Taylor Tudor Apartments & Retail

Multi-Family for Sale
Catylist Listing ID: 30171364
Property Subtypes: Low-Rise/Garden, Mixed Use
Number of Units: 66 Units
Building Size (RSF): 65,000 SF
Gross Building Area: See Agent
Gross Land Area: 0.78 Acres
Sale Price: $2,960,000
Unit Price: $44,848.48 Per Unit
Property Use Type: Investment, Business
Building Name: Taylor Tudor Apartments
Sale Terms: Cash to Seller
Cap Rate: 9.4%
Last Updated: 12/11/2018

Overview / Comments

Green Bridge Real Estate is pleased to offer the Taylor Tudor Apartments, a Three Building, 44-unit apartment building with 22 Commercial / Retail Suites located at 1908-1946 South Taylor Road in Cleveland Heights, Ohio 44118.
Built in 1927, the mixed use buildings are comprised of an approx. 65,000+/- Total Sq.Ft. in Three Buildings, all brick, Three floor buildings located on 0.78 +/- total acres. Each building can be purchased individually or in bulk.
1908 South Taylor consists of Twelve 1 Bedroom, 1 Bathroom units and Six 900 Sq.Ft. Commercial / Retail Units, Currently 77.78% Occupied, offered at $840,000;
1912-26 South Taylor consists of Sixteen 1 Bedroom, 1 Bathroom units and Eight 900 Sq.Ft. Commercial / Retail Units, Currently 58.33% Occupied, Commercial Tenants include H&R Block, offered at $1,120,000;
1932-46 South Taylor consists of Sixteen 1 Bedroom, 1 Bathroom units and Eight 900 Sq.Ft. Commercial / Retail units for a total of 44 Units and 22 Commercial / Retail units, Currently Vacant and in need of renovation offered at $1,000,000.

Owner paid Gas, Water & Sewer, Tenant paid electric. 23 Total Parking Spaces, secured entrances. Located next to the Hebrew academy of Cleveland and Cain Park. Out of Country Ownership directs Immediate Sale. Fantastic Value Add Opportunity. Recent Capital Improvements include a new boiler. Opportunity to significantly increase income by increasing current Rents to Market Rates. Ideal renovation project. The Bulk Projected Net Annual Operating Income at 100% Occupancy is $278,242 or a 9.40% Capitalization rate at the asking price of $2,960,000 ($44,848 per unit).

Located just four miles away from the Cleveland Clinic’s main campus and three miles from Case Western University. The area is highly served by the RTA Bus lines.

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Additional Details

Nearest MSA: Cleveland-Elyria
County: Cuyahoga
Taxing Authority: Cuyahoga County
Tax ID/APN: 684-26-011, 684-26-012, 684-27-001
Percent Occupied: 27%
Total Number of Buildings: 3
Property Condition: Good
Number of Stories: 3
Year Built: 1927
Total Parking Spaces: 23

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 22,984 193,606 384,867
Median Age: 37.58 38.67 39.7
Households: 9,535 82,220 163,137
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