7511 Jeffries Avenue | Garfield Heights
Discover this exceptional, income-generating property that offers both stability potential for growth. This meticulously updated mixed-use asset features two fully renovated residential units (side-by-side duplex) and three commercial garage spaces currently leased to a long-term tenant\u2014all generating a total of $3,750 in monthly rent (18% cash on cash)!\r\n\r\nEach residential unit has undergone a comprehensive renovation, including: Brand new flooring \u002B fresh paint, Updated light fixtures and modern hardware, Refinished ceilings \u002B complete kitchen \u002B bath remodels, New furnaces \u002B hot water tanks, Updated electrical panels, newer sump pump, Numerous newer windows and Newer Roof! Exterior highlights include durable vinyl siding, private entrances, \u002B a partially fenced backyard. The property also boasts a large parking lot,\u002B with two dedicated spaces per residential unit, and additional open land at the rear offering added privacy\u2014an ideal feature on a quiet dead-end street. Residential Unit B includes a refreshed basement with generous storage \u002B is currently rented on a 1-year lease at $1,250/month starting May 15. Residential Unit A is rent-ready and currently vacant, offering the flexibility to place your own tenant. (A prospective tenant is already identified and ready to pay $1,000/month, if the buyer chooses.) The commercial component consists of 3 garage bays (used as an auto/mechanic shop) leased together at $1,500/month on a new five-year lease beginning June 1 with 3% annual increases. The garage also includes a private office, \u002B the tenant\u2014who has been occupying the space for over six years\u2014has expressed interest in staying on as property manager for just $200/month, representing approximately 5% of gross income. Each residential unit is separately metered, \u002B property will be delivered Point-of-Sale Compliant! With proximity to parks, major highways, healthcare facilities, retail, dining, \u002B recreation, this is a highly desirable investment in a prime location! MLSNow 5117454
Directions to property: West off of Warner Road, from Broadway Avenue.
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