Catylist ID: #30347575
Southgate Gardens Apartments
Multi-Family for Sale
|Catylist Listing ID:||30347575|
|Number of Units:||110 Units|
|Building Size (RSF):||118,590 SF|
|Gross Building Area:||See Agent|
|Gross Land Area:||5.30 Acres|
|Unit Price:||$44,500 Per Unit|
|Property Use Type:||Investment, Business|
|Building Name:||Southgate Gardens Apartments|
|Sale Terms:||Cash to Seller|
Overview / Comments
Green Bridge Real Estate is pleased to present the 110 Unit Southgate Gardens Apartments located at 21981-22071 Libby Road, in Bedford Heights, Ohio 44146. Located blocks away from the brand new 1 million Sq.Ft. Amazon Fulfillment Center. The Property consists of Ten (10) three story, all brick, Eleven Unit Apartment Buildings built in 1959, totaling 118,590 Sq.Ft. on 5.298 Acres, consisting of 50 One Bedroom, One bath units approx. 750 Sq.Ft. each; 55 Two Bedroom, 1 Bath Units approx. 902 Sq.Ft. each and 5 Three Bedroom, One and ½ Bathroom units approx. 1,046+/- units each. Very well maintained, owner managed property. Value Added Opportunity to improve performance by raising rental rates to market rates, and/or suite renovations. Owner directs immediate sales of their entire portfolio of assets (310 units, 3 properties) in order to exit the multi-family market. Offered For Sale at $4,895,000 or $44,500 per unit or a 10.06% Projected Cap rate based on 95% Occupancy, 5% Management Cost and Rental Rate Stabilization. Currently 81% Occupied (90/110).
The Property boasts a one story detached garage with a capacity of 95 parking spaces and 50 surface spaces. Tenant paid Heat (Gas Forced Air Furnace), Cooking Gas, Electric. Landlord paid Water/Sewer, Trash, Hot Water (Gas). Each unit features a thru the wall electric A/C unit. Each Building is equipped with a buzzer entry system, one Laundry Room per building (10 total) and tenant storage lockers. Gabled roofs consist of asphalt shingles. Roofs on Buildings 2, 3, 4 and 5 were replaced in 2011 and Building 10 in 2015. The garage roof was replaced in 2013.
Located just blocks away from the brand new Amazon Fulfillment center creating more than 1,500 jobs. One mile away from Interstates 271 and 480 and approx. 25 miles Southeast of Downtown Cleveland, Ohio. Within walking distance to the Southgate shopping district and a short 5 minute commute to major hospitals, retail and office areas.
The Southgate Gardens Apartments are currently 81% Occupied (90/110). The 2017 Net Annual Operating Income was $213,601 or a 6.14% Capitalization rate at the asking price of $4,895,000 ($44,500 per unit). 10.06% Projected Cap rate based on 95% Occupancy, 5% Management Cost and Rental Rate Stabilization.
Currently, 34 (37%) of the units are subsidized with “guaranteed” rent payments provided by Federal and State Funding for assistance to low income individuals. This arrangement provides a stable, consistent tenant base with “guaranteed” rent payments accounting for 23% of the Gross Annual Income. The potential exists to operate this complex as a “market” (no-subsidy) type of property or to continue to accept Voucher based subsidies.
Attachments & Media
|Taxing Authority:||Cuyahoga County|
|Tax ID/APN:||791-18-033, 791-18-037, 791-18-038|
|Total Number of Buildings:||10|
|Number of Stories:||3|
|Parking Type:||Structure, Surface|
|Total Parking Spaces:||145|
|Heat Type:||Natural Gas|
|Air Conditioning:||Window Unit|
|Proximity:||1 mile||3 miles||5 miles|
Matthew S. King, CCIMGreen Bridge Real Estate
|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.|