Turnkey Cleveland Duplex | 9–10% Cap Opportunity
Stabilized Income with Additional Mark-to-Market Rent Upside
Marketing description
Investor Value-Add / Buy-and-Hold Opportunity
10208 Adelaide presents a compelling opportunity to acquire a substantially improved, well-maintained duplex with immediate income and meaningful rental upside. The current ownership has invested significant capital into the property, allowing a new investor to benefit from the improvements without taking on a major renovation or stabilization project.
Both units are two-bedroom apartments, and based on the property’s condition and west-side Cleveland location, projected rents may reasonably approach approximately $1,300 to $1,450 per unit over time. A measured rent-growth strategy—approximately $100 per unit annually as leases renew—could significantly increase gross income, NOI and eventual resale value while avoiding an aggressive one-time adjustment.
Investment highlights
Compelling West Park Investment Opportunity--Featuring two improved two-bedroom units, strong curb appeal and meaningful rental upside. Current ownership has invested substantial capital into the property, allowing a new owner to acquire a well-maintained asset without assuming a major renovation program. With projected rents of approximately $1,350 and $1,450 per unit, the property may generate up to $33,600 in annual gross income and support a projected stabilized cap rate of approximately 9.5%–10.5%.
This is an attractive opportunity for an investor seeking immediate income, manageable operations and long-term value creation through rent growth and continued ownership.
- Projected stabilized cap rate of approximately 9.5%–10.5%
- Two Spacious Two-Bedroom Units + Additional Bonus Space
- Potential Stabilized Rents $1,350 and $1,450PM (Based on MRR*)
- Up to $2,800 in combined monthly rent
- Up to $33,600 in annual gross rental income
- Estimated stabilized NOI of approximately $20,000–$22,000
- Significant capital improvements completed by current ownership
- Very good overall condition with limited immediate renovation exposure
- Opportunity to increase rents methodically as leases renew
- Strong three-to-five-year buy-and-hold profile
- Potential for increased cash flow, principal reduction and future resale value
- Located in an active west-side Cleveland rental market
Listing Contacts
Valuation Calculator
Valuation Metrics
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Is there information that looks off?
