1874 Marloes Ave | Cleveland, OH 44112
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1874 Marloes Ave
Cleveland, OH 44112
Multifamily Property For Sale · 24 Units
Executive Summary
Green Bridge Real Estate is proud to offer 1874 Marloes Ave: The Marloes Apartments. Located in East
Cleveland, OH. For Sale! 24 unit property with good bones, high occupancy and a corner location. The
property is an outstanding value add investment opportunity with upside potential! The Portfolio consists
of Twenty Four One Bedroom suites that make up the entire 24 unit complex. The exterior is primarily
brick, with some tudor siding. Great opportunity to purchase an established building with room to grow the
rents.
Current Number of Occupied Units - 22
Average Occupancy Percentage - 90%
Current Gross Annual Rental Income - $162,852
Current Net Annual Income: - $115,746
Current Cap Rate on $1,299,000 Sales Price - 8.91%
Price Per Unit on $1,299,000 Sale Price - $54,125
Pro-Forma Gross Income @100% Occupancy - $216,000
Pro-Forma Net Income @100% Occupancy - $163,836
Pro-Forma Cap Rate on $1,299,000 Sales Price - 12.61%
Cleveland, OH. For Sale! 24 unit property with good bones, high occupancy and a corner location. The
property is an outstanding value add investment opportunity with upside potential! The Portfolio consists
of Twenty Four One Bedroom suites that make up the entire 24 unit complex. The exterior is primarily
brick, with some tudor siding. Great opportunity to purchase an established building with room to grow the
rents.
Current Number of Occupied Units - 22
Average Occupancy Percentage - 90%
Current Gross Annual Rental Income - $162,852
Current Net Annual Income: - $115,746
Current Cap Rate on $1,299,000 Sales Price - 8.91%
Price Per Unit on $1,299,000 Sale Price - $54,125
Pro-Forma Gross Income @100% Occupancy - $216,000
Pro-Forma Net Income @100% Occupancy - $163,836
Pro-Forma Cap Rate on $1,299,000 Sales Price - 12.61%
PROPERTY FACTS
| Price Per Unit | $54,125 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.43 AC |
| Cap Rate | 8.91% | Building Size | 16,731 SF |
| No. Units | 24 | Average Occupancy | 79% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 1920/2014 |
| Apartment Style | Low Rise |
| Price Per Unit | $54,125 |
| Sale Type | Investment |
| Cap Rate | 8.91% |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 0.43 AC |
| Building Size | 16,731 SF |
| Average Occupancy | 79% |
| No. Stories | 3 |
| Year Built/Renovated | 1920/2014 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 24 | - | 750 |
PROPERTY TAXES
| Parcel Number | 672-24-063 | Improvements Assessment | $85,225 |
| Land Assessment | $10,710 | Total Assessment | $95,935 |
PROPERTY TAXES
Parcel Number
672-24-063
Land Assessment
$10,710
Improvements Assessment
$85,225
Total Assessment
$95,935
zoning
| Zoning Code | APTS 20-39 (This apartment building is zoned 20 -39 units and holds 24 units on a full basement.) |
| APTS 20-39 (This apartment building is zoned 20 -39 units and holds 24 units on a full basement.) |
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