Maple Cove Apartments

Multi-Family for Sale
Catylist Listing ID: 30271529
Property Subtypes: Low-Rise/Garden
Number of Units: 39 Units
Building Size (RSF): 37,175 SF
Gross Building Area: See Agent
Gross Land Area: 0.81 Acres
Sale Price: $1,450,000
Unit Price: $37,179.49 Per Unit
Property Use Type: Investment, Business
Building Name: Maple Cove Apartments
Sale Terms: Cash to Seller
Cap Rate: 14.32%
Average Occupancy Rate: 82
Last Updated: 1/16/2019

Overview / Comments

Green Bridge Real Estate is pleased to present the 39 Unit Maple Cove Apartments located at 16004 Euclid Avenue in East Cleveland, Ohio 44112. The Property consists of an All Brick, Building built in 1962 totaling approximately 37,175 sq.ft. on .81 Acres, consisting of 13 One Bedroom, One Bathroom Units approx.. 600 Sq.Ft. each and 26 Two Bedroom, One Bathroom Units approx. 900 Sq.Ft. each. All the suites have undergone extensive renovations including new countertops, cabinets, tiling, low-flow toilets, vanities, appliances, flooring and much more. The Building benefits from a new roof with transferrable 10 year warranty (2024), new boiler, new common area, new laundry room, new video system and many more recent capital expenditures. Recently Renovated, Very well maintained, Excellent Turn Key Investment offering little deferred maintenance or capital improvements with Upside to Improve Income with Rental Rate Increases (below market lease rates). Currently 82.05% (32 of 39) occupied. Out of Country Owner directs immediate sale at $1,450,000 or $37,179 per unit or a 14.32% Projected Cap rate at 100% occupancy at Market Rental rates.

The property also has ample surface parking spaces. Landlord paid Heat (Boiler), Trash, Water & Sewer utilities. Tenant paid Electric. The building is third party managed.

The property is located near the Helen S Brown Senior Center HUD apartments and is adjacent to the 92 Acre world operating headquarters of GE (General Electric). Several Bus Stops within walking distance. Located just four miles away from the Cleveland Clinic’s World Headquarters and Case Western Reserve University. The area is highly served by the RTA Public Transportation lines.

The Maple Cove Apartments are currently 82.05% Occupied (32/39). The 2017 Net Annual Operating Income was $109,733 or a 7.57% Capitalization rate at the asking price of $1,450,000 ($37,179 per unit). Pro-Forma Capitalization Rate at 100% Occupancy with units rented at Market rents is 14.32%.

Currently, 16 of the 32 occupied units, (50.00%) of the units are subsidized with “guaranteed” rent payments provided by Federal and State Funding for assistance to low income individuals. This arrangement provides a stable, consistent tenant base with “guaranteed” rent payments accounting for 39.22% of the Gross Annual Income. The potential exists to operate this complex as a “market” (no-subsidy) type of property or to continue to accept Voucher based subsidies.

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Additional Details

Nearest MSA: Cleveland-Elyria
County: Cuyahoga
Taxing Authority: Cuyahoga County
Tax ID/APN: 673-12-005, 673-12-004
Percent Occupied: 82%
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 3
Year Built: 1962
Year Renovated: 2016
Roof Type: Flat
Construction/Siding: Brick
Parking Type: Surface
Laundry: Shared

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 22,561 160,030 329,106
Median Age: 39.65 38.4 39.2
Households: 9,889 69,908 142,148
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