The Lakeshore Rosecliff Apartments

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30338501
Property Subtypes: Low-Rise/Garden
Status: Pending
Number of Units: 6 Units
Building Size (RSF): 5,346 SF
Gross Building Area: See Agent
Gross Land Area: 0.24 Acres
Sale Price: $235,000
Unit Price: $39,166.67 Per Unit
Property Use Type: Investment, Business
Building Name: Lakeshore Rosecliff Apartments
Sale Terms: Cash to Seller
Cap Rate: 10.42%
Last Updated: 10/17/2018

Overview / Comments

Green Bridge Real Estate is pleased to offer the well maintained The Lakeshore Rosecliff Apartments, a 6 unit apartment community located at 18310 Lakeshore Blvd. near the Cleveland Euclid border in Cleveland, Ohio 44119.
Built in 1955, Lakeshore Rosecliff is comprised of a 5,346 +/- Sq.Ft., all brick, Three floor building with an six space covered parking garage located on 0.244 +/- acres. The property is comprised of 2 Two Bedroom, One Bathroom suites of approx. 850 Sq.Ft. of living space and 4 One Bedroom, One Bathroom suites of approx.700 Sq.Ft. of living space. Ideal Stabilized Apartment Building with very low management and maintenance. Each of the units feature hardwood floors, and an individually controlled forced air furnace and wall unit A/C systems. Additional amenities include secured entrances, on-site laundry, and garage parking. Recent Capital Improvements include Two newer Furnaces, Three newer Hot Water Tanks, Three newer A/C wall unit systems, numerous suite and common area renovations and the Roof has been sealed. Owner pays only water & sewer and common area electric. Tenant paid gas and electric. Currently 100% Occupied (6 of 6). The Actual Net Operating Income from 2017 was $24,485 or a 10.42% Cap Rate. Opportunity to significantly increase income by increasing current Rents to Market Rates. The Projected Net Annual Operating Income with units rented at market rates is $28,638 or a 12.19% Capitalization rate at the asking price of $235,000 ($39,166 per unit). Shared Laundry room provides additional income ($750) and could provide much more if correctly managed.

The Lakeshore Rosecliff Apts are conveniently located near (3.5 mi) to the brand new Amazon distribution center, Lake Erie is one block away to the North. Located just 10 miles East of Downtown Cleveland in a quiet Residential neighborhood.

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Additional Details

Nearest MSA: Cleveland-Elyria
County: Cuyahoga
Taxing Authority: Cuyahoga County
Tax ID/APN: 114-13-017
Percent Occupied: 100%
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 3
Year Built: 1955
Roof Type: Flat
Construction/Siding: Brick
Parking Type: Structure
Total Parking Spaces: 6
Laundry: Shared
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Window Unit

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 17,075 80,393 215,742
Median Age: 43.93 40.65 40.83
Households: 8,071 37,124 94,804
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