Cliffview Apartments | 1845 Cliffview Rd
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Cliffview Apartments 1845 Cliffview Rd
12 Unit Apartment Building $660,000 ($55,000/Unit) 14.40% Cap Rate Cleveland, OH 44112
Investment Highlights
- CASH COW!!!!! HIGH DEMAND RENTAL AREA!!, high rental comps, low vacancy, under market rents, CASH FLOW FROM DAY ONE!!
Executive Summary
Very Well Cared for Brick 12 unit building with parking with historically high occupancy. Currently has 2 vacancies, Long term retiring owner who was charging dramatically under market rents. Ability to further increase income from utilizing the section 8 government guaranteed rental program Section 8 pays about $950/month for 1 bed units in this area. Great property cash buyers move to the front of the line!!!!
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$144,000
|
$22.96
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$144,000
|
$22.96
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$48,937
|
$7.80
|
| Net Operating Income |
$95,063
|
$15.15
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $144,000 |
| Annual Per SF | $22.96 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $144,000 |
| Annual Per SF | $22.96 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $48,937 |
| Annual Per SF | $7.80 |
| Net Operating Income | |
|---|---|
| Annual | $95,063 |
| Annual Per SF | $15.15 |
Property Facts
| Price | $660,000 | Apartment Style | Low Rise |
| Price Per Unit | $55,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.27 AC |
| Cap Rate | 14.40% | Building Size | 6,273 SF |
| No. Units | 12 | Average Occupancy | 83% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1961 |
| Price | $660,000 |
| Price Per Unit | $55,000 |
| Sale Type | Investment |
| Cap Rate | 14.40% |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.27 AC |
| Building Size | 6,273 SF |
| Average Occupancy | 83% |
| No. Stories | 2 |
| Year Built | 1961 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 12 | $1,000 | 450 |
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PROPERTY TAXES
| Parcel Number | 117-27-013 | Improvements Assessment | $94,500 (2022) |
| Land Assessment | $7,000 (2022) | Total Assessment | $101,500 (2022) |
PROPERTY TAXES
Parcel Number
117-27-013
Land Assessment
$7,000 (2022)
Improvements Assessment
$94,500 (2022)
Total Assessment
$101,500 (2022)
zoning
| Zoning Code | MF-2 |
| MF-2 |
-
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Cliffview Apartments | 1845 Cliffview Rd
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