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4755 Pearl Rd,
Cleveland, OH 44109

$484,900 MLS: 3782602

One of a kind opportunity. Rare mixed use building in the heart of Old Brooklyn on Cleveland's west side. Right on the bus line. Over 23,000 sq ft. Currently operating as a motel and apartment building. The building has 32 motel rooms. 9 One bedroom apartments. 1 Two bed/two bath apartment that sits above a two car garage and has a bonus room that could be used as a third bedroom. 1 two car garage. 1 party room. 1 rec room & 1 commercial laundry room which is open to the residents as well as the public. Other uses include converting the 32 motel suites into studio apartments. Listing agent has spoken to Cleveland council president. The city would be very happy if the building were to be redeveloped into an apartment complex. The cost for this would be roughly $65,000.00. Contact listing agent for full offering memorandum. Cap rate 14.73. Cash on cash return 23.3% OWNER FINANCING AVAILABLE! Owner willing to finance for 15 years with 30% down. (25 year amortized, 7% interest, 1st PAYMENT DEFERRED for 6 MONTHS
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