ASSUMABLE MORTGAGE
Assume this 5.72% / 30 year mortgage entered into earlier this year on this 50 unit Eastlake Apartment Building.
In addition to a favorable mortgage the current owner has:
1. Locked into a natural gas supply contract freezing gas costs at below current market rates into 2011.
2. Installed all new hot water boilers throughout the property in 2007.
3. Installed 2 new roof's in 2007.
This property maintains a high occupancy, has an on site maintenance person, on site laundry, and plenty of off street parking.
Submarket Demographics |
| Submarket Population: | 20,255 |
| Renter Occupied Housing: | 21% |
| Submarket Trend: |
 Up
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Property Facts |
| Location: | 25055 E337th St, Eastlake, OH |
| Number of Units: | 50 |
| Offering Price: | $2,850,000 |
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| Net Operating Income: | $213,654 |
| Cap Rate: | 7.5% |
| Building Occupancy: | 96^ |
| Year Built: | 1968 |
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| Unit Mix: |
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