4245 E 167th St Cleveland, OH 44128
42 unit Dynes Village Townhouses For Sale $1,650,000 or $39,285 per unit. Located in the Lee-Miles neighborhood of Cleveland, Ohio, at 4245 East 167th Street, Cleveland, OH. 44128. The Dynes Village Townhouses are an outstanding investment with the opportunity to add value (under market rents). Comprised of 42 “Town Home Style”, 1,200 +/- Sq.Ft. Units, the Dynes Village Townhouses consist of all 3 Bedrooms and 1.5 Bathrooms units in 7 contiguous buildings, built in 1988 on 2 parcels totaling 3.374 Acres.
Out of State Owner Directs Immediate Sale of the Dynes Village Townhouses, Priced to Sell at $1,650,000 or $39,285 Per Unit. Currently 98% Occupied (41/42) with historical strong occupancy. 2019’s Net Operating Income was $172,219 or a 10.44% cap rate at the Asking Price of $1,650,000. Current Net Operating Income based on current rental income and previous annual expenses is $202,715 or a 12.29% cap rate. Projected Cap Rate at 100% Occupancy with units rented at market rents is 13.75%. Landlord is responsible for paying Water and Sewer, common area / rental office Electric. Tenant is responsible for paying Electric and Gas (Heat) Utilities. 19 of the 41 occupied units (46.34%) are subsidized with “guaranteed” rent payments provided by Federal and State Funding for assistance to low income individuals. The potential exists to operate this complex as a “market” (no-subsidy) type of property or to continue to accept Voucher based subsidies, providing a stable, consistent tenant base with “guaranteed” rent payments.
Each Unit has identical floor plans; The Main Floor offers a large Kitchen, Living Area, Laundry Closet, and a Half Bathroom. Three Bedrooms and a full bath on the second floor. Each Unit has its own Forced Air Furnace, Central Air Conditioning Unit, Electric Water Tank, Attached single car Garage, and Individual Concrete Driveways. The exteriors of each building offer T1-11 Siding with Insulated Sliding Windows and Gable Roofs with Asphalt Shingles. An On-Site, Free-Standing Rental Office is a great management benefit, however, it could be renovated into an additional 400 +/- Sq.Ft. Studio Unit to provide additional income.
Dynes Village is located two miles from Kerruish Park; A magnificent 76 Acre green space with an outdoor pool, tennis courts, playground, basketball court, baseball fields, shelter, horseshoe pits, volleyball court, community garden and fields to run and play in. Located just two miles away from the Cleveland Clinic’s main campus and Case Western University and eight miles from Downtown Cleveland, the area is highly served by the RTA Transportation. Also in close vicinity to Interstate 480, servicing multiple Shopping Centers, Dining options, Elementary Schools, Public Library, Recreation Center, and many Places of Worship. Dynes Village benefits from its location, along a residential neighborhood, surrounded by single Family Homes and other Multi-Family Units.