17800 Euclid Ave

Multi-Family for Sale
Catylist Listing ID: 30568756
Number of Units: See Agent
Building Size (RSF): 21,877 SF
Gross Land Area: 0.54 Acres
Sale Price: $425,000
Property Use Type: Vacant/Owner-User
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Last Updated: 3/18/2020

Overview / Comments

Green Bridge Real Estate is pleased to offer the Torbenson Apartments, a 47 Unit Apartment building located at 17800 Euclid Avenue Cleveland, Ohio 44112. For Sale, $425,000 ($9,042 per unit). The Torbenson Apartments offers 47 units, all units are configured as “Studio/Efficiency” Units. The Torbenson Apartments are an outstanding development opportunity, in an advancing location, with significant renovation required. The Projected Net Annual Operating Income at 100% Occupancy with a 10% Vacancy Factor and a 10% Management Expense is $126,629.00 or a 29.8% Capitalization Rate at the asking price of $425,000 ($9,042 per unit). The Pro-Forma Cap Rate at 100% Occupancy and a $15,000 per unit renovation budget is 11.21%. First position Seller Financing is available to qualified purchasers with 50% down, 6.0% Interest (6.0% APR), 20 year amortization, balloon payment due in 48 months, monthly principal and interest payments with an additional real estate tax escrow. Built in 1958, The Torbenson Apartments have a brick exterior and boasts 21,877 Sq.Ft. of usable area situated on 0.54 acres. The building features two floors and a full basement. Units are found on all three floors and a mechanical/workroom is located on the basement floor New Ownership of the Torbenson Apartments will be taking on a complete renovation project. Plumbing, Electrical, HVAC systems are no longer functional (or present) and require replacement. The building’s roof could be resurfaced, a complete tear off may not be necessary. Additionally, the surface parking lot would benefit from being resurfaced.With the Torbenson Apartments being configured entirely as “Studio/Efficiency” Units, an investor can reposition the building into something other than a multifamily apartment building. Converting the building into a drug treatment center, a rehabilitation unit, or a shelter are just a few of the possibilities. New ownership may not limited to operating the building as a multifamily apartment building.The property is serviced by the RTA transit system with multiple dining and shopping destinations being within walking distance of the property. The newly constructed Amazon Fulfillment Center is only 5 miles from the Torbenson Apartments. The Amazon Fulfillment Center will be leading contributor into the long-term rejuvenation of this area by providing significant employment opportunities and a wealth of potential tenants.

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Additional Details

Nearest MSA: Cleveland-Elyria
County: Cuyahoga
Tax ID/APN: 11725005
Zoning: MF-2
Total Number of Buildings: 1
Number of Stories: 3

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 21,413 144,034 319,134
Median Age: 40.48 39.83 39.8
Households: 9,933 63,102 138,096
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