Parkview Estates Apartments

Multi-Family for Sale
Catylist Listing ID: 30178481
Property Subtypes: Government Subsidized, Low-Rise/Garden
Number of Units: 70 Units
Building Size (RSF): 60,822 SF
Gross Building Area: See Agent
Gross Land Area: 5 Acres
Sale Price: $2,870,000
Unit Price: $41,000 Per Unit
Property Use Type: Investment
Building Name: Parkview Estates
Sale Terms: Cash to Seller
Cap Rate: 10.49%
Last Updated: 11/19/2017

Overview / Comments

Green Bridge Real Estate is pleased to present the 70 Unit Parkview Estates Apartments located at 1832-1864 Forest Hills Boulevard, in East Cleveland, Ohio. The Property consists of 4 All Brick Buildings built in 1944, approx. 60,822 Total Sq.Ft, 2-Story, Secure Buildings with Basements on 5 acres, consisting of 16 one bedroom, one bath units and 54 two bedroom, one bath units. The Owner-Managed Parkview Estates Apartments are currently 78.57% Occupied (55/70). The 2016 Net Annual Operating Income was $199,845 or a 6.96% Capitalization rate at the asking price of $2,870,000 ($41,000 per unit). Projected NOI at 100% Occupancy is $301,058 or a 10.49% Capitalization rate. Landlord pays Gas, Trash, Water & Sewer. Steam Heat. 24 Covered, Secure Garage Parking Spaces, 9 Laundry Rooms and the potential for Storage lockers that all could provide additional income. Capital Improvements included Upgraded Electrical service, newer windows, and the addition of a tekmar system controlling heat sensor system. Some of the units are leased in conjunction with the Section 8 Housing Assistance Voucher Program which provides a steady, consistent, stable tenant and “guaranteed” income stream.

The Parkview Estates Apartments are included in a 223 Total Unit 7 Bldg. Portfolio Sale offered at $9,100,000, can be purchased individually or in bulk.

Attachments & Media

Additional Details

Nearest MSA: Cleveland-Elyria
County: Cuyahoga
Taxing Authority: Cuyahoga County
Tax ID/APN: 672-19-002
Percent Occupied: 78%
Total Number of Buildings: 4
Property Condition: Good
Number of Stories: 2
Laundry: Shared
Heat Type: Steam

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 26,152 180,804 369,026
Median Age: 36.61 37.92 38.26
Households: 11,042 78,341 157,406
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