Catylist ID: #30271529
Maple Cove Apartments
Multi-Family for Sale
|Catylist Listing ID:||30271529|
|Number of Units:||39 Units|
|Building Size (RSF):||37,175 SF|
|Gross Building Area:||See Agent|
|Gross Land Area:||0.81 Acres|
|Unit Price:||$37,179.49 Per Unit|
|Property Use Type:||Investment, Business|
|Building Name:||Maple Cove Apartments|
|Sale Terms:||Cash to Seller|
|Average Occupancy Rate:||82|
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.
Attachments & Media
|Taxing Authority:||Cuyahoga County|
|Tax ID/APN:||673-12-005, 673-12-004|
|Total Number of Buildings:||1|
|Number of Stories:||3|
|Proximity:||1 mile||3 miles||5 miles|
Matthew S. King, CCIMGreen Bridge Real Estate
|The information presented herein is provided as is, without warranty of any kind. Neither Catylist nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.|