620 Fuller Ave, Cleveland, OH 44104

This Portfolio offers a unique opportunity to acquire five multifamily buildings and a parcel of land on Cleveland’s eastside—totaling 18 units with a diverse mix of studios, 1-, 2-, 3-, and even a 5-bedroom unit.

Currently fully vacant. Once stabilized and repositioned, the proforma cap rate jumps to 33.8%, with gross rental revenue projected at $211,800 annually. Comparable area rents support significant increases—up to $1,100 for 2BRs, $1,350–$1,400 for 3BRs, and $1,750 for the 5BR unit.

Financials at a Glance:

Current monthly income: 0

Proforma Gross Income: $211,800/year

Actual Expenses: $36,544/year (expected to normalize to $53,312 at stabilization)

Proforma NOI: $147,898/year (current NOI is negative)

Projected Cash-on-Cash: 107% | IRR: 178%

Unit Mix: Studios: 4

1BR/1BA: 3

2BR/1BA: 6

3BR/1BA: 3

5BR/1BA: 1

All properties need varying levels of renovation and lease-up, but most major capital expenditures are already factored into the proforma.

Comparable sales in the neighborhood support an ARV around $1.2M with plenty of margin for value creation.

Whether you’re looking to renovate and refinance, reposition and hold, or eventually sell as a stabilized package, this portfolio offers an unbeatable entry point into Cleveland multifamily with major value-add potential and strong projected returns.

Contact Erin Thomas at KW Commercial for the full financials, rent comps, and to schedule a tour. Properties can be purchased individually or as a package..