2334 Noble Road Apartments

Multi-Family for Sale
Catylist Listing ID: 30163835
Property Subtypes: Government Subsidized, Low-Rise/Garden
Number of Units: 8 Units
Building Size (RSF): 13,000 SF
Gross Building Area: See Agent
Gross Land Area: 0.39 Acres
Sale Price: $299,000
Unit Price: $37,375 Per Unit
Property Use Type: Investment, Business
Sale Terms: Cash to Seller
Cap Rate: 9.11%
Average Occupancy Rate: 100
Last Updated: 9/7/2017

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.

Additional Details

Nearest MSA: Cleveland-Elyria
County: Cuyahoga
Taxing Authority: Cuyahoga County
Tax ID/APN: 681-38-065
Percent Occupied: 100%
Area Description: 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: 1
Property Condition: Good
Number of Stories: 2
Year Built: 1956
Roof Type: Flat
Construction/Siding: Brick
Parking Type: Structure, Surface
Total Parking Spaces: 16
Laundry: Shared
Heat Type: Natural Gas
Heat Source: Central

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 21,306 160,463 349,726
Median Age: 41.77 38.88 39.88
Households: 9,444 68,937 150,883
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