Buckeye & Shaker Square Plaza Apartments 13000 Buckeye Rd

35 Unit Apartment Building For Sale Cleveland, OH 44120

Investment Highlights

  • Possible Assumable Financing in place
  • 15 Year Tax Abatement Application in progress
  • Projected NOI’s at 95% Occupancy is $535,825 w/2025’s HUD FMR’s; currently $423,387
  • Excellent Turnkey Affordable Housing Opportunity with no deferred maintenance and needing very little management
  • Fully Renovated in every aspect, brand new building put into use in May 2024

Executive Summary

Green Bridge Real Estate is proud to present the recently fully renovated, turnkey, affordable housing, mixed-use, Buckeye Apartments located at 13000 Buckeye Road and the Shaker Square Plaza Apartments located at 2915 East 130th Street in Cleveland, Ohio 44120. The Buckeye and Shaker Square Apartments, two buildings totaling 49,784 Sq.Ft. on .40 acres, 43 total units, consisting of 11 One Bedroom, One Bathroom Suites approx. 750 Sq.Ft. each; 10 Two Bedroom, One Bathroom Suites approx. 900 Sq.Ft. each and 14 Three Bedroom, One Bathroom Suites approx. 950 Sq.Ft. each and 8 approx. 1,000 Sq.Ft. Commercial / Retail Suites. Fully renovated and ready for occupancy in May 2024 with new plumbing from street and throughout, $1m+ in new electrical work from street and throughout, subfloors, electric furnaces (tenant paid heat), new 20-year warrantied roof, new double pane windows, 35 camera security system, LED Lighting and suite finishes. Currently the entire property is 81% Occupied (35 of 43) and 100% (35 of 35) apartment occupancy at an avg. monthly rent of $1,276 per suite. 33 of the 35 currently occupied units, (94%) of the units are subsidized with “guaranteed” rent payments provided by Federal and State Funding for assistance to low-income individuals (Section 8). This arrangement provides a stable, consistent tenant base with “guaranteed” rent payments accounting for 82% of the Gross Annual Income. Excellent Turnkey Affordable Housing Opportunity with no deferred maintenance and needing very little management. Currently ownership has applied and continues to move forward with a 15-year Real Estate Tax Abatement program with the City of Cleveland. Possible Assumable Financing available, please contact Matthew S. King, CCIM or Jason Griffith for additional details. Building is Lead Safe Certified until November 2026. Renovations LEED certified. Utilities Submetered to allow for Tenant Paid Heat in the Apartments (Individual Electric Furnaces) and Electric (Lights and Plugs). The Commercial / Retail Suites have all Utilities Submetered to allow for NNN Lease arrangements. Landlord paid Water and Sewer and new On-Demand Hot Water Tank Heating (Gas) for the Residential Suites. 2 sets of leased (70/30 split) coin operated Washer & Dryers in the building provide additional income. Rental Increases anticipated to the maximum Fair Market Rental Amounts (110% of FMR) established by HUD in 2025 for Affordable Housing for this zip code are $1,128 for 1 Bedroom Suites, $1,368 for 2 Bedroom Suites and $1,764 for 3 Bedroom Suites. Projected Annual Net Operating Income at 95% Occupancy at the new 2025 HUD rates w/8% Management Fee is $535,825; Current Annual Net Operating Income is $423,387.
LOCATION
The Buckeye and Shaker Square Plaza Apartments are located just blocks away from the newly constructed Woodhill Station West, the $46.4 million first phase in a $250 million HUD development and the historic Shaker Square district. The property benefits from being four miles southwest of the Cleveland Clinic’s Main Campus and Case Western Reserve University. Located near the new Opportunity Corridor boulevard connecting the area’s major highways to University Circle. The Apartments are conveniently located in a neighborhood where you can walk to grocery stores, drug stores, library, and Public transportation is also readily available within the neighborhood with a rapid transit station within walking distance.

Financial Summary (Pro forma - 2025) Click Here to Access

Annual Annual Per SF
Gross Rental Income $99,999 $9.99
Other Income $99,999 $9.99
Vacancy Loss $99,999 $9.99
Effective Gross Income $99,999 $9.99
Taxes - -
Operating Expenses - -
Total Expenses $99,999 $9.99
Net Operating Income $99,999 $9.99

Property Facts

Sale Type Investment
Sale Conditions 1031 Exchange
No. Units 35
Property Type Multifamily
Property Subtype
Apartment
  • General Retail Storefront Retail/Residential
Apartment Style Low Rise
Building Class B
Lot Size 0.40 AC
Building Size 49,784 SF
Average Occupancy 81%
No. Stories 3
Year Built/Renovated 1920/2024

Unit Amenities

  • Microwave
  • Washer/Dryer
  • Heating
  • Kitchen
  • Refrigerator
  • Oven
  • Carpet

Site Amenities

  • 24 Hour Access
  • Controlled Access
  • Tenant Controlled HVAC
  • Smoke Free
  • Smoke Detector

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
1+1 11 $950.00 750
2+1 10 $1,186 900
3+1 14 $1,302 950
Walk Score®
Very Walkable (85)

PROPERTY TAXES

zoning

Zoning Code Commercial
  • Listing ID: 34463114

  • Date on Market: 1/13/2025

  • Last Updated:

  • Address: 13000 Buckeye Rd, Cleveland, OH 44120