9.4% CAP RATE FULTON APARTMENTS (10-UNITS) | 3355 W 43rd St
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9.4% CAP RATE FULTON APARTMENTS (10-UNITS) 3355 W 43rd St
10 Unit Apartment Building $900,000 ($90,000/Unit) 9.46% Cap Rate Cleveland, OH 44109
Investment Highlights
- 10-UNIT PORTFOLIO OF APARTMENTS IN THE FAMOUS CLARK-FULTON NEIGHBORHOOD OF CLEVELAND, OH.
- 100% OCCUPIED! LONG-TERM TENANTS ON SHORT TERM LEASES WITH SIGNIFICANTLY BELOW MAKRET AVERAGE RENTAL RATES!
- RECENT IMPROVEMENTS INCLUDE UPDATED ROOFING, ELECTRICAL UPGRADES, NEW BATHROOMS, NEW HVAC UNITS, AND MUCH MORE!
- 9.4% CAP RATE IN 2024 (IN-PLACE)! 11.4% CAP RATE IN 2025! 13% CAP RATE IN 2026! 14% CAP RATE BY 2027!
- SELLER FINANCING AVAILABLE! MASSIVE UPSIDE FOR A BUYER TO INSTANTLY RAISE RENTS AND OBTIAN A 10.2%+ CAP RATE!
- RARE OPPORTUNITY TO OWN AN AMAZING VALUE ADD PROPERTY IN THE FAMOUS CLARKF ULTON NEIGHBORHOOD OF CLEVELAND OHIO!
Executive Summary
SELLER FINANCING AVAILABLE!
THE FULTON APARTMENTS IS A 10-UNIT MULTIFAMILY PORTFOLIO LOCATED IN CLEVELAND, OHIO, IN THE MIDDLE OF THE METRO HEALTH CORRIDOR! THE PORTFOLIO CONSISTS OF 3 APARTMENT COMPLEXES (2 QUADPLEXES,1 DUPLEX) IN FANTASTIC CONDITION WITH RECENT RENOVATIONS TO EACH UNIT. THE CLARK-FULTON NEIGHBORHOOD IS ONE OF THE HOTTEST UP-AND-COMING NEIGHBORHOODS IN CLEVELAND. THE PROPERTY CONSISTS OF (8) TWO-BEDROOM UNITS AND (2) THREE-BEDROOM UNITS WITH AN AVERAGE OF 919 RENTABLE SQUARE FEET M.O.L. MOST OF THE CURRENT TENANTS HAVE LIVED IN THEIR RESPECTIVE UNITS FOR OVER 5 YEARS. THE OWNERS HAVE NOT AGGRESSIVELY RAISED RENTS MAKING THIS AN INCREDIBLE VALUE-ADD OPPORTUNITY FOR A BUYER!
THE PROPERTY IS CURRENTLY 100% OCCUPIED WITH OVER HALF OF THE TENANTS ON MONTH-TO-MONTH LEASES PROVIDING THE BUYER THE ABILITY TO RAISE RENTS IMMEDIATELY. WITH THE LIMITED NUMBER OF UNITS AVAILABLE FOR RENT IN THE METRO HEALTH CORRIDOR, THE DEMAND IS OFF THE CHARTS! THE RENTAL RATES IN THIS AREA HAVE RISEN FOR 11 CONSECUTIVE YEARS DUE TO ALL THE RECENT DEVELOPMENTS IN THE AREA! ALL UNITS HAVE BEEN UPDATED, AND THE PROPERTY HAS UNDERGONE SIGNIFICANT IMPROVEMENTS IN THE PAST 4 YEARS. THE PROPERTY HAS MASSIVE UPSIDE POTENTIAL AS ALMOST ALL OF THE RENTAL RATES ARE STILL VERY MUCH BELOW THE MARKET AVERAGE. THE CURRENT RENTAL RATES ARE APPROXIMATELY ($350-$300) PER UNIT BELOW THE MARKET AVERAGE, GIVING THE BUYER THE ABILITY TO INSTANTLY RAISE RENTS AND INCREASE THEIR NOI IMMEDIATELY WITHOUT HAVING TO SPEND MUCH IF ANY MONEY ON CAPEX.
CURRENTLY, THE PROPERTY BOASTS A 9.4% CAP RATE, AND WITH THE RENTAL RATES CURRENTLY SO UNDER THE MARKET AVERAGE, A BUYER CAN EASILY RAISE THE RENTAL RATES WITHOUT SPENDING MUCH ON CAPEX. BY THE END OF 2024, A BUYER CAN EASILY OBTAIN A CAP RATE OF OVER 11.4%, AND BY THE END OF 2025, THE CAP RATE SHOULD EASILY ECLIPSE 13%.
