East 125th Apartments 1117 E 125th St

Green Bridge Real Estate is pleased to present the 24 Unit East 125th Apartments located at 1117 East 125th Street, East Cleveland, Ohio 44112. Offered for Sale: $1,125,000 ($46,875 per unit). This approx. 24,000 Sq.Ft. All-Brick, 1924 build, 3-Story Building on 0.67 acres, consists of 3 styles of One Bedroom, One Bath units approx. 922 Sq.Ft., 639 Sq.Ft. and 617 Sq.Ft. each. The East 125th Apartments are currently 91% Occupied (22/24). Out of State Owner directs immediate sale of Cleveland area buildings to fund other investments. Recent capital improvements include new roof replacement complete in 2024 and FirstEnergy is installing new poles and transformer to change the electric service from Cleveland Public Power To FirstEnergy. 100% of the units have been recently updated, 90% have received fresh paint, appliance replacement, toilet replacement and general maintenance, new front balconies (2018) and new Vinyl Replacement windows (2018). 55% of the gross income is from Subsidy based tenants which provides a stable, consistent tenant base with “guaranteed” rent payments. Currently managed by an on-site manager/property custodian for a discount in rent (could continue). Each side of the building’s basement has Laundry area with Washer/Dryer hookups which could provide additional income. 24 Surface space Parking lot. Dishwashers provided in every unit. Tenant paid Electric Furnace heat, Landlord paid Trash, Water & Sewer. The Projected Net Annual Operating Income at 90% Occupancy at Market Rents (w/Real Estate Tax Adjustment and 8% Management Fee) is $106,459 or an 9.46% Capitalization rate at the asking price of $1,125,000 ($46,875 per unit). The property has been converted to Condos (all units deeded separately) for ease of individual unit sales. Opportunity to significantly increase income by leasing more units in conjunction with the Subsidy Voucher Program and providing Laundry areas. The East 125th Apartments can be included with an additional nearby 23 unit building at a bulk portfolio price of $2m ($42,553 per unit). This is a Fantastic Opportunity to purchase a Value Add play in a Class C Neighborhood with huge upside for a bargain price!
LOCATION
The East 125th Apartments are in the Forest Hills neighborhood adjacent to Forest Hills Park and Pattison Park, former home of the Rockefeller estate. This neighborhood borders East Cleveland and Cleveland. With easy access to I-90 to the North and Mayfield Road to the South, the apartments are only 1 mile from Little Italy, Case Western Reserve University and the Cleveland Clinic’s World Headquarters, 5.5 miles from Downtown Cleveland and 3 miles from the Coventry Shopping district, one of the strongest rental markets in Northeast Ohio. RTA Public transportation is also readily available within the neighborhood with numerous bus stops within walking distance. The property benefits from its proximity to Shopping and amenities.