Hampton Apartments

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30297130
Property Subtypes: Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 48 Units
Building Size (RSF): 30,000 SF
Gross Building Area: See Agent
Gross Land Area: 0.78 Acres
Sale Price: $2,150,000
Unit Price: $44,791.67 Per Unit
Property Use Type: Investment, Business
Sale Terms: Cash to Seller
Cap Rate: 7.76%
Last Updated: 10/26/2018

Overview / Comments

Green Bridge Real Estate is pleased to present the 48 Unit Hampton Apartments located at 2910 Hampton Road in Cleveland, Ohio 44120. The walk-up, garden style apartments are located in the regentrifying historic Shaker Square District. The property consists of a three story, all brick building built in 1963 totaling approximately 30,000 sq.ft. on an 0.78 acre lot, consisting of 38 one bedroom, one bath units approx. 700 Sq.Ft. each; 6 two bedroom, 1 bath units approx. 850 Sq.Ft. each and 4 Studio Units. Very well maintained, excellent-stabilized income stream. Currently 95% occupied (46/48) and has historically has been very strong. Owner directs immediate sale at $2,150,000 or $44,791 per unit or an 7.76% Cap rate based on today’s actual net operating income. Excellent turn key investment offering little deferred maintenance or capital improvements with upside to improve income with rental rate Increases (below market lease rates).

Adjacent to the building is a large surface parking lot which is an amenity for the property. Landlord paid heat (gas), trash, water & sewer utilities. Tenant paid electric. Heat is supplied by Four Boiler systems (2 newer boilers) with Wall Mounted A/C units in each apartment. One third of the flat, torch down, rubber membrane roof has been recently replaced. Windows have been recently replaced. Two thirds of the units have been renovated either with new hardwood floors or carpets. Building has been well kept relating to brick tuck pointing, common areas and unit maintenance. The building is owner managed. Leased coin operated laundry units provide additional income.

Located just four miles away from the Cleveland Clinic’s main campus, University Hospital and Case Western Reserve University. The area is highly served by the RTA Bus lines and trains and is located in the historic Shaker Square district and the new Van Aken shopping development.

Income
The Hampton Apartments are currently 95% occupied (46/48). The 2017 net annual operating income was $124,458 or a 5.79% capitalization rate at the asking price of $2,150,000 ($44,791 per unit). Pro-forma capitalization rate at 100% Occupancy with units rented at market rents is 11.85%.

Currently, 4 of the 46 occupied units (8.7%) are subsidized with “guaranteed” rent payments provided by Federal and State Funding for assistance to low income individuals. The potential exists to operate this complex as a “market” (no-subsidy) type of property or to continue to accept Voucher based subsidies, this provides a stable, consistent tenant base with “guaranteed” rent payments.

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Additional Details

Nearest MSA: Cleveland-Elyria
County: Cuyahoga
Taxing Authority: Cuyahoga County
Tax ID/APN: 144-05-070
Percent Occupied: 95%
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 3
Year Built: 1963
Roof Type: Flat
Construction/Siding: Brick
Parking Type: Surface
Laundry: Shared
Sprinklers: None
Fuel: Gas
Air Conditioning: Window Unit

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 30,083 196,162 407,024
Median Age: 40.03 37.97 37.98
Households: 13,997 83,686 170,435
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