Hilliard Blvd. Apartments

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30469021
Status: Pending
Number of Units: 13 Units
Building Size (RSF): 11,996 SF
Gross Land Area: 0.44 Acres
Sale Price: $885,000
Unit Price: $68,076.92 Per Unit
Property Use Type: Vacant/Owner-User
Sale Terms: Undisclosed
Cap Rate: 9.92%
Last Updated: 3/18/2020

Overview / Comments

Green Bridge Real Estate is proud to present a portfolio of Two (2) Thirteen Unit Apartment Buildings; The Hilliard Boulevard Apartments and the Park View Apartments Portfolio, Offered in Bulk for $1,770,000.00. The Portfolio consists of Two (2) similar, well maintained 13 unit all brick exterior buildings originally built in 1961 and located five (5) buildings down from each other on Hilliard Blvd. in the A class City of Rocky River. Both buildings offer four (4) suites that are 1 Bedroom, 1 Bathroom and nine (9) suites that are 2 Bedroom, 1 Bathroom, for a total of 13 suites per building. The 1 Bedroom units are approximately 750 Sq.Ft. and the 2 Bedroom units are approximately 900 Sq.Ft. Current Occupancy of the Portfolio is 88.46% (22 of 26) (Parkview: 84%, Hilliard: 92%). Value Added Opportunity to significantly increase income by increasing current Rents to Market Rates (Undervalued rents). The Apartment Portfolio is currently managed by the ownership and the buildings are held to very high standards. Owner directs Immediate Sale of Portfolio to fund other Business opportunities. Projected Net Annual Income with suites rented at Market Rents is $175,640 or a 9.92% Cap.

Additional Details

Nearest MSA: Cleveland-Elyria
County: Cuyahoga
Tax ID/APN: 30133007
Zoning: MF-R4
Total Number of Buildings: 1
Number of Stories: 2

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 22,871 142,581 260,295
Median Age: 39.85 39.55 39.18
Households: 10,783 65,083 115,079
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