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: 9.36%
Average Occupancy Rate: 87
Last Updated: 6/29/2018

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 87.14% Occupied (58/70). The 2017 Net Annual Operating Income was $167,816 or a 5.85% Capitalization rate at the asking price of $2,870,000 ($41,000 per unit). Projected NOI at 100% Occupancy is $332,881 or a 11.90% 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 162 Total Unit 4 Bldg. Portfolio Sale offered at $6,565,000, 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: 87%
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
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.