Multi-Family for Sale
Catylist Listing ID: 30277362
Property Subtypes: Low-Rise/Garden
Number of Units: 18 Units
Building Size (RSF): 15,981 SF
Gross Building Area: See Agent
Gross Land Area: 0.21 Acres
Sale Price: $1,100,000
Unit Price: $61,111.11 Per Unit
Property Use Type: Investment, Business
Building Name: Clifton Blvd. Apartments
Sale Terms: Cash to Seller
Cap Rate: 8.05%
Average Occupancy Rate: 100
Last Updated: 7/18/2018

Overview / Comments

Green Bridge Real Estate is proud to offer the 18 Unit Clifton Blvd. Apartments located at 12015 Clifton Blvd. in the “A” rated neighborhood of Lakewood, OH 44107 offered For Sale: $1,100,000. The Clifton Blvd. Apartments consists of 18 One-bedroom, One Bathroom Suites, three stories, all brick, approx. 15,981 Sq.Ft. apartment property built in 1925 and located on .215 Acres. The suites boast hardwood floors, decorative fireplaces and have architectural charm and character. The property is an outstanding Turn Key investment opportunity in a fantastic rental market / area with upside potential! Opportunity to Improve Income with Rental Rate Increases (below market lease rates). Ownership directs the Immediate Sale to fund other Business opportunities! Laundry Room provides additional income. Currently the ownership bills back the tenants for pets and utilities reimbursements. Owner paid heat (boiler), Trash Removal and Water / Sewer, tenant paid electric and gas (cooking). Opportunity to create approx. 5 parking spaces in the rear of the property that would provide additional income. Projected Net Operating Income at 100% Occupancy at Market Rates is $117,859 or a 10.75% Cap at the Asking Price of $1,100,000. The Cap Rate at 2017’s Actual Income was 8.05%. Currently the property is 100% (18 of 18) Occupied and historically is well occupied with a waiting list for future tenancy.

The Clifton Blvd. Apartments is located in the “A” class rental area of Lakewood. Just a block away from Lake Erie, this neighborhood is home to young professionals, students and a high-end housing stock. With easy access to all area highways via the Shoreway, the apartments are only 3 miles from Downtown Cleveland and is surrounded by parks, beachfront, bars, restaurants and shopping. RTA Public transportation is also readily available within the neighborhood with numerous bus stops within walking distance.

Attachments & Media

Additional Details

Nearest MSA: Cleveland-Elyria
County: Cuyahoga
Taxing Authority: Cuyahoga County
Tax ID/APN: 31229031
Percent Occupied: 100%
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 3
Year Built: 1925
Roof Type: Flat
Construction/Siding: Brick
Laundry: Shared
Sprinklers: None

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 29,415 143,948 289,199
Median Age: 38.52 35.47 37
Households: 15,478 63,385 127,026
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