Briggand Hall Apartments

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30349603
Property Subtypes: Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 13 Units
Building Size (RSF): 8,200 SF
Gross Building Area: See Agent
Gross Land Area: 0.40 Acres
Sale Price: $459,000
Unit Price: $35,307.69 Per Unit
Property Use Type: Investment, Business
Building Name: Briggand Hall Apartments
Sale Terms: Cash to Seller
Cap Rate: 11.45%
Last Updated: 12/11/2018

Overview / Comments

Green Bridge Real Estate is pleased to offer the 13 Unit, Briggand Hall Apartments located at 2680 Noble Road in Cleveland Heights, Ohio 44121.
Built in 1924, the apartment building is comprised of an approx. 8,200+/- Sq.Ft., all brick, Three floor building with an four space covered parking garage and eight surface spaces located on 0.40 +/- acres. The building consists of 10 One Bedroom, One Bathroom suites and 3 Two Bedroom, One Bathroom suites. Ideal Stabilized Apartment Building with very low management and maintenance. Out of Country Owner Directs Sale. An adjacent lot ideal for additional parking is included in the sale. Recent Capital Improvements include a new Roof, new Boiler, new security camera system, tuckpointing and four suites have undergone extensive cosmetic updating. Owner paid heat, water & sewer, common area electric and trash. Tenant paid cooking gas and electric. Currently 84% Occupied (11 of 13). 11.45% Projected Cap rate based on 100% Occupancy with Rental Rate Stabilization (Undervalued) at the asking price of $459,000 ($35,307 per unit). Opportunity to significantly increase income by increasing current Rents to Market Rates.

Located just five miles away from the Cleveland Clinic’s main campus and four miles from Case Western University. The area is highly served by the RTA Bus lines.

Additional Details

Nearest MSA: Cleveland-Elyria
County: Cuyahoga
Taxing Authority: Cuyahoga County
Tax ID/APN: 682-29-011, 682-29-009
Percent Occupied: 84%
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 3
Year Built: 1924
Roof Type: Flat
Construction/Siding: Brick
Parking Type: Structure, Surface
Total Parking Spaces: 12
Laundry: Shared
Sprinklers: None

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 24,628 164,093 361,625
Median Age: 39.35 39.7 40.08
Households: 10,698 71,122 155,912
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