Euclid Hastings Apartments

Multi-Family for Sale
Catylist Listing ID: 30282813
Property Subtypes: Government Subsidized, Low-Rise/Garden
Number of Units: 51 Units
Building Size (RSF): 34,332 SF
Gross Building Area: See Agent
Gross Land Area: 0.34 Acres
Sale Price: $510,000
Unit Price: $10,000 Per Unit
Property Use Type: Investment, Business
Building Name: Euclid Hastings Apartments
Sale Terms: Cash to Seller
Cap Rate: 14.15%
Last Updated: 8/14/2018

Overview / Comments

Green Bridge Real Estate is pleased to present The 51 Unit Euclid Hastings Apartments located at 15632 Euclid Avenue in East Cleveland, Ohio 44112. The approx. 34,332 Sq.Ft, All-Brick, 4-Story Building on 0.34 acres, consisting of 43 Efficiency units and 8 one bedroom, one bath units. The Euclid Hastings Apartments are currently vacant and offer a quick start to renovations. Landlord pays Gas, Trash, Water & Sewer. The Projected Net Annual Operating Income at 90% Occupancy is $77,450 or a 15.19% Capitalization rate at the asking price of $510,000 ($10,000 per unit). Opportunity to lease units in conjunction with the Subsidy Voucher Program (Section 8), this would provide a stable, consistent tenant base with “guaranteed” rent payments. This is a Fantastic Opportunity to purchase an Apartment Complex for a bargain price!

The property is located near the Helen S Brown Senior Center HUD
apartments and is adjacent to the 92 Acre world operating headquarters of
GE (General Electric). Several Bus Stops within walking distance. Located
just four miles away from the Cleveland Clinic’s World Headquarters and
Case Western Reserve University. The area is highly served by the RTA
Public Transportation lines.

• 51 Units / Currently Vacant & Ready for Immediate Renovation / Fantastic Value Added Opportunity
• 15.19 % Cap Rate based on Projected NOI at 90% Occupancy
• Owner Directs Immediate Sale
• Tremendous Upside
• Excellent Location, Bus Stops in Walking distance

Additional Details

Nearest MSA: Cleveland-Elyria
County: Cuyahoga
Taxing Authority: Cuyahoga County
Tax ID/APN: 673-11-007
Percent Occupied: 0%
Total Number of Buildings: 1
Property Condition: Fair
Number of Stories: 4
Roof Type: Flat
Construction/Siding: Brick
Laundry: Shared

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 21,616 164,672 341,650
Median Age: 41.08 38.11 39.1
Households: 9,707 71,534 147,107
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.