This Class C brick apartment complex is a solid investment in a great market with HUGE value add potential. Maple Heights is fantastic rental area with market rents ranging from $600 to $1200/mo. Tenants are drawn to this area due to its close proximity to shopping and jobs such the Southgate shopping center and Jack Racino. "The Clare" consists of 2- 11 unit brick buildings with a fully renovated single family home in between. It has a near equal mix of 1 and 2 bed units with 1 studio in each building and 3 bedrooms in the SF. Tenants can access the building from the attached covered parking located behind the buildings or from the main door. Each building contains on site, coin operated laundry that provides additional income and private storage space in the maintenance room. Owner utility expenses are reduced thanks to in-suite furnace and hot water tanks. 5 of the current tenants have all been there over 1 year. Currently has 11 vacant units that require no more then a rent ready turnover and/or minor updates in order to be occupied. All units are occupied at below market rents with instant profit gained simply by placing tenants and updating leases. Proforma indicates almost $220,000/year in gross rents.
- Price:
- $1,550,000
- Year Built:
- 1957
- Listing ID #:
- 4344258
- Street Address:
- 5201-5215 Warrensville Center Rd
- City:
- Maple Heights
- State:
- Ohio
- Postal Code:
- 44137
- County:
- Cuyahoga
- Community:
- Maple Heights
- Subdivision:
- Waid & Duffeys Ctr Hwy Al
- Listing Status:
- Active Under Contract
- Listing Type:
- Commercial Sale
- Year Built:
- 1957
- Year Built Description:
- Actual Ybt
- Annual Electric Expenses:
- 95
- Annual Trash Expenses:
- 220
- Annual Water/Sewer Expenses:
- 280
- Contingency Type:
- Inspections
- Days On Market:
- 122
- On Market Date:
- 2022-01-19
- Originating Mls:
- Yes-Mls
- Terms:
- Cash, Conventional
- Owner Pays:
- Sewer, Trash Collection, Water
- Ownership:
- Resident
- Property Taxes:
- $25,274
- Tenant Pays:
- Cable Tv, Electricity, Heat
- Parking Description:
- Covered, On Site, Outside, Private
- Existing Water:
- Public
- Heating:
- Forced Air
- Sewage Type:
- Public Sewer
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The amounts for the Tax, Insurance, and HOA are estimates and not actual amounts.
Your Payment
$1,400/mo
Source: CINC
- Listing Provided By Keller Williams Citywide
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The listing information herein is provided through the MLS IDX database. Information is deemed reliable but not guaranteed. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange Program of NEOHREX.
