$2 875 000 The 90 Unit Portfolio For Sale - $2 (Cleveland)

Posted on: 01/03/18

Description

$2

90 Unit, 4 Building Superior Road Apartment Portfolio Sold & Closed Escrow Today! Historic Pricing Levels Achieved! Out of State Investment Group Purchases Portfolio, 6.62% Current Cap Rate at 44% Occupancy, $31,944 per Unit aggregate, Total Purchase Price: $2,875,000 / 89% of asking price SUPERIOR ROAD, EAST CLEVELAND SCATTERED SITE BULK APARTMENT SALE: K.D.Traynham Investment Group'LLC is pleased to announce the sale of Four Superior Road, East Cleveland, Ohio Apartment Buildings: The 36 Unit Heights View & Glen Eden Apartments, The 29 Unit, Superior Belmar Apartments, The 14 Unit, Superior Hillcrest Apartments And The 11 Unit, Superior Eddington Apartments for a total of 90 Units sold at a price of $2,875,000 or a 6.62% Cap Rate based on current Income at 44% Occupancy. The 90 Unit portfolio consisted of 53 One Bedroom, One Bathroom Units and 37 Two Bedroom, One Bathroom Units. Current Occupancy of the Portfolio is 44.44%. Current Gross Annual Income is $324,596 and Current Net Annual Income is $190,308. Opportunity to significantly increase income by increasing current Rents to Market Rates and completing renovations of suites that are currently not leased. Total Needed Building(s) Renovations are estimated to be $100,000 to $300,000 for estimation purposes. Some of the units are leased in conjunction with the Section 8 Housing Assistance Voucher Program which provides a steady, consistent, stable tenant and “guaranteed” income stream. 90 Unit Apartment Portfolio Sold and Closed Today! Out of State Investment Group purchases scattered site portfolio. Glen Eden & Heights View Apts (36 units) $1,477,778 ($41,049 per unit; 104% of asking price); Superior Belmar Apts (29 units) $451,469 ($15,567 per unit; 62% of asking price); Superior Hillcrest (14 units) $496,914 ($35,493 per unit; 93% of asking price) and Superior Eddington Apts (11 units) $448,839 ($40,803 per unit; 89% of asking price) $2,875,000 total sale or $31,944 per unit aggregate. Superior Belmar Apts. 14070 Superior Rd. 29 Units / 100% Vacant Sold for $451,469.00 / $15,567 per Unit Glen Eden & Heights View Apts. 14124 & 14128 Superior Rd. 36 Units / 47.22% Occupied Sold for $1,477,778 / $41,049 per Unit Superior Hillcrest Apts. 14140 Superior Rd. 14 Units / 92.86% Occupied Sold for $496,914 / $35,493 per Unit Superior Eddington Apts. 14100 Superior Rd. 11 Units / 90.91% Occupied Sold for $448,839 / $40,803 per Unit Thank You

  • Listed By: Owner
Ad Number: 21234527