1502 Coventry Rd

Multi-Family for Sale
Catylist Listing ID: 30581890
Number of Units: 21 Units
Building Size (RSF): 21,244 SF
Gross Land Area: 0.73 Acres
Sale Price: $1,149,000
Unit Price: $54,714.29 Per Unit
Property Use Type: Vacant/Owner-User
Sale Terms: Undisclosed
Cap Rate: 7.58%
Last Updated: 2/18/2021

Overview / Comments

Green Bridge Real Estate is proud to offer the 21 Unit Coventry House Apartments located at 1500 and 1502 Coventry Road in East Cleveland, OH 44112 offered For Sale: $1,149,000 ($54,714 per unit). The Coventry House Apartments consists of 6 One-bedroom, One Bathroom suites, 13 Two Bedroom, One Bathroom suites and 2 Studio suites, three stories, all brick, approx. 21,244 Sq.Ft. apartment property built in 1946 and located on .73 Acres. The property is an outstanding investment opportunity with upside potential! Ownership directs Immediate Sale! Laundry Room provides additional income. An RTA Bus Line stop is located directly across the street from the complex. Owner paid heat, Trash Removal and Water / Sewer, tenant paid electric. Projected Net Operating Income at 100% Occupancy is $87,145 or a 7.58% Cap at the Asking Price of $1,149,000. Currently the property is 42% (9 of 21) Occupied. LOCATIONThe Coventry House Apartments are located in the Forest Hills neighborhood adjacent to Forest Hills Park, former home of the Rockefeller estate. This neighborhood borders East Cleveland and Cleveland Heights, Ohio. With easy access to I-90 to the North and Cedar Road to the South, the apartments are only 1.5 miles from Little Italy, Case Western Reserve University and the Cleveland Clinic’s World Headquarters, 6.5 miles from Downtown Cleveland and .25 miles from the Coventry Shopping district, one of the strongest rental markets in Northeast Ohio. RTA Public transportation is also readily available within the neighborhood with numerous bus stops within walking distance. The property benefits from its proximity to Shopping and amenities.

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Additional Details

Nearest MSA: Cleveland-Elyria
County: Cuyahoga
Tax ID/APN: 67226001
Zoning: U2-H2
Total Number of Buildings: 1
Number of Stories: 3

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 23,386 186,170 377,943
Median Age: 38.24 37.68 38.66
Households: 11,611 79,899 161,525
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