THE OVERLAKE APARTMENTS

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30333309
Property Subtypes: Government Subsidized, Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 17 Units
Building Size (RSF): 18,596 SF
Gross Building Area: See Agent
Gross Land Area: 0.25 Acres
Sale Price: $349,000
Unit Price: $20,529.41 Per Unit
Property Use Type: Investment, Vacant/Owner-User, Business
Building Name: The Overlake Apartments
Sale Terms: Cash to Seller
Cap Rate: 21.3%
Last Updated: 12/11/2018

Overview / Comments

Green Bridge Real Estate is pleased to present an ideal value added opportunity with the Overlake Apartments located at 14308 Lakeshore Blvd. directly overlooking Lake Erie in Cleveland, Ohio. An approx. 18,596 Sq.Ft. 17 Unit Apartment Building on 0.25 Total Acres built in 1925 and For Sale for $349,000 or $20,529 per unit. The 17 Unit Walk up, Garden Style Apartment building is a 3 story brick building consisting of Sixteen (16) One Bedroom, One Bathroom units and One (1) Studio Unit. The property benefits from a recent renovation with a new rubber membrane roof, gutters, exterior concrete and asphalt, 2 new Hot Water tanks, and new electric baseboard heaters in 12 of the units. New suite updates include: new cabinets (as needed), tubs, tile, carpet, paint. Twelve of the units have been extensively renovated ($250,000+) and are very close to occupancy standards and / or are already leased (4 units, 23% occupancy). Five units (Rear portion of the building) needs further renovations. Approximately 8 surface parking spots in the rear of the property. For estimation and demonstration purposes, this renovation could range between $50,000 ($2,941 per unit) to $100,000 ($5,882 per unit) depending on finish. Please use your own estimates.

Electric baseboard heat, Cooking Gas and Electric is sub-metered (Tenant Paid). The suites boast large floorplans. A shared Laundry area with space for 2 Washers and 2 Dryers would provide additional income.

The property overlooks Lake Erie and is located on Lake Shore Blvd. near the Village of Bratenahl border. Bratenahl Village ranks boasts the 92nd Highest Average per Household Income in the United States. Beach access, shopping and public transportation located just blocks away.

Projected NOI at 90% Occupancy is $74,347 or a 21.30% Cap Rate at the Asking Price of $349,000. Free and Clear Title.

Additional Details

Nearest MSA: Cleveland-Elyria
County: Cuyahoga
Taxing Authority: Cuyahoga County
Tax ID/APN: 112-19-036
Percent Occupied: 23%
Total Number of Buildings: 1
Property Condition: Fair
Number of Stories: 3
Year Built: 1925
Year Renovated: 2018
Roof Type: Flat
Parking Type: Surface
Total Parking Spaces: 8
Laundry: Shared
Heat Type: Electricity, Natural Gas
Heat Source: Baseboard

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,583 99,639 250,783
Median Age: 39.74 39.66 39.18
Households: 5,942 43,850 111,059
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.