Multi-Family for Sale
Catylist Listing ID: 30216594
Property Subtypes: Low-Rise/Garden
Number of Units: 8 Units
Building Size (RSF): 11,139 SF
Gross Building Area: See Agent
Gross Land Area: 0.16 Acres
Sale Price: $475,000
Unit Price: $59,375 Per Unit
Property Use Type: Investment, Business
Building Name: Bernard Apartments
Sale Terms: Cash to Seller
Cap Rate: 8.7%
Average Occupancy Rate: 875
Last Updated: 3/4/2018

Overview / Comments

Green Bridge Real Estate is pleased to offer the well maintained, recently renovated, Bernard Avenue Apartments, an 8-unit apartment community located at 10917 Bernard Avenue, Cleveland, Ohio 44111. in the Westside of Cleveland in the Cudell Neighborhood. Built in 1927, The Bernard Apartments is comprised of an 11,139 +/- Sq.Ft., all brick, Two story building with basement located on 0.16 +/- acres. The units consist of Two (2) One Bedroom, One Bathroom units, Four (4) Two Bedroom, One Bathroom Units and Two (2) Three Bedroom, One Bathroom suites. Ideal Stabilized Apartment Building with very low management and maintenance. Each of the units feature a furnished kitchen, hot water tank and an individually controlled forced air furnace. Recent Capital Improvements include New Roof with gutter and downspout replacement, new windows and exterior doors, newly tuck pointed, Complete Electrical upgrade, units 2 and 4-8 have been remodeled floor to ceiling, units 1 and 3 have a full kitchen and bathroom remodel, all new appliances in all units, and many more. Owner pays only water & sewer and common area electric. Tenant paid heat (gas) and electric. Currently 87.5% Occupied (7 of 8). The Projected Net Annual Operating Income is $30,894 or a 6.50% Capitalization rate at the asking price of $475,000 ($59,375 per unit / $42.64 per Sq.Ft.). Opportunity to significantly increase income by increasing current Rents to Market Rates. The Projected Capitalization rate with the units rented at market rents is over 8.7%.

The Bernard Apartments are conveniently located on the Westside of Cleveland just blocks away from I-90 at West 117th Street, just south of Lorain Ave. Located just 6 miles West of Downtown Cleveland in a quiet Residential neighborhood.

Additional Details

Nearest MSA: Cleveland-Elyria
County: Cuyahoga
Taxing Authority: Cuyahoga County
Tax ID/APN: 01810080
Percent Occupied: 875%
Total Number of Buildings: 1
Property Condition: Average
Number of Stories: 2
Year Built: 1927
Roof Type: Flat
Construction/Siding: Brick

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 32,903 200,318 352,684
Median Age: 32.86 35.84 37.16
Households: 12,825 86,783 152,924
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