Available For Sale - Multifamily

9,375 SF | Show Pricing $

LISTED BY

David Rosenthal
Grimaldi Commercial Realty Corp., 813-882-0884

AVAILABILITY DETAILS

Size
9,375 SF
Price/SF
Show Pricing $
Listing ID
SA534452
Notes
THE GORDON SQUARE APARTMENTS IS A 9-UNIT MULTIFAMILY PORTFOLIO LOCATED IN GORDON SQUARE/ OHIO CITY ON THE FAMOUS WEST SIDE OF CLEVELAND, OHIO. GORDON SQUARE IS HOME TO THE FAMOUS GORDON SQUARE ARTS DISTRICT, A WALKABLE RETAIL AND DINING DESTINATION THAT HAS BEEN RATED AS ONE OF THE TOP 5 PLACES TO LIVE IN CLEVELAND, OHIO IN 2024! THE PORTFOLIO CONSISTS OF 9 UNITS TOTAL (3 DUPLEXS AND 3 SINGLE-FAMILY HOMES) IN FANTASTIC CONDITION WITH RECENT RENOVATIONS TO EACH UNIT.



THE PROPERTY IS 100% OCCUPIED, AND WITH THE LIMITED NUMBER OF UNITS AVAILABLE FOR RENT IN GORDON SQUARE, THE DEMAND IS OFF THE CHARTS! THE RENTAL RATES IN THE GORDON SQUARE AREA HAVE RISEN FOR 8 YEARS IN A ROW, AND THIS IS EXPECTED TO CONTINUE WITH THE HUNDREDS OF NEW HOMES AND APARTMENTS THAT HAVE BEEN BUILT IN THE PAST 7 YEARS! ALL UNITS HAVE BEEN UPDATED, AND THE PROPERTY HAS UNDERGONE SIGNIFICANT IMPROVEMENTS IN THE PAST 5 YEARS. THE PROPERTY HAS MASSIVE UPSIDE POTENTIAL AS ALMOST ALL OF THE RENTAL RATES ARE STILL $300-$400 BELOW THE MARKET AVERAGE.



THE SELLER IS OFFERING AMAZING SELLER FINANCING TERMS, WHICH MAKES THIS DEAL EVEN MORE ATTRACTIVE FOR AN INVESTOR. APPROXIMATE SELLER FINANCING TERMS ARE AS FOLLOWS: $400,000 DOWN PAYMENT, 6.0% FIXED IR, INTEREST ONLY PAYMENTS, AND A 5-YEAR BALLOON. YOU CAN'T FIND FINANCING THIS GOOD ANYWHERE ELSE IN THE CURRENT MARKET. (PLEASE SEE PAGE 5 FOR THE FULL SELLER FINANCING DETAILS.)



CURRENTLY, THE PROPERTY BOASTS AN 8% CAP RATE AND A CASH-ON-CASH RETURN OF OVER 11%. WITH THE RENTAL RATES CURRENTLY SO UNDER THE MARKET AVERAGE, A BUYER CAN EASILY OBTAIN A CAP RATE OF OVER 10.3% AND A CASH-ON-CASH RETURN OF OVER 17% BY THE END OF 2024. MAKING THIS PROPERTY THE BEST CASH-FLOWING ASSET CURRENTLY ON THE MARKET IN THE CLEVELAND AREA!

SELLER FINANCING APPROX TERMS:

DOWN PAYMENT: $400,000!

FIXED INTEREST RATE: 6%

INTEREST-ONLY PAYMENTS

BALLOON LENGTH: 5- YEARS

APPROXIMATE MONTHLY DEBT SERVICE: $3,150



THE GORDON SQUARE APARTMENTS SIT NEAR EDGEWATER, AN AREA ALONG THE COAST OF LAKE ERIE APPROXIMATELY 5 MILES FROM DOWNTOWN CLEVELAND! THIS PORTFOLIO IS LOCATED IN ONE OF THE FASTEST-GROWING MARKETS IN CLEVELAND, WITH MORE AND MORE RESIDENTS MOVING TO THE AREA EACH DAY! THE PROPERTY CONSISTS OF (5) TWO-BEDROOM UNITS, (3) THREE-BEDROOM UNITS, AND A FOUR-BEDROOM UNIT, WITH AN AVERAGE 1,022 RENTABLE SQUARE FEET M.O.L. MOST OF THE CURRENT TENANTS HAVE LIVED IN THEIR RESPECTIVE UNITS FOR OVER 5 YEARS. THE OWNERS HAVE NOT AGGRESSIVELY RAISED RENTS, MAKING THIS AN INCREDIBLE VALUE-ADD OPPORTUNITY FOR A BUYER!



