Marlboro House Apartments

Multi-Family for Sale
Catylist Listing ID: 30223280
Property Subtypes: Government Subsidized, Low-Rise/Garden
Number of Units: 48 Units
Building Size (RSF): 38,352 SF
Gross Building Area: See Agent
Gross Land Area: 0.86 Acres
Sale Price: $1,680,000
Unit Price: $35,000 Per Unit
Property Use Type: Investment, Business
Building Name: Marlboro House Apartments
Sale Terms: Cash to Seller
Cap Rate: 12.7%
Average Occupancy Rate: 45
Last Updated: 6/29/2018

Overview / Comments

Green Bridge Real Estate is proud to offer the 48 Unit Marlboro Apartments located at 14815 & 14835 Euclid Avenue, East Cleveland, OH 44112 For Sale $1,680,000 ($35,000 per unit). The property is currently undergoing significant renovations. The property is an outstanding investment opportunity with upside potential! Ownership Immediate Sale of Portfolio to fund other Business opportunities! The Euclid Garden Apartments are included in a 210 Total Unit 5 Bldg. Portfolio Sale offered at $8,245,000, can be purchased individually or in bulk. The Marlboro House Apartments consists of 26 One-bedroom, One Bathroom suites and 22 Two bedroom, One Bathroom suites, Two all brick buildings, approx. 38,352 Sq.Ft. apartment property built in 1964 and located on .86 Acres. Common areas and most units undergoing a full renovation. Projected Net Operating Income at 100% Occupancy is $213,412 or a 12.70% Cap at the Asking Price of $1,680,000 ($35,000 per unit). Currently the property is 45% Occupied due to the renovation.

Laundry Rooms provide additional income. An RTA Bus Line stop is located directly across the street from the complex and is adjacent to the newly built Shaw High School. Owner paid heat, Trash Removal and Water / Sewer, tenant paid electric.

Additional Details

Nearest MSA: Cleveland-Elyria
County: Cuyahoga
Taxing Authority: Cuyahoga County
Tax ID/APN: 673-06-020, 673-06-019
Percent Occupied: 45%
Total Number of Buildings: 2
Property Condition: Average
Number of Stories: 3
Year Built: 1964
Year Renovated: 2018
Roof Type: Flat
Construction/Siding: Brick
Parking Type: Surface
Laundry: Shared

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 23,602 167,239 346,258
Median Age: 42.26 37.72 38.67
Households: 10,678 71,662 148,973
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