Superior Eddington Apartments

Multi-Family for Sale
Catylist Listing ID: 30028004
Property Subtypes: Low-Rise/Garden
Number of Units: 24 Units
Building Size (RSF): 20,000 SF
Gross Building Area: See Agent
Gross Land Area: 0.45 Acres
Sale Price: $249,000
Unit Price: $10,375 Per Unit
Property Use Type: Investment, Business
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 6/26/2017

Overview / Comments

Green Bridge Real Estate is pleased to present Two Superior Road, East Cleveland, Ohio Apartment Buildings: The 17 Unit Eddington Apartments & The 7 Unit, Eddington Apartments, for a total of 24 Units being offered at an offering price of $249,000 or a projected 24.85% Cap Rate based on 90% Occupancy with a $240,000 renovation. Partnership Dissolution directs Immediate Sale. The 7 Unit Building has been recently renovated with approximately $140,000 in exterior renovations completed including new windows, New forced air furnaces with all new gas lines throughout, Separate hot water tanks in the basement for each unit with hot and cold runs to each unit (able to be metered), All new stacks, vents, and supply lines throughout, New meter base and 100 amp service to each unit and updated panels, New fire escape stairs, New exterior Doors, New bathroom fixtures, tile surrounds and floor, New kitchen tile, Drywall mostly replaced and repaired throughout the 7 units and are ready for prime/paint, among others. Interior units require light renovation with kitchen cabinets, countertops and final coats of paint and carpet. The 17 Unit Building renovation has been started with approximately $50,000 in renovations completed including new windows, Individual furnaces, new fixtures, among others. All 17 units will require renovation with new drywall, kitchens, & baths. Landlord paid Trash, Water & Sewer. Units Individually Submetered for Electricity and Gas (Heat). Leased Laundry Units will provide additional income. The 24 Unit portfolio consists of 17 Two Bedroom, One Bathroom Units and 7 Three Bedroom, One Bathroom Units. Currently the Portfolio is Vacant. Total Needed Building(s) Renovations are estimated to be $240,000 to $360,000 for estimation purposes. Please use your own estimates. This is a Fantastic Value Added Opportunity to purchase and renovate an Apartment Building with huge upside for a bargain price!

Additional Details

Nearest MSA: Cleveland-Elyria
County: Cuyahoga
Taxing Authority: Cuyahoga County
Tax ID/APN: 672-27-030 & 672-27-031
Percent Occupied: 0%
Area Description: The Eddington 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 and shares a Cleveland Heights zip code, 44118. 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.
Total Number of Buildings: 2
Property Condition: Good
Number of Stories: 3
Year Built: 1924
Roof Type: Flat
Construction/Siding: Brick
Laundry: Shared
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Central

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 23,945 191,656 383,631
Median Age: 37.07 37.68 38.87
Households: 11,386 81,582 163,975

Source

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