PLYMOUTH GARDEN APARTMENTS

Multi-Family for Sale
Catylist Listing ID: 30162529
Property Subtypes: Government Subsidized, Low-Rise/Garden
Number of Units: 31 Units
Building Size (RSF): 30,000 SF
Gross Building Area: See Agent
Gross Land Area: 1.43 Acres
Sale Price: $999,000
Unit Price: $32,225.81 Per Unit
Property Use Type: Investment, Business
Building Name: Plymouth Garden Apartments
Sale Terms: Cash to Seller
Cap Rate: 11.52%
Average Occupancy Rate: 96
Last Updated: 9/7/2017

Overview / Comments

Green Bridge Real Estate is pleased to present the 31 Unit Plymouth Garden Apartments located at 15401 Plymouth Place in East Cleveland, Ohio 44112. The Property consists of a Five (5) All Brick, Buildings built in 1959 totaling approximately 30,000 sq.ft. on 1.434 Acres, consisting of 31 Two Bedroom, 1 Bath Units approx. 900 Sq.Ft. each. All 31 suites are two story, two bedroom, one bathroom, apartment styles with each unit having approximately 900 square feet of spacious living space. Each suite has its own laundry room with hook ups for washer and dryer, an individually suite-controlled forced air furnace, hot water tank, a spacious living room, large eat in kitchen, 1 full bath, and two large second floor bedrooms with generous sized closets. Very well maintained, excellent-stabilized income stream. Currently 96.77% (30 of 31) occupied and has historically been very strong. Retiring Owner directs immediate sale at $999,000 or $32,225 per unit or an 11.52% Cap rate based on 2016 actual net operating income. Value Add opportunity to increase revenues with rental rate increases (below market lease rates) and adding Coin operated Washer & Dryers into each unit.

Connected to the building is a 14 space covered parking garage that could provide additional income. The property also has ample surface parking spaces. Landlord paid Trash, Water & Sewer utilities. Tenant paid Heat (Furnace), and Electric. Building has been well kept relating to brick tuck pointing, common areas and unit maintenance. The building is owner managed.

Income
The Plymouth Garden Apartments are currently 96.77% Occupied (30/31). The 2016 Net Annual Operating Income was $115,044 or a 11.52% Capitalization rate at the asking price of $999,000 ($32,225 per unit). Pro-Forma Capitalization Rate at 100% Occupancy with units rented at Market rents is 15.69%.

Currently, 22 of the 30 occupied units, (73.33%) of the units are subsidized with “guaranteed” rent payments provided by Federal and State Funding for assistance to low income individuals. This arrangement provides a stable, consistent tenant base with “guaranteed” rent payments accounting for 59.31% of the Gross Annual Income. The potential exists to operate this complex as a “market” (no-subsidy) type of property or to continue to accept Voucher based subsidies.

Additional Details

Nearest MSA: Cleveland-Elyria
County: Cuyahoga
Taxing Authority: Cuyahoga County
Tax ID/APN: 673-04-013
Percent Occupied: 96%
Area Description: The Plymouth Garden Apartments are located just North of Shaw High School and Euclid Avenue. Located just four miles away from the Cleveland Clinic’s main campus and Case Western University. The area is highly served by the RTA Bus lines.
Total Number of Buildings: 5
Property Condition: Good
Number of Stories: 2
Year Built: 1959
Roof Type: Flat
Construction/Siding: Brick
Parking Type: Structure, Surface
Laundry: In Each Unit
Heat Type: Natural Gas
Heat Source: Central

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 22,162 161,061 340,374
Median Age: 40.86 38.12 38.78
Households: 9,947 70,295 146,461
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