560-566 Merritt Ave is a large, vintage pride of ownership 4-plex centrally located in Cleveland Heights. Built in 1925, the 3,334 SF structure is situated on a 3,975 SF lot. The property has an efficient unit mix of 2 large studio units that function as 1-bedroom units & 2 large 1-bedroom units that function as 2-bedroom units. The units avg. approximately 833 SF each. Every unit is individually metered for gas and electric. The property also features a sizable parking area at the back of the building that can fit up to 4 cars. The parking area provides the potential opportunity to add detached accessory dwelling units (ADU) to the property & increase the total unit count. The property is also located in the RU-2 Zoning District which may allow for the addition of units. Current rents are approximately 33% below market rate providing the opportunity to increase the NOI by 114%.
