Offering Summary
Milton Manor is a four-story garden style apartment complex built in two era's (1900's and 1950's) located immediately near the Cleveland State University in downtown Cleveland. The building and suites are fully furnished and demonstrates historically high occupancies.
Milton Manor still allows the possibility for upside potential by streamlining operations and increasing rent, a new owner has the ability to add further value to this already solid investment opportunity by catering to the nearby student population (post graduate and under-graduate) of Cleveland State University.
Submarket Overview
Downtown Cleveland offers residents tremendous opportunities for world-class culture, arts, education, sports, entertainment, and nearby employment. With the near-completion of the Euclid Corridor Expansion project, immediately at the footsteps of Milton Manor, the area has seen a resurgence with new luxury condominiums, a newly renovated YMCA, and several new buildings for Cleveland State University. Be a part of history with the Milton Manor.
Submarket Demographics |
| Submarket Population: | 47,349 |
| Renter Occupied Housing: | 32.8% |
| Submarket Trend: |
 Up
|
Property Facts |
| Location: | 2344 Prospect Ave., Cleveland, OH |
| Number of Units: | 80 |
| Offering Price: | $2,225,000 |
| |
| Net Operating Income: | $222,976 |
| Cap Rate: | 10.02% |
| Building Occupancy: | 94% |
| Year Built: | 1904 and 1950's |
| |
| |
| Unit Mix: |
| Units | Type |
Avg. Rent |
Milton Manor offers residents convenient housing opportunities with either 45 efficiency suites or 34 one-bedroom suites. The current office can be easily converted to an additional 1-bedroom suite.
|
