BEDFORD TERRACE APARTMENTS

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 29771343
Property Subtypes: Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 14 Units
Building Size (RSF): 18,000 SF
Gross Building Area: See Agent
Gross Land Area: 0.56 Acres
Sale Price: $649,000
Unit Price: $46,357.14 Per Unit
Property Use Type: Investment
Building Name: Bedford Terrace Apartments
Sale Terms: Cash to Seller
Cap Rate: 9.41%
Last Updated: 9/7/2017

Overview / Comments

Green Bridge Real Estate is pleased to offer the well maintained Bedford Terrace Apartments, a 14-unit apartment community located at 200 & 204 Solon Road. in Bedford, Ohio 44146.

Bedford Terrace is comprised of Two (2) all brick, Three (3) floor buildings with Interior Parking Garages and a separate, Owner-controlled Indoor Utility Garage that could provide additional income. Access to the rear of the property is from the private, dedicated East Taylor Road which is maintained by the City (plowing/asphalt). The 200 Solon Road building contains: Eight (8) Two bedroom, One Bathroom units consisting of approx. 1,150 Sq.Ft. of living space each and the 204 Solon Road Building contains: Six (6) Two bedroom, One Bathroom units consisting of approx. 1,150 sq.ft. of living space each. Very Large Units with Low Turnover, most Tenants have occupied for over 10 years. Opportunity to significantly increase income by increasing current Rents to Market Rates. Each of the units feature a furnished kitchen, and an individually controlled forced air furnace and air conditioning unit. 2 Laundry Areas with Landlord Owned Machines provide additional income. Additional amenities include secured entrances, and garage parking (1 space per unit) with ample surface parking. Capital Improvements include newer windows (2005), and approximately half of the Furnaces are new. Owner pays trash, water & sewer, and common area heat and electric. Tenant paid gas and electric. Currently 100% Occupied (14/14). The Projected Net Annual Operating Income at 100% Occupancy is $60,266 or a 9.29% Capitalization rate at the asking price of $649,000 ($46,357 per unit). Please do not disturb tenants. Owner will require pre-approval or verification of funds to preview property. Only Serious Inquiries will be considered. Please contact Matthew King for more details.

Additional Details

Nearest MSA: Cleveland-Elyria
County: Cuyahoga
Taxing Authority: Cuyahoga County
Tax ID/APN: 813-21-002
Zoning: WALK UP APARTMENTS
Percent Occupied: 100%
Area Description: Bedford Terrace Apartments is conveniently located near the Intersection of Solon Road and Northfield Road. Residents are in close proximity to the areas drug stores and shopping. Bus Stop is just outside the property. The scenic Tinkers Creek watershed Metro Parks area (Bedford Chagrin Parkway) is within walking distance.
Total Number of Buildings: 2
Property Condition: Good
Number of Stories: 3
Laundry: Shared
Heat Source: Central

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,563 64,099 201,807
Median Age: 40.94 41.45 41.93
Households: 4,299 27,723 82,809
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