Superior Eddington Apartments
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Government Subsidized, Low-Rise/Garden
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!
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