Terrace House Apartments

Multi-Family for Sale
Catylist Listing ID: 30178482
Property Subtypes: Government Subsidized, Low-Rise/Garden
Number of Units: 50 Units
Building Size (RSF): 44,968 SF
Gross Building Area: See Agent
Gross Land Area: 1.14 Acres
Sale Price: $2,225,000
Unit Price: $44,500 Per Unit
Property Use Type: Investment
Building Name: Terrace House Apartments
Sale Terms: Cash to Seller
Cap Rate: 8.63%
Last Updated: 11/19/2017

Overview / Comments

Green Bridge Real Estate is pleased to present the 50 Unit Terrace Apartments located at 1885 Taylor Road, in East Cleveland, Ohio. The approx. 44,968 Sq.Ft. All-Brick, 4-Story Building on 1.14 acres, consisting of 50 units: 30 one bedroom, one bath units and 20 two bedroom, one bath units. The owner managed Terrace House Apartments are currently 70% Occupied (35/50). Landlord pays Gas, Trash, Water & Sewer. The 2016 Net Annual Operating Income was $158,630 or a 7.13% Capitalization rate at the asking price of $2,225,000 ($44,500 per unit). Opportunity to significantly increase income by increasing current Rents to Market Rates and leasing units in conjunction with the Subsidy Voucher Program, this would provide a stable, consistent tenant base with “guaranteed” rent payments. Opportunity to charge for covered parking spaces. Pro-Forma Net Annual Income @ 100% Occupancy (w/10% Vacancy factor) is $193,143 or a 8.63% Capitalization rate. Owner directs Immediate Sale of Portfolio to fund other Business opportunities! The Terrace House Apartments are included in a 223 Total Unit 7 Bldg. Portfolio Sale offered at $9,100,000, can be purchased individually or in bulk.

Attachments & Media

Additional Details

Nearest MSA: Cleveland-Elyria
County: Cuyahoga
Taxing Authority: Cuyahoga County
Tax ID/APN: 673-11-026,027,028,029,030
Percent Occupied: 70%
Total Number of Buildings: 1
Property Condition: Average
Number of Stories: 4
Year Built: 1965
Roof Type: Flat
Passenger Elevators: 1
Laundry: Shared

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 21,209 167,234 343,354
Median Age: 42 37.7 39.07
Households: 9,692 71,819 147,993
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