2646 & 2660 Mayfield Rd

Highlights:

• Premier Location near Cleveland's Largest Employers and Most Popular Neighborhoods
• Ability to Increase Income by Implementing On-Site Parking Fees to Residents
• Current Rents as much as $100 Below Market
• Strong Historical Occupancy
• All Newer Windows & Updated Roofs

Description:

2660 & 2646 Mayfield are offered to the market for the first time ever. An investor has the rare opportunity to obtain 26 units with a full parking lot in one of the area's most popular submarkets. True pride of ownership exists with these long term owners. Situated between Little Italy, Cedar Fairmount, and the Coventry neighborhoods the property is highly desirable and enjoys a lower
vacancy factor due to proximity to University Circle institutions and shopping, dining, and nightlife.
There is potential to add value and increase returns with little to no capital outlay.
First, existing rents are estimated to be $100 below the average market rent parking and heat included. Increasing the average rent by $100 will add over $30,000 to the current net operating income thereby adding an estimated $400,000 in value to the property. Modest upgrades to kitchens and baths would likely yield additional rent above the current market average.

Second, the offering includes a 23 space adjacent parking lot in a city with limited available parking for resident use. Currently, the city of Cleveland Heights leases available municipal space for $115 quarterly, equating to $38 per month. Spaces could be leased to existing tenants or those tenants in nearby buildings for an estimated $45 per month, annually. This would add $1,080 in monthly income equating to $12,960 to the net operating income.

Located on the edge of Cleveland Heights at the intersection of the Coventry, Cedar Fairmount, and Little Italy neighborhoods, the property sits in a highly desirable location with immediate access to the area's largest employers, higher education, as well as, dining entertainment, and nightlife. Known for its cultural richness, the neighborhood is home to a dynamic mix of antique stores, galleries, independent boutiques, and an array of coffee shops, providing an ideal atmosphere for those seeking a creative, walkable environment.

The neighborhood is just minutes away from some of Cleveland’s top educational institutions, including Case Western Reserve University, one of the nation’s premier research universities, the Cleveland Institute of Art, which fosters an artistic community with world-class programs, the Cleveland Museum of Art and the Museum of Contemporary Art.

For those in the medical field or with healthcare needs, the property is ideally situated near the renowned Cleveland Clinic and University Hospitals, two of the nation’s leading medical centers. The location provides easily access to medical professionals or those who require close proximity to high-quality care, research facilities, and specialized medical services just a short drive away.

Tenants responsible for electric service. Landlord responsible for heat, water, sewer utilities.