Superior Hillcrest Apartments
|Catylist Listing ID:
Government Subsidized, Low-Rise/Garden
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!
||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.
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