Yellowstone Place Apartments

Multi-Family for Sale
Catylist Listing ID: 29944782
Property Subtypes: Government Subsidized, Mid-Rise
Number of Units: 33 Units
Building Size (RSF): 36,094 SF
Gross Building Area: See Agent
Gross Land Area: 1.09 Acres
Sale Price: $1,490,000
Unit Price: $45,151.52 Per Unit
Property Use Type: Investment, Business
Building Name: Yellowstone Place Apartments
Sale Terms: Cash to Seller
Cap Rate: 11.76%
Average Occupancy Rate: 96
Last Updated: 1/16/2019

Overview / Comments

Green Bridge Real Estate is pleased to present the 33 Unit Yellowstone Place Apartments located at 2360-2372 Noble Road, in Cleveland Heights, Ohio 44121. The Property consists of a Three Story, All Brick Building built in 1940 totaling approximately 36,094 sq.ft. on 1.09 Acres, consisting of 9 one bedroom, one bath units approx. 650 Sq.Ft. each and 24 Two Bedroom, 1 Bath Units approx.. 925 Sq.Ft. each. Very well maintained, excellent-stabilized income stream. Currently 96% occupied and has historically been very strong. Upside potential to increase rents to market rents. New T-Mobile Cell Tower Lease provides $25,800 in additional annual income with 3% annual increases. Opportunity to sell the leasehold or continue to receive the additional income. Owner directs immediate sale at $1,490,000 or $45,151 per unit or an 11.76% Cap rate based on Current Annual Income.

Adjacent to the building is a 28 space covered parking garage currently offered as a free amenity to the tenants but could provide additional income. Landlord paid Heat (Gas), Trash, Water & Sewer utilities. Tenant paid Electric. Heat is supplied by gas-fired steam boiler system with Tekmar control system to improve Heating efficiency. The Flat Rubber Membrane roof is approximately 12 years young, Boiler is new (2018). Building has been well kept relating to brick tuck pointing, common areas and unit maintenance. Suites feature refinished hardwood floors with a spacious design. The building is owner managed.

Located just five miles away from the Cleveland Clinic’s main campus and four miles from Case Western University. The area is highly served by the RTA Bus lines.

Income
The Yellowstone Place Apartments are currently 96% Occupied (32/33). The 2017 Net Annual Operating Income was $135,996 or a 8.09% Capitalization rate at the asking price of $1,490,000 ($45,151 per unit). The 2018 Projected Net Annual Income is projected to be $175,151 or an 11.76% Cap Rate. The Pro-Forma Capitalization Rate at 100% Occupancy with units rented at Market rents is 13.26%.

Currently, the majority (20 of the 32 units, 62%) of the units are subsidized with “guaranteed” rent payments provided by Federal and State Funding for assistance to low income individuals. This arrangement provides a stable, consistent tenant base with “guaranteed” rent payments accounting for 45% of the Gross Annual Income.

The lease for the T-Mobile Cell Tower is in Year One of a Five Year Lease Term with Five, Five Year automatic renewal periods. The rent is $2,150 per month and will increase Three Percent (3%) annually. Tenant is responsible for its own utility usage.

Additional Details

Nearest MSA: Cleveland-Elyria
County: Cuyahoga
Taxing Authority: Cuyahoga County
Tax ID/APN: 682-35-022
Zoning: APARTMENTS 20-39 UNITS (WALK-UP)
Percent Occupied: 96%
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 3
Year Built: 1940
Roof Type: Flat
Construction/Siding: Brick
Parking Type: Roof Top, Surface
Parking Description: Adjacent to the building is a 28 space covered parking garage currently offered as a free amenity to the tenants but could provide additional income
Laundry: Shared
Sprinklers: None
Heat Type: Natural Gas

View FullscreenMap

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 21,463 163,345 353,812
Median Age: 40.25 38.91 39.91
Households: 9,367 70,070 152,446
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.