Saxony Apartments | 16218 Maple Heights Blvd
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Saxony Apartments 16218 Maple Heights Blvd
60 Unit Apartment Building $2,850,000 ($47,500/Unit) Maple Heights, OH 44137
Investment Highlights
- Owned and managed by local private family
- Attached garage parking space for all units
- Less than 20 minutes from 3 Fortune 500 Headquarters – Progressive Insurance, Eaton Corporation, and Parker Hannifin
- Current rents $100+ below competing properties
- Less than 10 minutes from 3 major hospitals – University Hospitals Ahuja Center, Cleveland Clinic Marymount Hospital, and Cleveland Clinic South Point
Executive Summary
Marcus & Millichap is pleased to present the opportunity to acquire 60-units in Maple Heights, Ohio. The Saxony gives investors the opportunity to execute a value-add program on a stable asset in close proximity to 3 major hospitals and 3 Fortune 500 companies. With a clear comp set, renovated units at similar vintage properties average $125+ higher rents on one bedroom units and $225+ on two bedroom units. Investors will additionally be able to leverage the competitive advantage of having attached garage parking for each unit.
Financial Summary (Pro forma - 2024) 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 |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts Under Contract
| Price | $2,850,000 | Building Class | C |
| Price Per Unit | $47,500 | Lot Size | 1.82 AC |
| Sale Type | Investment | Building Size | 62,307 SF |
| No. Units | 60 | Average Occupancy | 90% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1959 |
| Apartment Style | Garden | Parking Ratio | 1.09/1,000 SF |
| Price | $2,850,000 |
| Price Per Unit | $47,500 |
| Sale Type | Investment |
| No. Units | 60 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.82 AC |
| Building Size | 62,307 SF |
| Average Occupancy | 90% |
| No. Stories | 3 |
| Year Built | 1959 |
| Parking Ratio | 1.09/1,000 SF |
Unit Amenities
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Range
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 41 | $775.00 | 557 |
| 2+1 | 19 | $875.00 | 750 |
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PROPERTY TAXES
| Parcel Number | 781-12-021 | Total Assessment | $618,770 (2023) |
| Land Assessment | $125,130 (2023) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $493,640 (2023) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
781-12-021
Land Assessment
$125,130 (2023)
Improvements Assessment
$493,640 (2023)
Total Assessment
$618,770 (2023)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
zoning
| Zoning Code | Commercial |
| Commercial |
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Saxony Apartments | 16218 Maple Heights Blvd
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