THE FULTON APARTMENTS IS A 10-UNIT MULTIFAMILY PORTFOLIO LOCATED IN CLEVELAND, OHIO, IN THE MIDDLE OF THE METRO HEALTH CORRIDOR! THE PORTFOLIO CONSISTS OF 3 APARTMENT COMPLEXES (2 QUADPLEXES,1 DUPLEX) IN FANTASTIC CONDITION WITH RECENT RENOVATIONS TO EACH UNIT. THE CLARK-FULTON NEIGHBORHOOD IS ONE OF THE HOTTEST UP-AND-COMING NEIGHBORHOODS IN CLEVELAND. THE PROPERTY CONSISTS OF (8) TWO-BEDROOM UNITS AND (2) THREE-BEDROOM UNITS WITH AN AVERAGE OF 919 RENTABLE SQUARE FEET M.O.L. MOST OF THE CURRENT TENANTS HAVE LIVED IN THEIR RESPECTIVE UNITS FOR OVER 5 YEARS. THE OWNERS HAVE NOT AGGRESSIVELY RAISED RENTS MAKING THIS AN INCREDIBLE VALUE-ADD OPPORTUNITY FOR A BUYER!
THE PROPERTY IS CURRENTLY 100% OCCUPIED WITH OVER HALF OF THE TENANTS ON MONTH-TO-MONTH LEASES PROVIDING THE BUYER THE ABILITY TO RAISE RENTS IMMEDIATELY. WITH THE LIMITED NUMBER OF UNITS AVAILABLE FOR RENT IN THE METRO HEALTH CORRIDOR, THE DEMAND IS OFF THE CHARTS! THE RENTAL RATES IN THIS AREA HAVE RISEN FOR 11 CONSECUTIVE YEARS DUE TO ALL THE RECENT DEVELOPMENTS IN THE AREA! ALL UNITS HAVE BEEN UPDATED, AND THE PROPERTY HAS UNDERGONE SIGNIFICANT IMPROVEMENTS IN THE PAST 4 YEARS. THE PROPERTY HAS MASSIVE UPSIDE POTENTIAL AS ALMOST ALL OF THE RENTAL RATES ARE STILL VERY MUCH BELOW THE MARKET AVERAGE. THE CURRENT RENTAL RATES ARE APPROXIMATELY ($350-$300) PER UNIT BELOW THE MARKET AVERAGE, GIVING THE BUYER THE ABILITY TO INSTANTLY RAISE RENTS AND INCREASE THEIR NOI IMMEDIATELY WITHOUT HAVING TO SPEND MUCH IF ANY MONEY ON CAPEX.
CURRENTLY, THE PROPERTY BOASTS A 9.4% CAP RATE, AND WITH THE RENTAL RATES CURRENTLY SO UNDER THE MARKET AVERAGE, A BUYER CAN EASILY RAISE THE RENTAL RATES WITHOUT SPENDING MUCH ON CAPEX. BY THE END OF 2024, A BUYER CAN EASILY OBTAIN A CAP RATE OF OVER 11.4%, AND BY THE END OF 2025, THE CAP RATE SHOULD EASILY ECLIPSE 13%.
Property Facts
| Price | $900,000 | Building Class | C |
| Price Per Unit | $90,000 | Lot Size | 0.10 AC |
| Sale Type | Investment | Building Size | 10,985 SF |
| Cap Rate | 9.46% | Average Occupancy | 100% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1987/2023 |
| Property Subtype | Apartment | Parking Ratio | 2/1,000 SF |
| Apartment Style | Garden |
| Price | $900,000 |
| Price Per Unit | $90,000 |
| Sale Type | Investment |
| Cap Rate | 9.46% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.10 AC |
| Building Size | 10,985 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1987/2023 |
| Parking Ratio | 2/1,000 SF |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Storage Space
- Heating
- Ceiling Fans
- Eat-in Kitchen
- Kitchen
- Granite Countertops
- Hardwood Floors
- Vaulted Ceiling
- Refrigerator
- Oven
- Tub/Shower
- Views
- Carpet
- Wi-Fi
- Yard
- Garden
- Island Kitchen
- Lawn
- Smoke Free
- Vinyl Flooring
Site Amenities
- 24 Hour Access
- Fenced Lot
- Grill
- Wheelchair Accessible
- Smoke Free
- Trash Pickup - Curbside
- Vintage Building
- Wi-Fi
- Public Transportation
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PROPERTY TAXES
| Parcel Number | 015-06-147 | Improvements Assessment | $35,910 |
| Land Assessment | $2,590 | Total Assessment | $38,500 |
PROPERTY TAXES
Parcel Number
015-06-147
Land Assessment
$2,590
Improvements Assessment
$35,910
Total Assessment
$38,500
zoning
| Zoning Code | LR (Multifamily) |
| LR (Multifamily) |
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David Rosenthal -
Kari Grimaldi -
Grimaldi Commercial Realty Corp.
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9.4% CAP RATE FULTON APARTMENTS (10-UNITS) | 3355 W 43rd St
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