Lee Euclid Apartments

Multi-Family for Sale
Catylist Listing ID: 30271511
Property Subtypes: Low-Rise/Garden
Number of Units: 32 Units
Building Size (RSF): 24,245 SF
Gross Building Area: See Agent
Gross Land Area: 1.34 Acres
Sale Price: $99,000
Unit Price: $3,093.75 Per Unit
Property Use Type: Investment, Vacant/Owner-User, Business
Building Name: The Lee Euclid Apartments
Sale Terms: Cash to Seller
Cap Rate: 25.0%
Last Updated: 1/17/2019

Overview / Comments

Green Bridge Real Estate is pleased to present an ideal value-added opportunity with the Lee Euclid Apartments located at 1847 Lee Blvd. in East Cleveland, Ohio. An approx. 24,245 Sq.Ft. 32 Unit Apartment Building on 1.338 Total Acres built in 1951 and For Sale for $99,000 or $3,093 per unit. The 32 Unit Walk up, Garden Style Apartment building consists of two 3 story brick buildings consisting with Thirty Two (32) One Bedroom, One Bathroom units. Cooking Gas and Electric is sub-metered (Tenant Paid). Large Floorplans, Surface Parking Lot with Covered Parking area that can be rebuilt. For estimation and demonstration purposes, this renovation could range between $480,000 to $640,000 depending on finish. Please use your own estimates. Comparables reflect similar finished, renovated properties at $40,000+ per unit.

Projected Cap Rate at 90% Occupancy with a $480,000 Renovation ($15,000 per suite) is 18.49%. Free and Clear Title.

The property is near the Cleveland Clinic Hospital’s World Headquarters and Case Western Reserve University. Several Bus Stops within walking distance.

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Additional Details

Nearest MSA: Cleveland-Elyria
County: Cuyahoga
Taxing Authority: Cuyahoga County
Tax ID/APN: 673-08-064
Percent Occupied: 0%
Total Number of Buildings: 2
Property Condition: Poor
Number of Stories: 3
Year Built: 1951
Roof Type: Flat
Construction/Siding: Brick
Parking Type: Structure, Surface
Laundry: Shared

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 23,485 177,909 352,962
Median Age: 42.58 37.45 38.72
Households: 10,689 75,796 151,511
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