9620 Fuller Avenue, Cleveland, OH 44104 For Sale

The Ultimate Cleveland Value-Add Play: 100% Vacant 17-Unit Portfolio + Land.

Price: $525,000 | Projected Proforma Cap Rate: 25%+ | Estimated Rehab: ~$400k. Projected ARV: $1,135,000 ($1.135M or $66,764 / unit).

Stop buying compressed 5% cap rates. This is a blank-canvas, high-yield repositioning play for a serious investor who knows how to force appreciation and build a cash-flow empire from the ground up.

Offering five multifamily buildings and an additional parcel of land on Cleveland's Eastside, this portfolio is priced at an unbeatable entry point of just $30,882 per door. Delivered 100% vacant, you avoid the headache of inherited leases and can move your construction crews in on Day One.

The Portfolio Breakdown: This isn't a scattered single-family list—this is high-density, easily managed multifamily real estate:

1 x 7-Unit Building (Instant scale),

1 x Quadplex (4 units),

3 x Duplexes (6 units total),

1 x Vacant Land Parcel (Development upside or dedicated tenant parking/amenity space).

The Layout Edge: Built for High-Demand 3-Beds

Unlike most portfolios cluttered with hard-to-lease studios, this portfolio's footprint is heavily weighted toward high-demand, low-turnover family layouts. Over 60% of the entire portfolio consists of 2, 3, and 5-bedroom units.

3-Bedroom Units: 6 units (The backbone of the portfolio)

2-Bedroom Units: 4 units

5-Bedroom Unit: 1 unit (An ultra-rare asset commanding premium rents)

1-Bedroom & Studios: 6 units total

The Value-Add Blueprint

Total Asset Control: Delivered fully vacant (sold as-is, where-is), you have the ultimate freedom to renovate to your standards, set top-of-market rents, and screen your own residents.

Tiered Rehab Strategy: Tailor your capital allocation. Some units offer quick, predictable $10-15k cosmetic turns, while the St. Clair units represen a heavier rehab lift and Reno needs all new copper and mechanicals- but thats where the real equity is manufactured. There are violations on many of the units that would be assumed by the new buyer. Total portfolio budget is estimated between $400- 500k.

Substantial Margin: With an acquisition price below previous sold values, you stand to benefit from a downward tax assessment correction. Neighborhood comps support an After-Repair Value (ARV) Over $1,1M , leaving plenty of equity on the table.

Financials at a Glance (The Proforma)

At a $525,000 purchase price, your stabilized projections represent an incredible wealth generator:

• Proforma Gross Income: $211,800/year (~$18,550/month)

• Stabilized Expenses: $53,312–$68,036/year (normalized post-rehab)

• Proforma Cap Rate: 24.4% to 33.8% (based on expense normalization)

• Projected Cash-on-Cash: 107% – 109.5% (Using 20% down)

• Projected IRR: 178%
• Cash Flow per unit : $726/ mo / per unit ( Before Debt service)

Exit Strategy Flexibility: Whether your blueprint is to BRRRR (Renovate, Rent, Refinance, Repeat), hold for long-term double-digit yields, or flip the stabilized package to an institutional buyer, the numbers work aggressively in your favor.

The 7 unit and land can be sold as a seperate package to accommodate financing. The remaining units must all be sold together per the loan.

Contact Erin Thomas at KW Commercial today to request the full financial model, rent comps, and to schedule a property walkthrough.

AREA:

The Fuller Portfolio spans two of Cleveland's East Side value-add corridors, giving investors diversified exposure to two distinct redevelopment narratives at a basis well below replacement cost. The Reno, Prince, and Fuller Avenue properties sit in the Kinsman/Union-Miles submarket, directly adjacent to Cleveland's $330M Opportunity Corridor boulevard project connecting University Circle and the Clinic's job base to I-490 — a decade-long public infrastructure investment actively remaking access and land values along this stretch, with several surrounding census tracts carrying Qualified Opportunity Zone designation (buyers should confirm current parcel-level eligibility with their tax advisor). The St. Clair Ave, E 74th, and E 77th properties sit in St. Clair-Superior, one of Cleveland's most active institutional-investment neighborhoods — minutes from Downtown, the lakefront, and the Health-Tech Corridor, and a long-time target of CDC-driven infill and streetscape investment, with the E 77th land parcel offering a low-cost land-bank/build option investors won't find in stabilized submarkets. Neither corridor trades on curb appeal — they trade on basis, density, and durable rental demand: workforce and Section 8-eligible tenancy, sub-$100/door pricing well under replacement cost, and rent rolls that pencil to double-digit cap rates even before any of the upside these redevelopment corridors are pricing in. This is a portfolio built for investors underwriting cash flow first and optionality second — not a curb-appeal story.