Property Description

Exceptional income-producing duplex generating $6,625 in monthly rental income, currently rented and fully pre-leased with two 12-month leases beginning June 1 to junior-level Case Western Reserve University students. Located just a 5-minute walk from campus in the heart of University Circle?one of Cleveland's most sought-after rental markets?this well-stabilized duplex features a 4-bedroom, 2-bath unit and a 5-bedroom, 2-bath unit, ideally suited for student housing with strong demand and consistent occupancy. The current owner has invested approximately $60,000 in improvements, including the addition of a bedroom and full bathroom, renovation of another bathroom, and extensive repairs and fresh paint throughout. Both units are pre-leased at $3,000 and $3,625 per month beginning June 1, providing immediate income continuity and forward growth potential, with junior tenants offering strong likelihood of continued demand. Each bedroom is fully furnished with a bed, desk, mini fridge, flat-screen TV, and window A/C unit, creating a turnkey student housing model that supports premium rents. Landlord pays all utilities including electric, gas, water/sewer, trash and WiFi, an all-inclusive structure that has proven highly attractive to tenants. Financials reflect Gross Annual Income of $79,500, estimated operating expenses of approximately $32,732 (41.2%) including utilities, repairs, management allowance and reserves, and Net Operating Income of approximately $46,768, resulting in an approximate 8.4% cap rate, well above average for this coveted area. Property is currently Lead Safe certified, with certificate provided by seller and included in supplements. Situated near Wade Oval, the Museum District, grocery, dining and campus amenities, this property represents a rare opportunity to acquire a stabilized investment asset in one of Cleveland's premier rental corridors. Showings by appointment with listing agent due to tenant occupancy.

Property Features

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