Superior Eddington Apartments

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30018636
Property Subtypes: Government Subsidized, Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 11 Units
Building Size (RSF): 12,444 SF
Gross Building Area: See Agent
Gross Land Area: 0.25 Acres
Sale Price: $499,500
Unit Price: $45,409.09 Per Unit
Property Use Type: Investment, Business
Building Name: Superior Eddington Apartments
Sale Terms: Cash to Seller
Cap Rate: 11.19%
Last Updated: 6/12/2017

Overview / Comments

Green Bridge Real Estate is pleased to present The 11 Unit Superior Eddington Apartments located at 14100 Superior Road in East Cleveland, Ohio 44118. The approx. 12,444 Sq.Ft, All-Brick, 4-Story Building built in 1922 on 0.25 acres, consisting of 11 units: 4 one bedroom, one bath units and 7 two bedroom, one bath units. Owner directs Immediate Sale of Portfolio to fund other Business opportunities. The Superior Eddington Apartments are included in a 90 Unit Total Unit Portfolio Sale offered at $3,199,500, can be purchased individually or in bulk. The 11 Unit Building is currently 90% Occupied (10/11). Landlord paid Heat, Trash, Water & Sewer. Leased Laundry Units provide additional income. 2015 Actual Net Annual Operating Income was $55,917 or an 11.19% Capitalization rate at the asking price of $499,500 ($45,400 per unit). The Superior Eddington Apartments are currently owner managed and held to very high standards. Some of the units are leased in conjunction with the Section 8 Subsidy Voucher program which provides partial / full housing assistance for low income individuals or families. This provides a stable, consistent tenant base with “guaranteed” rent payments. This is a Fantastic Opportunity to purchase a well performing Apartment Building for a bargain price!

Additional Details

Nearest MSA: Cleveland-Elyria
County: Cuyahoga
Taxing Authority: Cuyahoga County
Tax ID/APN: 672-27-029
Percent Occupied: 90%
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 4
Year Built: 1922
Roof Type: Flat
Laundry: Shared

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 23,945 192,690 382,747
Median Age: 37.07 37.65 38.87
Households: 11,386 81,979 163,529

Source

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