Superior Glen Apartments

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 29985326
Property Subtypes: Government Subsidized, Low-Rise/Garden
Status: Pending
Number of Units: 23 Units
Building Size (RSF): 27,908 SF
Gross Building Area: See Agent
Gross Land Area: 0.24 Acres
Sale Price: $469,000
Unit Price: $20,391.30 Per Unit
Property Use Type: Investment, Business
Building Name: Superior Glen Apartments
Sale Terms: Cash to Seller
Cap Rate: 14.28%
Average Occupancy Rate: 86
Last Updated: 12/22/2017

Overview / Comments

Green Bridge Real Estate is pleased to present the 23 Unit Superior Glen Apartments located at 14036 Superior Road, East Cleveland, Ohio 44118. This approx. 27,908 Sq.Ft. All-Brick, 1923 build, 4-Story Building on 0.24 acres, consists of 11 Two Bedroom, One Bath Units and 12 One bedroom, One bath units. The Superior Glen Apartments are currently 86% Occupied (20/23). All rents are from Market based tenants, no subsidy tenants currently occupying the property. A large on-site managers suite could be converted to rental office or provide discounted living to an on-site manager. Shared Laundry Room could provide additional income. Building was Purchased in a distressed sale in August 2015. Building and Suites were rehabbed and ready for full occupancy March 1, 2016. Landlord paid Heat, Trash, Water & Sewer. The Projected Net Annual Operating Income at 100% Occupancy (w/5% Vacancy Factor and 10% Management Fee) with suites rented at market rents is $83,271 or a 17.76% Capitalization rate at the asking price of $469,000 ($20,391 per unit). Opportunity to significantly increase income by leasing units in conjunction with the Subsidy Voucher Program, this would provide a stable, consistent tenant base with “guaranteed” rent payments. This is a Fantastic Opportunity to purchase an Apartment Complex for a bargain price!

Seller Financing Available to qualified purchasers with 25% down, 8.0% Interest (APR), 25 year amortization, balloon payment due in 5 years, Monthly Principal and Interest payments, with an additional real estate tax escrow.

Additional Details

Nearest MSA: Cleveland-Elyria
County: Cuyahoga
Taxing Authority: Cuyahoga County
Tax ID/APN: 672-27-020
Percent Occupied: 86%
Total Number of Buildings: 1
Property Condition: Average
Number of Stories: 4
Year Built: 1923
Roof Type: Flat
Construction/Siding: Brick
Parking Type: Other
Parking Description: Street Parking
Laundry: Shared
Sprinklers: None
Heat Type: Natural Gas

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 24,693 194,019 381,451
Median Age: 38.37 37.43 38.82
Households: 11,791 82,390 162,903
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