Euclid Hastings Apartments

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30282813
Property Subtypes: Government Subsidized, Low-Rise/Garden
Status: Pending/Contingent
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: 15.19%
Last Updated: 9/20/2018

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 Efficiency units can be converted to One Bedroom, One Bathroom units, which significantly increases revenues. Out of State Owner Directs Immediate Sale. The Euclid Hastings Apartments are currently Vacant which offers a quick start for renovations. Landlord pays Gas (Heat), Trash, Water & Sewer. The Projected Net Annual Operating Income at 100% Occupancy (w/10% Vacancy Factor & Management) is $77,450 or a 15.19% Capitalization rate at the asking price of $510,000 ($10,000 per unit). For estimation and demonstration purposes, this renovation could range between $375,000 to $765,000 depending on finish. Please use your own estimates. Comparable values reflect similar finished, renovated properties at $40,000+ per unit. Opportunity to significantly increase income by increasing current Rents to Market Rates and leasing units in conjunction with the Subsidy Voucher Program, this would provide a stable, consistent tenant base with “guaranteed” rent payments. This is a Fantastic Opportunity to purchase an Excellent Value Added Opportunity Apartment Complex for a bargain price!

Projected Cap Rate at 90% Occupancy with a $382,500 Renovation ($7,500 per suite) is 8.68%. Free and Clear Title.

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). Near the Cleveland Clinic Hospital’s World Headquarters and Case Western Reserve University. The area is highly served by the RTA Public Transportation lines with Several Bus Stops within walking distance.

• 51 Units / Currently Vacant & Ready for Renovation / Fantastic Value Added Opportunity
• 15.19 % Cap Rate based on Projected NOI at 90% Occupancy.
• Out of State Owner Directs Immediate Sale
• Tremendous Upside
• Excellent Location, Bus Stops in Walking distance
• Located next to Senior HUD apartments, near Cleveland Clinic Hospital
• Comparables reflect similar finished, renovated properties at $40,000+ per unit

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

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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
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