Property Description

Strong turnkey investment opportunity at 3611 E 116th Street in Cleveland. This duplex features two 3-bedroom, 1-bath units and is being delivered vacant and rent ready, allowing the next owner to immediately lease the property at current market rents. The property is underwritten at $2,740 per month in combined HUD Fair Market Rent, offering strong income potential with an estimated 12.22% cap rate. The property is Lead Safe Certified and has already received significant improvements, helping reduce near-term deferred maintenance and providing a more streamlined ownership experience. Additional value-add potential exists in the upper unit, where a full walk-up third-floor attic with a permanent staircase creates an opportunity to potentially convert the unit from a 3-bedroom to a 4-bedroom layout, allowing an investor to pursue a higher HUD rental tier without expanding the building footprint. Located in Cleveland's 44105 ZIP code, the property offers convenient access to I-77, I-490, the Opportunity Corridor, University Circle, Cleveland Clinic, shopping, public transportation, and other major employment and amenity centers. This property is also available as part of an attractive four-duplex, eight-unit Cleveland investment portfolio offered at $702,000. The portfolio includes 15332 Welton Dr, 3611 E 116th St, 9223 Adams Ave, and 10906 Nelson Ave, with more than $120,000 in capital improvements completed across the portfolio, including a combination of roofs, furnaces, hot water tanks, Lead Safe certifications, plumbing and sewer work, porches, gutters, windows, cabinets, appliances, and interior improvements. For investors looking to expand their Cleveland rental portfolio, 3611 E 116th offers a compelling combination of turnkey condition, strong projected rental income, Lead Safe certification, and additional value-add potential, while the full portfolio provides the opportunity to acquire eight units at scale.

Property Features

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