2334 Noble Road Apartments
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Government Subsidized, Low-Rise/Garden
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||$37,375 Per Unit
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||Cash to Seller
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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 $27,225 or a 9.11% 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% and in 2016 was 8.75%. Pro-Forma Capitalization Rate at 100% Occupancy with units rented at Market rents is 9.85%.
Currently, the majority (5 of the 8 units, 62.5%) 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 36% of the Gross Annual Income.
||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.
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