Nelacrest, Oh

Background Info:
Property Address:15951-15991 Nelacrest Rd., E. Cleveland OH 44121
Property Purchase Date:June 2021
Property Purchase Price:1.85M
Diamond Properties LLC Ownership (%)70%
Current Property Status:
Property Operation Status:Operational
Property Debt Structure:$1.9M
Rehab (if applicable) status:75 to 95% complete
Total Rehab cost (Capex):$400K
Current monthly expense (if any):$21K
Property ARV after Rehab:$3.9M
Property Future Outlook:
Property future outlook:Fix and Rent
Outlook detailsMulti Family in nice residential area
Expected Implementation Outlook date:Sept 2023
Expected Rental return Annually2024 proforma $600K (current rev 2023 $420K)
Other details:50 units out of 60 rented. 10 units almost completely updated and ready to rent at current market value. Additional 40 garages to rehab and rent for $100/month.
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