Multi-Family for Sale
Catylist Listing ID: 30162052
Property Subtypes: Government Subsidized, Low-Rise/Garden
Number of Units: 30 Units
Building Size (RSF): 27,948 SF
Gross Building Area: See Agent
Gross Land Area: 0.50 Acres
Sale Price: $229,000
Unit Price: $7,633.33 Per Unit
Property Use Type: Investment, Business
Building Name: Noble Manor Apartments
Sale Terms: Cash to Seller
Cap Rate: 17.94%
Last Updated: 12/11/2018

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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Additional Details

Nearest MSA: Cleveland-Elyria
County: Cuyahoga
Taxing Authority: Cuyahoga County
Tax ID/APN: 673-13-056
Percent Occupied: 0%
Total Number of Buildings: 1
Property Condition: Fair
Number of Stories: 3
Year Built: 1920
Roof Type: Flat
Construction/Siding: Brick
Parking Type: Surface
Laundry: Shared

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 21,279 157,795 330,270
Median Age: 39.75 38.51 39.19
Households: 9,358 69,038 142,422
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