Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30216593
Property Subtypes: Mixed Use
Status: Pending/Contingent
Number of Units: 6 Units
Building Size (RSF): 10,271 SF
Gross Building Area: See Agent
Gross Land Area: 0.19 Acres
Sale Price: $360,000
Unit Price: $60,000 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 10.03%
Last Updated: 1/16/2019

Overview / Comments

Green Bridge Real Estate is pleased to offer the well maintained, recently renovated, Larchmere Mixed Use Apartment / Commercial Building, a 4 unit apartment building with 2 Commercial / Retail Units located at 12401 Larchmere Blvd, Cleveland, Ohio 44120. in the Shaker Square neighborhood in the East side of Cleveland. Built in 1925, The Larchmere property is comprised of an 10,271 +/- Sq.Ft., all brick, Two story building with basement located on 0.19 +/- acres. The Residential units consist of Two (2) One Bedroom, One Bathroom units and Two (2) Two Bedroom, One Bathroom Units. 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 with warranty, Complete Electrical upgrade, and many more. Owner pays only water & sewer and common area electric. Tenant paid heat (gas) and electric. Ample Parking has been created in the rear of the property. Currently 100% Occupied (6 of 6). State Farm Insurance anchors one of the two Street Commercial / Retail Units. The Projected Net Annual Operating Income is $36,109 or a 10.03% Capitalization rate at the asking price of $360,000 ($35.05 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 11.78%.

The Larchmere Mixed Use property is conveniently located just North of the Shaker Square Neighborhood of Cleveland just steps away from shopping, retail and dining and just four
miles away from the Cleveland Clinic’s main campus and three miles from Case Western University. The area is highly served by the RTA Bus lines and light rail transportation

Additional Details

Nearest MSA: Cleveland-Elyria
County: Cuyahoga
Taxing Authority: Cuyahoga County
Tax ID/APN: 12907070
Percent Occupied: 100%
Total Number of Buildings: 1
Property Condition: Average
Number of Stories: 2
Year Built: 1925
Roof Type: Flat
Parking Type: Surface
Total Parking Spaces: 10
Laundry: Shared
Sprinklers: None

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 27,497 207,961 403,307
Median Age: 37.57 37.78 37.84
Households: 12,660 88,277 169,513
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