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  • 41
  • Ohio
Price £318,951
  • title image

Property Description

Quality Tenanted Block Of 41 Apartments. Great 24% NET Yield. We are pleased to offer for sale a great value quality block of 41 one bedroom apartments which are located in Euclid Avenue, East Cleveland which enjoys high ongoing rental demand.

The current owner has been refurbishing and leasing the apartments. 32 units are now occupied and the remaining units will be refurbished and tenanted in the next 2-3 weeks to ensure close to maximum occupancy by the time of closing.

The refurbishment works have been carried out to a high and include new replacement vinyl windows throughout. The apartments have individual cooking gas and electric meters but the landlord pays heating gas for the 6 winter months.

The projected Net Annual Operating Income at 95% occupancy (allowing for 5% vacancy) is $128,700 which means a fantastic net yield of 23.87%.

There is the opportunity to significantly improve income still further by increasing current Rents to Market Rates and leasing units in conjunction with the Subsidy Voucher Program. This would provide a stable, consistent tenant base with guaranteed rent payments. This is a Fantastic Opportunity to purchase an Apartment Complex for a bargain price

Please complete the Enquiry Form to receive detailed financial analysis and rent schedule.

KEY FINANCIALS: (Based upon 1.5% vacancy)

SALES PRICE: $499,000

CLOSING COSTS: $30,000

AGENCY FEE: $10,000

POTENTIAL RENTAL INCOME $221,400

-Vacancy & Credit Losses $3,321

GROSS OPERATING INCOME $218,079

OPERATING EXPENSES

Real Estate Taxes $11,860

Property Insurance $10,800

Property Management $21,808

Garbage Dumpster $250

Quarterly Water $3,000

Landscaping June to October $100

Repairs and Maintenance $10,904

Turnover Expenses) $5,000

Common Area Electric $4,200

Water & Sewer $3,000

Heating November - April $15,000

Accounting and Legal $200



TOTAL OPERATING EXPENSES $86,122

NET OPERATING INCOME $131,957

At 98.5% occupancy, this represents a superb net yield of 24.48%.



This opportunity is priced to sell now so please contact us as soon as possible for further details or to reserve the deal!

Make Enquiry....

Property Location

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