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: 11/19/2017

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
© Copyright Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Catylist nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.