31
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$235,000
Est. payment /mo
8 Beds
4 Baths
5,127 Sqft Lot
Pending
6729 Forman AVE Cleveland, OH 44105
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Key Details
Property Type Single Family Home
Sub Type Quadruplex
Listing Status Pending
Purchase Type For Sale
Subdivision A W Morgans
MLS Listing ID 5129112
Bedrooms 8
Full Baths 4
HOA Y/N No
Year Built 1910
Annual Tax Amount $3,996
Tax Year 2024
Lot Size 5,127 Sqft
Acres 0.1177
Property Sub-Type Quadruplex
Property Description
We appraised. We were ready to close and the buyer just disappeared. After 30 days of waiting, his loss is now your gain. This High-yield, turnkey 4-unit property at 6729 Forman Ave was fully renovated less than two years ago with new LVP flooring, modern kitchens and baths, updated mechanicals, and a 2-car garage. This asset is cash flowing now at $2,434/month. Section 8 offers $1129 for 2 bed units in this area, driving the proforma to over $4,400+/month. Expenses run around 40%, keeping your net returns strong, and once fully leased the property projects a cap rate near 20%—rare in today's market. One vacant unit allows for immediate value-add, without capital investment—simply lease it up and raise rents to market. This brings immediate NOI to @25k/year or a 10.6% cap rate. Mechanicals and electric panels are all less than 2 years old! Tenants pay gas & electric. Recent neighborhood sales at 3893 E 57th ($87,500/unit) and 3620 E 59th ($90,000/unit) show the real upside here. Located in a stable Cleveland neighborhood near employers, transit, shopping, and schools—easy to attract and retain quality tenants. Turnkey, low-maintenance, high yield, and poised for fast appreciation. Opportunities like this don't last—contact us today for details and a tour.
Location
State OH
County Cuyahoga
Rooms
Basement Unfinished
Interior
Heating Forced Air
Cooling None
Fireplace No
Exterior
Parking Features Driveway, Detached, Garage
Water Access Desc Public
Roof Type Asphalt,Fiberglass
Garage false
Private Pool No
Building
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
Schools
School District Cleveland Municipal - 1809
Others
Tax ID 132-07-080
Listed by Erin Thomas • Keller Williams Living • Erinthomas@kwcommercial.com, 440-670-2300
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