Superior Hillcrest Apartments

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30019690
Property Subtypes: Government Subsidized, Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 14 Units
Building Size (RSF): 27,000 SF
Gross Building Area: See Agent
Gross Land Area: 0.23 Acres
Sale Price: $553,000
Unit Price: $39,500 Per Unit
Property Use Type: Investment, Business
Building Name: Superior Hillcrest Apartments
Sale Terms: Cash to Seller
Cap Rate: 14.3%
Average Occupancy Rate: 92
Last Updated: 6/26/2017

Overview / Comments

Green Bridge Real Estate is pleased to present The 14 Unit Superior Hillcrest Apartments located at 14140 Superior Road and 1507 Hillcrest Road in East Cleveland, Ohio 44118. The approx. 27, 078 Sq.Ft, All-Brick, 4-Story Building on 0.23 acres, consisting of 14 units: 3 one bedroom, one bath units and 11 two bedroom, one bath units. The property does also offer a 4 suite office that would be ideal for an on-site management office. Owner directs Immediate Sale of Portfolio to fund other Business opportunities. The Superior Hillcrest Apartments are included in a 90 Unit Total Unit Portfolio Sale offered at $3,199,500, can be purchased individually or in bulk. The 14 Unit Building is currently Landlord paid Heat, Trash, Water & Sewer. Leased Laundry Units provide approx. $2k per month in additional income. Some recent capital improvements include New Hot Water Tanks, newer boiler, well maintained roof and LED outdoor lighting. The Superior Hillcrest Apartments are currently 92% Occupied (13/14). The Projected Net Annual Operating Income at 100% Occupancy is $89,205 or a 16.13% Capitalization rate at the asking price of $553,000 ($39,500 per unit). The 2016 Capitalization rate based on Actual Income was 14.21%. This is a Fantastic Opportunity to purchase a well performing Apartment Building for a bargain price!

Additional Details

Nearest MSA: Cleveland-Elyria
County: Cuyahoga
Taxing Authority: Cuyahoga County
Tax ID/APN: 672-27-035
Percent Occupied: 92%
Area Description: Superior Hillcrest Apts. 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
Roof Type: Flat
Laundry: Shared

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 21,386 191,656 383,259
Median Age: 36.84 37.68 38.93
Households: 10,143 81,582 163,788

Source

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