11226 Ashbury AvenueCleveland, OH 44106

Property Description

Exceptional investment opportunity generating $6,625 in monthly rental income and fully occupied with two 12-month leases beginning June 1 to junior-level Case Western Reserve University students. Located just a 5-minute walk from campus in the heart of University Circle?one of Cleveland's most sought-after rental markets?this well-stabilized duplex features a 4-bedroom, 2-bath unit and a 5-bedroom, 2-bath unit, ideally suited for student housing with strong demand and consistent occupancy. The current owner has invested approximately $60,000 in improvements, including the addition of a bedroom and full bathroom, renovation of another bathroom, and extensive repairs and fresh paint throughout. Both units are pre-leased at $3,000 and $3,625 per month, providing immediate income continuity and forward growth potential, with junior tenants offering strong likelihood of continued rental demand. Each bedroom is fully furnished with a bed, desk, mini fridge, flat-screen TV, and window A/C unit, creating a true turnkey, move-in-ready student housing model that supports premium rents. Landlord pays all utilities including electric, gas, water/sewer, trash, and WiFi, an all-inclusive structure that has proven highly attractive to student tenants. Financials reflect Gross Annual Income of $79,500, estimated operating expenses of approximately $32,732 (41.2%) inclusive of utilities, repairs, property management, and reserves, and Net Operating Income of approximately $46,768, resulting in an estimated 8.1% cap rate. Property is currently Lead Safe certified, with certificate provided by seller and included in supplements. Situated near Wade Oval, the Museum District, grocery, dining, and campus amenities, this property represents a rare opportunity to acquire a stabilized, high-performing asset in one of Cleveland's premier rental corridors. Showings arranged upon accepted offer due to tenant occupancy.

Property Features

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