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4387 Center ST Willoughby, OH 44094
5,998 Sqft Lot
UPDATED:
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Sorter Surv
MLS Listing ID 5230413
HOA Y/N No
Year Built 1950
Annual Tax Amount $8,700
Tax Year 2025
Lot Size 5,998 Sqft
Acres 0.1377
Property Sub-Type Apartment
Property Description
Cash flowing apartment complex! Fully occupied, 6 unit building providing a roughly 10% cap rate. 3 of the 6 units are 2 bedrooms bringing in $1,200 per month, 2 units are 1 bedrooms with each bringing in $1,000 and the last unit is a small efficiency apartment bringing in $700 with a total annual of $75,600. Total annual expenses of roughly $20,700 includes taxes, insurance and maintenance. This beautiful, freshly painted building reminds people of New Orleans, or other buildings not typical of Cleveland. Nestled in the incredibly beautiful city of Willoughby Ohio, and even within the historical corridor of Willoughby, this is a sure bet for future investors. This is truly a prime location for continued solid occupancy rates, where neighbors stroll on walks all day and night. Currently rented with tenants who take pride in their units as reflected in the pictures. They pay all of their own utilities. Most of the washers and dryers remain, however some tenants have purchased their own. Each unit has their own off street parking spot. Some have parking behind the building. Each unit except one has their own basement space for storage and laundry. Beautiful wood floors throughout most of the units. Proof of funds and/or preapproval prior to any showings. 48 hour minimum notice and may not be able to see all units until under contract. Prefer weekend showings.
Location
State OH
County Lake
Rooms
Basement Full, Sump Pump, Unfinished
Interior
Heating Forced Air, Gas
Cooling None
Fireplace No
Exterior
Parking Features Assigned, Off Street
Water Access Desc Public
Building
Story 2
Sewer Public Sewer
Water Public
Level or Stories Two
Schools
School District Willoughby-Eastlake - 4309
Others
Tax ID 27-A-025-0-00-030-0
Special Listing Condition Standard
Listed by Mary A Markulis • The Agency Cleveland Northcoast • mary.markulis@theagencyre.com, 330-618-2118