Listed By
Agency Name: Russell Real Estate Services
Agency Contact: tal@premierclevelandinvesting.com, 216-870-8687
Shown By
Agency Title: Cutler Real Estate
Agency Phone: 888-763-7575
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Property Description
Investor's dream meets house-hacker's paradise! This fully updated three-unit gem is just minutes from the vibrant Coventry Village, offering both strong returns and endless flexibility. The first-floor unit is a spacious 3-bed, 1-bath leased for $1,500/month, while the freshly vacated second-floor 3-bed, 1-bath (previously rented at $1,800/month) is move-in ready, perfect for an owner-occupant to live in comfort while your tenants pay the mortgage. The third unit, a charming 1-bed, 1-bath Airbnb/midterm rental, averages $1,500/month, giving you multiple income streams and short-term rental upside. Once fully occupied, enjoy an impressive 10%+ cap rate and nearly 15% cash-on-cash return, a true turnkey opportunity whether you're adding to your portfolio or diving into your first investment. With modern updates, central air, reliable income, and unbeatable proximity to shops, dining, and nightlife, this property delivers financial freedom and lifestyle flexibility in one rare package. *Note - County auditor website states that there are 4 bedrooms and 2 bathrooms but the owner states that there are 7 bedrooms and 3 bathrooms. PROPERTY SOLD AS-IS WHERE IS.
Property Features
Property Type: Multi Unit - Multiple
Basement: Full
Basement: Yes
Cooling: Central Air, None
Days on Market: 84
Garage: 2
Heating: Forced Air
Lot Size: 0.11 Acres
Roof Type: Asphalt, Shingle
Stories: 3.0
Taxes: $9,662 / year
Year Built: 1912
Feature Descriptions
Exterior: Frame
Parcel#: 684-33-063
Parking: Detached, Garage, On Site, Paved
Sewer: Public Sewer
Water: Public
Local Schools
School District: Cleveland Hts-Univer - 1810
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Estimated Payment
$ 2,589.05 per month $1,683.26 Principal & Interest $805.17 Property Tax $100.63 Homeowner's InsuranceChange Payment Information
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1683 Colonial Drive | MLS# 5168272
This multi-family property located at 1683 Colonial Drive, Cleveland, OH 44118 is currently listed for sale with an asking price of $345,000. Colonial Drive is located within the Cleveland Hts-Univer - 1810 school district. Search Cleveland real estate on www.cutlercigroup.com today.