Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30178486
Property Subtypes: Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 21 Units
Building Size (RSF): 21,244 SF
Gross Building Area: See Agent
Gross Land Area: 0.73 Acres
Sale Price: $735,000
Unit Price: $35,000 Per Unit
Property Use Type: Investment
Building Name: Coventry House Apartments
Sale Terms: Cash to Seller
Cap Rate: 14.78%
Last Updated: 3/10/2018

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: $735,000 ($35,000 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 Immediate Sale of Portfolio to fund other Business opportunities! The Coventry House Apartments are included in a 231 Total Unit 6 Bldg. Portfolio Sale offered at $8,980,000, can be purchased individually or in bulk. 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 $108,604 or a 14.78% Cap at the Asking Price of $735,000. Currently the property is 76% (16 of 21) Occupied.

The 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.

Attachments & Media

Additional Details

Nearest MSA: Cleveland-Elyria
County: Cuyahoga
Taxing Authority: Cuyahoga County
Tax ID/APN: 672-26-001 and 672-26-002.
Percent Occupied: 76%
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 3
Year Built: 1946
Construction/Siding: Brick
Parking Type: Surface
Laundry: Shared

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 22,392 185,459 377,272
Median Age: 38.48 37.69 38.66
Households: 11,229 79,599 161,244
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