Buy & Hold (Multifamily): (20 Units) Cliffview, Cleveland, OH 44112 + $990,000
- Promise Land Realty
- 6 minutes ago
- 4 min read
Multifamily Investment Opportunity
Price
$990,000
OFF-MARKET | 20-UNIT MULTIFAMILY | CLEVELAND, OH | $990,000 ($49,500/UNIT)
Projected NOI (100% Occupancy): $80,977
Pro Forma Cap Rate: 8.18% at asking price
Historic Occupancy: Strong — remained high even during COVID
Buyer Requirement: Quick-closing CASH BUYERS ONLY — NO FINANCING
Financials:
🏢 PROPERTY OVERVIEW
This 20-unit, all 1-bedroom multifamily asset in Cleveland presents a powerful value-add opportunity with strong historical occupancy and significant upside. The property is in overall decent condition, with the primary known improvement being roof work estimated at $15,000.
The building includes 4 Section 8 units offering guaranteed income and 5 vacant units ready for immediate renovation and lease-up — a major lever for rapid NOI growth.
Asking Price: $990,000
Price Per Unit: $49,500
VALUE-ADD INVESTMENT CASE (Backed by Actual Financials)
Below-Market Rents = Major Upside
Current rents ($600–$700 in some units) lag far behind the 2026 proforma market rents of $950–$995.
Value-Add Strategy: Light interior updates → increase rents to market → unlock significant NOI growth.
Five Vacant Units = Immediate Income Growth
With 5 vacant units, the investor can begin renovations and lease-ups immediately.
At full occupancy, NOI aligns with the proforma projection of $80,977 — and at market rent levels, NOI surpasses that target.
Four Section 8 Units = Guaranteed Rent Stream
The building includes 4 Section 8 units, providing:
Stable cash flow
Reduced delinquency risk
Stronger overall financial performance
This mix creates a balanced and resilient rent roll.
Collections & Tenant Quality Improvements
The rent roll shows arrears and irregularities in some units.
Investor Advantage: Update screening and enforcement → improve collections → stabilize income.
Add RUBS to Increase NOI
Tenants already pay heat and electric — a major operational advantage.
Additional Upside: Charge water/sewer/trash via RUBS → add $4,800–$8,400+ annually to NOI with minimal cost.
Expense Optimization Potential
Expenses shown in the 2026 proforma are already modest, yet opportunities still exist:
Reduce management fees
Improve vendor contracts
Enhance laundry income
Each improvement lifts long-term yield.
Roof Work Identified (Approx. $15,000)
While the property is in decent overall condition, the roof will require attention.
Estimated cost: $15,000
Investors often use this to negotiate improved terms or plan early capex that aligns with a full stabilization strategy.
Strong Forced Appreciation Play
After rent increases, vacancy fill, and RUBS:
Stabilized NOI could reach $95,000–$105,000
At a 7% cap rate → value becomes $1.35M–$1.50M+
Forced Appreciation Potential: $350K–$500K+
PROPERTY FACTS
Units: 20 (all 1-bedroom)
4 Section 8 Units
5 Vacant Units
Building Size: 12,320 SF
Stories: 3
Lot Size: 0.57 acres
Year Built: 1961
Building Class: B
Style: Low-Rise Apartment
Average Occupancy: 85%
Roof Condition: Needs approx. $15K in work
Parking Ratio: 1.62 / 1,000 SF
Zoning: MF-2
OPERATIONS & FINANCIAL HIGHLIGHTS
Projected NOI at Stabilization: $80,977
Pro Forma Cap Rate: 8.18% at $990,000
Tenant-Paid Utilities: Heat & electric
Owner Expenses: Common electric + hot water
Section 8 Units: 4
Vacant Units: 5
Condition: Decent, with $15K roof work needed
Taxes: Low — total assessed value $116,865
Financing: Cash Buyers Only
UNIT AMENITIES
Heating
Full Kitchen
Refrigerator
Oven / Range
TRANSPORTATION ACCESS
Windermere — 6 min
Superior — 7 min
Little Italy / Univ Circle — 9 min
Cedar – University — 12 min
Lee (Green Line) — 15 min
Airport:
Cleveland Hopkins International — 39 min
PROPERTY TAXES
Parcel Number: 117-27-014
Land Assessment: $6,335
Improvements: $110,530
Total Assessment: $116,865
SUBMIT ALL OFFERS & INQUIRIES TO:
Financials:
Property Map
TEAM PROMISELAND DISCLAIMER
This is a confidential off-market opportunity provided exclusively by Team Promiseland. No party is authorized to market or distribute the contents of this listing without express written permission. Unauthorized use or dissemination will result in a $500 penalty per occurrence.
All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. You do NOT HAVE PERMISSION to market this property WITHOUT EXPRESSED WRITTEN CONSENT. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. Realtors add your fee on top.
OFFICIAL PROMISELAND LENDING PARTNER
100% Financing for Rehab Projects
Powered by Residential Capital Partners
ResCap is a direct private lender offering zero-money-down loan options for 1-4 unit residential investment flips & rentals across the U.S.
🔹 100% Financing – Covers purchase + rehab
🔹 Fast Closings – ~10 days
🔹 Credit Requirements – 620+ FICO (Rehab), 660+ FICO (DSCR)
🔹 Loan Size – $75K–$1.25M
🔹 Rates – 10.9%–11.9% | 2–3% origination | 1st lien
🔹 Serviced In-House | Virtual Inspections | No Owner-Occ or Rural Props
Nationwide Coverage (Excludes: AK, AZ, NV, PA)
Proof of Funds Available
This listing is proudly sponsored by Residential Capital Partners – trusted lending for the nation’s best flippers.
For more info email sarter@promiselandrealtyllc.com or text (864) 762-2509
Permission to Market Promiseland Deals
Personalized Support from the Promiseland team
1,000+ Vetted Cash Buyers to move your deals faster
Start playing to win. Join TEAM PLR PLAYMAKER today.
Exclusive Connections to Funding Sources
Equity Partnership Opportunities
Direct Access to REO Asset Managers
Apply now and scale with TEAM PROMISELAND
The #1 Source for Off Market Real Estate.
PROMISE LAND REALTY LLC
Work: 864-762-2509