Superior Belmar Apartments

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30018611
Property Subtypes: Government Subsidized, Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 29 Units
Building Size (RSF): 26,920 SF
Gross Building Area: See Agent
Gross Land Area: 0.34 Acres
Sale Price: $725,000
Unit Price: $25,000 Per Unit
Property Use Type: Investment, Business
Building Name: Superior Belmar Apartments
Sale Terms: Cash to Seller
Cap Rate: 13.87%
Last Updated: 6/26/2017

Overview / Comments

Green Bridge Real Estate is pleased to present The 29 Unit Superior Belmar Apartments located at 14070 Superior Road in East Cleveland, Ohio 44118. The approx. 26,920 Sq.Ft, All-Brick, 4-Story Building on 0.34 acres, consisting of 29 units: 13 one bedroom, one bath units and 16 two bedroom, one bath units. Owner directs Immediate Sale of Portfolio to fund other Business opportunities. The Superior Belmar Apartments are included in a 90 Unit Total Unit Portfolio Sale offered at $3,199,500, can be purchased individually or in bulk. The 29 Unit Building has been recently renovated with approximately $300,000 in exterior renovations completed including new windows, remove and replaced all patios, repaired fire escapes, among others. Interior units require light renovation with some being close to rent ready. Landlord paid Heat, Trash, Water & Sewer. Leased Laundry Units will provide additional income. The Projected Net Annual Operating Income at 90% Occupancy is $152,578 or a 21.05% Capitalization rate at the asking price of $725,000 ($25,000 per unit). For estimation and demonstration purposes, the renovation of this property could range between $100,000 to $200,000 depending on finish. Please use your own estimates. This is a Fantastic Opportunity to purchase a recently renovated Apartment Building with huge upside for a bargain price!

Additional Details

Nearest MSA: Cleveland-Elyria
County: Cuyahoga
Taxing Authority: Cuyahoga County
Tax ID/APN: 672-27-025
Area Description: Superior Belmar is 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: 1
Property Condition: Average
Number of Stories: 4
Year Built: 1924
Year Renovated: 2016
Roof Type: Flat
Laundry: Shared

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 23,945 192,482 382,747
Median Age: 37.07 37.37 38.87
Households: 11,386 81,647 163,529

Source

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