Onaway House Apartments

Multi-Family for Sale
Catylist Listing ID: 30138033
Property Subtypes: Government Subsidized, Low-Rise/Garden, Mid-Rise
Number of Units: 34 Units
Building Size (RSF): 35,634 SF
Gross Building Area: See Agent
Gross Land Area: 0.58 Acres
Sale Price: $1,100,000
Unit Price: $32,352.94 Per Unit
Property Use Type: Investment, Business
Building Name: Onaway House Apartments
Sale Terms: Cash to Seller
Cap Rate: 9.96%
Average Occupancy Rate: 100
Last Updated: 9/7/2017

Overview / Comments

Green Bridge Real Estate is pleased to present the 34 Unit Onaway House Apartments located at 14603 Milverton Road in Cleveland, Ohio 44120. The Onaway House Apartments are located on the border of Shaker Heights and the City of Cleveland near the Historic Shaker Square District and the new Van Aken Shopping District Retail Development. The Property consists of a Six Story, All Brick, Elevator served, Building built in 1938 totaling approximately 35,634 sq.ft. on 0.58 Acres, consisting of 22 one bedroom, one bath units approx. 850 Sq.Ft. each and 12 Two Bedroom, 1 Bath Units approx. 1,000 Sq.Ft. each. Very well maintained, excellent-stabilized income stream. Currently 100% occupied and has historically been very strong. Owner directs immediate sale at $1,100,000 or $32,352 per unit or an 9.96% Cap rate based on 2016 actual net operating income.

Connected to the building is a 16 space covered parking garage currently rented to some of the tenants but could provide additional income. The property also has 14 surface parking spaces. Landlord paid Heat (Gas), Trash, Water & Sewer utilities. Tenant paid Electric. Heat is supplied by Triangle Tube gas-fired steam boiler system to improve Heating efficiency (95% efficient). The Flat Rubber Membrane roof is less than a year old. Building has been well kept relating to brick tuck pointing, common areas and unit maintenance. The building is owner managed. 14 Security camera system with Remote access. Leased Coin Operated Laundry units provide additional income.
Income
The Onaway House Apartments are currently 100% Occupied (34/34). The 2016 Net Annual Operating Income was $109,521 or a 9.96% Capitalization rate at the asking price of $1,100,000 ($32,352 per unit). Pro-Forma Capitalization Rate at 100% Occupancy with units rented at Market rents is 11.35%.

Currently, 21 of the 34 occupied units, (61%) of the units are subsidized with “guaranteed” 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 59% of the Gross Annual Income. The potential exists to operate this complex as a “market” (no-subsidy) type of property or to continue to accept Voucher based subsidies.

Additional Details

Nearest MSA: Cleveland-Elyria
County: Cuyahoga
Taxing Authority: Cuyahoga County
Tax ID/APN: 130-18-025
Percent Occupied: 100%
Area Description: Located just four miles away from the Cleveland Clinic’s main campus and Case Western University. The area is highly served by the RTA Bus lines and is located near the Historic Shaker Square district and the new Van Aken Shopping Development.
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 6
Year Built: 1938
Parking Type: Structure, Surface, Underground
Total Parking Spaces: 30
Passenger Elevators: 1
Laundry: Shared
Heat Type: Natural Gas

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 30,318 194,320 406,245
Median Age: 40.25 37.85 38.51
Households: 13,835 81,556 170,349
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