SUPERIOR ROAD APARTMENTS

Multi-Family for Sale
Catylist Listing ID: 30178489
Property Subtypes: Low-Rise/Garden
Number of Units: 18 Units
Building Size (RSF): 13,590 SF
Gross Building Area: See Agent
Gross Land Area: 0.43 Acres
Sale Price: $630,000
Unit Price: $35,000 Per Unit
Property Use Type: Investment
Building Name: Superior Road Apartments
Sale Terms: Cash to Seller
Cap Rate: 10.34%
Last Updated: 11/19/2017

Overview / Comments

Green Bridge Real Estate is proud to offer the 18 Unit Coventry House Apartments located at 13970 Superior Road in East Cleveland, OH 44118 offered For Sale: $630,000 ($35,000 per unit). The Superior Road Apartments consists of 12 One-bedroom, One Bathroom suites and 6 Two Bedroom, One Bathroom suites, three stories, all brick, approx. 13,590 Sq.Ft. apartment property built in 1963 and located on .43 Acres. The property is an outstanding investment opportunity with upside potential! Ownership Immediate Sale of Portfolio to fund other Business opportunities! The Superior Road Apartments are included in a 223 Total Unit 7 Bldg. Portfolio Sale offered at $9,100,000, can be purchased individually or in bulk. Laundry Room provides additional income. An RTA Bus Line stop is located directly across the street from the complex. Owner paid heat, Trash Removal and Water / Sewer, tenant paid electric. Projected Net Operating Income at 100% Occupancy is $65,155 or a 10.34% Cap at the Asking Price of $630,000. Currently the property is 55% (10 of 18) Occupied.

LOCATION
The Superior Road Apartments are located in the Forest Hills neighborhood adjacent to Forest Hills Park, former home of the Rockefeller estate. This neighborhood borders East Cleveland and Cleveland Heights, Ohio. With easy access to I-90 to the North and Cedar Road to the South, the apartments are only 1.5 miles from Little Italy, Case Western Reserve University and the Cleveland Clinic’s World Headquarters, 6.5 miles from Downtown Cleveland and .25 miles from the Coventry Shopping district, one of the strongest rental markets in Northeast Ohio. RTA Public transportation is also readily available within the neighborhood with numerous bus stops within walking distance. The property benefits from its proximity to Shopping and amenities.

Attachments & Media

Additional Details

Nearest MSA: Cleveland-Elyria
County: Cuyahoga
Taxing Authority: Cuyahoga County
Tax ID/APN: 672-26-003
Percent Occupied: 55%
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 3
Year Built: 1963
Roof Type: Flat
Construction/Siding: Brick
Laundry: Shared

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 21,784 189,038 377,272
Median Age: 39.22 37.69 38.66
Households: 10,723 80,983 161,244
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