Blisswood Townhome Portfolio 430 Kenwood Dr 66 Unit Apartment Building $3,400,000 ($51,515/Unit) 9.31% Cap Rate Euclid, OH 44123
INVESTMENT HIGHLIGHTS
- Below Market Rents
- Unrealized Income - Collect on Parking and Garage rentals
- Reduced Maintenance Obligations - Community Maintained Property
- Expansion Potential Within Community
- 97% Occupied
EXECUTIVE SUMMARY
ME Commercial is pleased to offer the opportunity to acquire full ownership of a portfolio consisting of 66 Condominiums, currently 97% occupied, within the community of Blisswood Village in Euclid, Ohio, a lakefront, family oriented suburb of Cleveland. A majority of these townhomes have been fully renovated and leased at markedly increased rents, presenting a strong potential return on investment along with an exclusive value-add opportunity to grow within this community.
This portfolio sale is via sale of the current owner entity, which is entitled to continue operating a rental portfolio in this exclusive townhome community. With the acquisition of this entity, new owners will retain the opportunity to continue purchasing owner-occupied units and expand the portfolio, or to spin off units at retail pricing to owner-occupants, netting a significant yield to reclaim capital.
This portfolio sale is via sale of the current owner entity, which is entitled to continue operating a rental portfolio in this exclusive townhome community. With the acquisition of this entity, new owners will retain the opportunity to continue purchasing owner-occupied units and expand the portfolio, or to spin off units at retail pricing to owner-occupants, netting a significant yield to reclaim capital.
DATA ROOM Click Here to Access
- Offering Memorandum
- DD Vault
PROPERTY FACTS
| Price | $3,400,000 |
| Price Per Unit | $51,515 |
| Sale Type | Investment |
| Cap Rate | 9.31% |
| Sale Condition | Bulk/Portfolio Sale |
| No. Units | 66 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Building Class | C |
| Lot Size | 1.67 AC |
| Building Size | 268,000 SF |
| Average Occupancy | 97% |
| No. Stories | 3 |
| Year Built/Renovated | 1951/2024 |
| Opportunity Zone |
Yes |
| Parcel Number | 643-08-033 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 66 | - | - |
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