3240 W 98th St, Cleveland, OH 44102

Summary:

All Brick 17) unit with 5) main street level retail units with high visibility and 12) residential apartment units.

This offering presents a compelling investment opportunity in a mixed-use asset located at 3240 W 98th Street in Cleveland, Ohio. The property comprises 12 well-maintained apartment units and 5 ground-floor retail shops, complemented by a private parking lot at the rear. Situated in a vibrant and accessible neighborhood, this asset is poised for strong returns due to its strategic location and the robust Cleveland metropolitan market.

Location & Accessibility:

The property boasts an exceptional location, offering residents and retail tenants unparalleled connectivity. It is a short commute to downtown Cleveland, providing easy access to the city's major employment centers, cultural attractions, and entertainment venues. Furthermore, the asset benefits from its proximate location to major highways and transportation routes, facilitating convenient travel throughout the greater Cleveland area. Public transportation options are readily available, ensuring ease of access for all occupants.

Investment Highlights & Market Dynamics:

The Cleveland metropolitan area has demonstrated a strong and consistent performance in the multi-family and commercial real estate sectors over the past 12 months, making this an opportune time to invest. Recent comparable sales of multi-family assets in the vicinity underscore the area's desirability and increasing property values.

Strong Rental Demand: Cleveland continues to experience steady demand for rental housing, driven by a growing job market and an attractive cost of living compared to other major Midwestern cities.

Retail Synergy: The five ground-floor retail units provide a diversified income stream and cater to the daily needs of the surrounding community, ensuring consistent tenant occupancy and revenue.

**Value-Add Potential: With a strong foundation and a desirable location, there is potential for value-add enhancements to further optimize rental income and property appreciation.

Attractive Rate of Return: Based on current market conditions and projected income streams, investors can anticipate a competitive rate of return, making this a financially sound acquisition.

Why Invest in Cleveland, OH?

Cleveland's resurgence as a dynamic economic hub makes it an increasingly attractive market for real estate investors:

Economic Growth: The city's diversified economy, with strong sectors in healthcare, education, manufacturing, and technology, provides a stable employment base.

Affordability: Cleveland offers a significantly lower cost of living compared to national averages, attracting residents and businesses alike.

Infrastructure Investment: Ongoing public and private investments in infrastructure, transportation, and urban development continue to enhance the quality of life and business environment.

Cultural & Recreational Amenities: A rich cultural scene, numerous parks, Lake Erie access, and professional sports teams contribute to a high quality of life for residents.

Surrounding Amenities:

The property's location provides convenient access to a wide array of shopping, dining, and essential services. Major retail centers, including Home Depot and Target, along with various grocery stores, are easily accessible on W 117th Street, enhancing the appeal for both residents and retail tenants.

**Value Add:

Charge back tenants for services received due with rent:

- Utility Charge Back: Local investors have now begun charging back tenant(s) $50 - $75 a month for owner paid utilities

Ex: 17 units x $50 = $850 mo. or $10,200 annual utility income to reduce utility costs

- Parking Space $ 25 month per parking space

Ex: 15 spaces x $25 = $375 mo. or $4,500 annual

- Rents below market average - See rental comps for Studio, 1 bed and 2 bed in area.

With some minor adjustments in charge back and rent adjustments can bring in additional $14,700 annually.