$3,000,000

Multi-Family For Sale

2585 Euclid Heights Boulevard Cleveland OH 44106

Courtesy of: Keller Williams Commercial

PROPERTY DETAILS

Property Type: Multi-Family
Building Size 55,098sqft
Sub Type: Low-Rise/Garden
Lot Size: 1.37 acres
Price/Sqft: $54
Year Built: 1914
Cap Rate: 5.98
Net Operating Income: 179514

DESCRIPTION

Jennifer M. Donathan of KW Commercial is pleased to present an excellent value add opportunity in Cleveland Heights Ohio. The offering consists of 56 apartment units located at 2670 & 2715 Noble Road and 2585, 2625 Euclid Heights Boulevard. The portfolio must be purchased together, they are not being sold separately. The portfolio consists of two buildings on Noble Road and two buildings on Euclid Heights Boulevard approximately 3 miles apart but still within Cleveland Heights. There have been several recent capital improvements including new boilers and replacement windows. Rents are below market at all 4 properties, raising rents to market rate would increase monthly income by $6080 or $72,960/annually.

There is a non-recourse fannie mae loan that must be assumed. Loan is $2,062,000 due in 11/2031 at 4.41%, interest only payments. Seller will finance $438,000 and proposes that Buyer puts down 16%. Details are in the P&L.

2670 Noble Road is located at the corner of Noble Road and Woodridge Road. The property consists of one U-shaped building with 20 units made up of 13 two bedroom units and 7 one bed units. The building is all brick with a flat composition roof and an underground garage consisting of approximately 14 spaces. The units are heated by one gas boiler. Owner pays the heat, water, sewer and trash. Electric is separately metered and tenants are responsible for the electric. Some units are separately metered for the gas stoves and tenants are responsible to pay for the gas. All units feature hardwood floors and are being refinished if needed during turnovers. Onsite laundry is operated by a third party and is located in the basement of the building. Storage units are on a first come first serve basis and no extra fee is charged to tenant for use. Security cameras are operable at this property. 2670 Noble Road is across the street from 2715 Noble Road.

2715 Noble Road is located at the corner of Noble Road and Bluestone Road. The property consists of one L-shaped building with 21 units made up of 7 two bedroom units and 14 one bed units. The building is all brick with a flat composition roof and off-street parking lot consisting of approximately 24 parking spaces. All windows have recently been replaced with vinyl windows. All units feature hardwood floors and are being refinished if needed during turnovers. The units are heated by two gas boilers which are new. Owner pays the heat, water, sewer and trash. Electric and gas is separately metered and tenants are responsible for the electric and gas for their stoves. There are 2 onsite laundry rooms and both are operated by a third party and they are located in the basement of the building. Storage units are on a first come first serve basis and no extra fee is charged to tenants for use.

2585 Euclid Heights is located near the intersection of Overlook Road. The property consists of one all brick 3 story building with front porches. The building is made up of 7 three bedroom 1 bath units. One unit is located in the basement. The building has a flat roof and is heated by a brand new gas boiler. Owner pays heat, water, trash and tenants pay their own separate gas (stoves) and electric. There are garages in the rear of the property to accommodate 5 cars, all other parking is on-street. The building and units feature gorgeous woodwork throughout, including original custom built cabinets in the kitchen and hardwood floors. 2625 Euclid Heights is 4 buildings down on the same side of the street.

2625 Euclid Heights is located near the intersection of Overlook Road. The property consists of one all brick 3 story building. The buildings is made up of 8 units. Six of the units are being marketed as a 2 bedroom, 1 bath with a bonus room. The bonus room could absolutely be a third bedroom which has a nice size closest. Two of the units are in the basement and are 2 bedrooms with a small bonus room that tenants have used in the past as an office or study.
The building has a flat roof and is heated by a brand new gas boiler. Owner pays heat, water, trash and tenants pay their own gas (stoves) and electric. There are 8 garages in the rear of the property, one for each unit. The building features all new vinyl windows and gorgeous hardwood floors and woodwork throughout.

PROPERTY FEATURES
MLS #: 769889
For Sale
Neighborhood: Cleveland Heights - University Heightsand
Status: Active
Year Built: 1914
Cap Rate: 5.98
Market: Northeast Ohio
Net Operating Income: 179514

MAP
2585 Euclid Heights Boulevard Cleveland, OH 44106
2585 Euclid Heights Boulevard Cleveland OH 44106

Courtesy of: Keller Williams Commercial

Information deemed reliable but not guaranteed. Copyright © 2020 Keller Williams Realty

Updated: 29th October, 2020 5:42 PM (UTC).

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