THE CURRENT RENTAL RATES ARE APPROXIMATELY ($400-$350) PER UNIT BELOW THE MARKET AVERAGE, GIVING THE BUYER THE ABILITY TO INSTANTLY RAISE RENTS AND INCREASE THEIR NOI IMMEDIATELY WITHOUT HAVING TO SPEND MUCH IF ANY MONEY ON CAPX. THIS ONE-OF-A-KIND VALUE ADD OPPORTUNITY TO OWN VALUABLE REAL ESTATE IN ONE THE HOTTEST MARKETS IN CLEVELAND, OHIO WILL NOT LAST LONG! THE PROPERTY LOCATED ON ERIN AVE. ALSO HAS A LARGE PARCEL OF LAND THAT IS INCLUDED IN THIS SALE, AND THE PROPERTY LOCATED AT W 73RD AVE HAS ADDITIONAL SPACE ON THE 3RD FLOOR THAT CAN BE RENTED AS AN ADDITIONAL STUDIO APARTMENT!



THE CURRENT OWNERS HAVE OWNED THE PROPERTY FOR ALMOST 20 YEARS AND HAVE TAKEN GREAT CARE OF EACH UNIT, UPDATING THESE UNITS OVER TIME. EACH PROPERTY HAS AMPLE PARKING FOR TENANTS AND GUESTS AND UPDATED LANDSCAPING!



RECENT UPGRADES AND RENOVATIONS AT THE PROPERTY INCLUDE BUT ARE NOT LIMITED TO: INTERIOR AND EXTERIOR PAINT, NEW KITCHENS, NEW PORCHES, NEW FLOORING IN EACH UNIT, NEW PLUMBING IN EACH UNIT, UPDATED ELECTRICAL PANEL BOXES, NEW LANDSCAPING, UPGRADED DOORS, NEW WINDOWS, NEW BATHROOMS WITH ALL NEW APPLIANCES AND FIXUTURES, NEW EXTERIOR LIGHTING, AND MUCH MORE! WITH THE RECENT UPGRADES TO THE PROPERTY, IT IS VERY EASY FOR A BUYER TO MAINTAIN THIS IN THE FUTURE AND NOT HAVE TO COME OUT OF POCKET INITIALLY TO REPAIR THE UNITS. A BUYER CAN COME IN AND FOCUS ON INCREASING THE RENTAL RATES AND BOOSTING THEIR NOI ON DAY ONE!

ADDRESSES INCLUDED IN THIS PORTFOLIO:

1. 895 GREYTON RD CLEVELAND HEIGHTS, OH. 44112 Parcel ID #(681-06-111)

2. 4121 BAILEY AVE CLEVELAND, OH. 44113 Parcel ID #(007-02-063)

3. 2910 ERIN AVE CLEVELAND, OH. 44113. Parcel ID # (007-27-001

4. 3790 W 39 ST CLEVELAND, OH. 44109. Unit (Up) Parcel ID # (015-22-028)

5. 3790 W 39 ST CLEVELAND, OH. 44109. Unit (Down) Parcel ID# (015-22-028)

6. 3702 MAPLEDALE AVE CLEVELAND, OH. 44109 Unit A Parcel ID# (015-18-129)

7. 3704 MAPLEDALE AVE CLEVELAND, OH. 44109 Unit B Parcel ID# (015-18-129)

8. 1942 W 73 ST CLEVELAND, OH. 44102 Unit 1. Parcel ID# (002-23-068)

9. 1944 W 73 ST CLEVELAND, OH. 44102. Unit 2. Parcel ID # (002-23-068)
Uses
Multifamily

This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for you needs.

Listing provided courtesy of
David Rosenthal, Grimaldi Commercial Realty Corp.