NOBLE MANOR APARTMENTS
|Catylist Listing ID:
Government Subsidized, Low-Rise/Garden
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||$7,633.33 Per Unit
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||Noble Manor Apartments
||Cash to Seller
Overview / Comments
Green Bridge Real Estate is pleased to present an ideal value-added opportunity with the Noble Manor Apartments located at 1835 Noble Road in East Cleveland, Ohio. An approx. 27,948 Sq.Ft. 30 Unit Apartment Building on 0.5 Total Acres built in 1920 and For Sale for $229,000 or $7,633 per unit. The 30 Unit Walk up, Garden Style Apartment building is a 3 story brick building consisting of Three (3) Studio Apartments, Nineteen (19) One Bedroom, One Bathroom units and Eight (8) Large One Bedroom, One Bathroom Units. The Eight Large One Bedroom, One Bathroom units can easily be converted to Two Bedroom, One Bathroom Units Significantly Increasing Revenues. Cooking Gas and Electric is sub-metered (Tenant Paid). Large Floorplans, Surface Parking Lot. For estimation and demonstration purposes, this renovation could range between $375,000 to $500,000 depending on finish. Please use your own estimates. Comparables reflect similar finished, renovated properties at $40,000+ per unit.
Projected Cap Rate at 100% Occupancy with a $375,000 Renovation ($12,500 per suite) is 17.94%. Free and Clear Title.
The property is located next to the Helen S Brown Senior Center HUD apartments and is adjacent to the 92 Acre world operating headquarters of GE (General Electric). Near the Cleveland Clinic Hospital’s World Headquarters and Case Western Reserve University. Several Bus Stops within walking distance.
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