2334 Noble Road Apartments
|Catylist Listing ID:
Government Subsidized, Low-Rise/Garden
|Number of Units:
|Building Size (RSF):
|Gross Building Area:
|Gross Land Area:
||$37,375 Per Unit
|Property Use Type:
||Cash to Seller
|Average Occupancy Rate:
Overview / Comments
Green Bridge Real Estate is pleased to offer the 2334 Noble Road Apartments, an 8-unit apartment building located at 2334 Noble Road in Cleveland Heights, Ohio 44121.
Built in 1956, the apartment building is comprised of an approx. 13,000+/- Sq.Ft., all brick, Two floor building with an eight space covered parking garage located on 0.3857 +/- acres. The building consists of 3 One Bedroom, One Bathroom suites, 4 Two Bedroom, One Bathroom suites and 1 Efficiency unit. Ideal Stabilized Apartment Building with very low management and maintenance. Each of the units feature a furnished kitchen, and an individually controlled forced air furnace. Additional amenities include secured entrances, on-site landlord owned laundry, and garage and surface parking. Suites feature refinished hardwood floors with a spacious design. The building is owner managed. Recent Capital Improvements include a new Roof. Owner pays only water & sewer, common area electric and trash. Tenant paid gas and electric. Currently 100% Occupied (8 of 8). The Projected Net Annual Operating Income is $28,526 or a 9.54% Capitalization rate at the asking price of $299,000 ($37,350 per unit). Opportunity to significantly increase income by increasing current Rents to Market Rates. The Actual Capitalization rate at the offering price for 2014 was 9.81%, 2015 was 7.17%, 2016 was 8.75% and 2017 was 8.87%. Pro-Forma Capitalization Rate at 100% Occupancy with units rented at Market rents is 10.46%.
Currently, 4 of the 8 units, (50%) of the units are subsidized with “guaranteed” Voucher based Subsidized rent payments provided by Federal and State Funding for assistance to low income individuals. This arrangement provides a stable, consistent tenant base with “guaranteed” rent payments accounting for 32.74% of the Gross Annual Income.
Attachments & Media
||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.
|Total Number of Buildings:
|Number of Stories:
|Total Parking Spaces:
© Copyright Catylist. All Rights Reserved.
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.