Offering Summary
17 suite apartment building consisting of 9 one-bedroom suites and 8 two-bedroom suites. Located near the brand new (still under construction) Louis Stokes Cleveland Veterans Affairs Medical Campus. Seller financing may be available to credit worthy buyers. Building is currently under-occupied and experiences below market rents. New management could turn this apartment building into a wonderful cash flow property.
Additional Property Highlights:
- Tenants pay for their own electric & cooking gas
- Owner pays for heat, water and sewer
- Owner financing available to well qualified buyers
Submarket Overview
Located near University Circle, Cleveland's cultural center. University Circle offers Clevelanders access to the venerable Cleveland Museum of Art, Western Reserve Historical Society, Case Western Reserve University, Cleveland Institute of Music, Cleveland Botanical Gardens, University Hospital, the Cleveland Clinic and numerous landscaped cultural gardens paying homage to the many cultures of the world that make Cleveland their home.
Submarket Demographics |
| Submarket Population: | 47,349 |
| Renter Occupied Housing: | 32.8% |
| Submarket Trend: |
 Stable
|
Property Facts |
| Location: | 10722 Lee Ave., Cleveland, OH |
| Number of Units: | 17 |
| Offering Price: | $170,000 |
| |
| Net Operating Income: | $18,844 |
| Cap Rate: | 11.08% |
| Building Occupancy: | 29% |
| Year Built: | 11/05/2009 |
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| Unit Mix: |
| Units | Type |
Avg. Rent |
| 9 | One Bedroom Suites | $425 |
| 8 | Two Bedroom Suites | $499 |
|
