Claire Warrensville Apartments | 5201 Warrensville Center Rd
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Claire Warrensville Apartments 5201 Warrensville Center Rd
23 Unit Apartment Building $1,975,000 ($85,870/Unit) 7.76% Cap Rate Maple Heights, OH 44137
Investment Highlights
- New roof 2022, New electric updates, New plumbing
- Updated kitchens: new countertops/knobs, new fixtures & floors
- Updated 18 out of 23 units
- 15 new high-efficiency furnaces, 15 new hot water tanks
- New flooring - LVP in most units
- Value Add Opportunity: most units below market rent and 13 units on a month-to-month basis
Executive Summary
Welcome to this exquisitely renovated ALL BRICK 23-unit complex, perfectly positioned adjacent to major highways and in close proximity to Amazon’s state-of-the-art fulfillment centers and Jack Casino. Enjoy the convenience of being within walking distance to major shopping centers. Each unit boasts expansive open living areas filled with natural light, fresh interior paint, and spacious floor plans. Upgrades include modern vinyl plank flooring, tiled showers, and contemporary kitchens. This complex features 15 new high-efficiency furnaces, 15 new hot water tanks, and updated electrical systems in all 23 units. The roofs were replaced in 2022, ensuring low maintenance. With most units below market rent and 13 units on a month-to-month basis, there’s an opportunity for value add and increased NOI. Tenants cover their own gas and electric, while the owner is responsible for water, trash, sewer, and common area utilities. Additional in-house laundry facilities provide an extra revenue stream to maximize your NOI. Don't miss this exceptional opportunity!
Property Facts
| Price | $1,975,000 | Building Class | C |
| Price Per Unit | $85,870 | Lot Size | 0.24 AC |
| Sale Type | Investment | Building Size | 13,808 SF |
| Cap Rate | 7.76% | Average Occupancy | 100% |
| Sale Conditions | 1031 Exchange | No. Stories | 2 |
| No. Units | 23 | Year Built/Renovated | 1957/2023 |
| Property Type | Multifamily | Parking Ratio | 1.45/1,000 SF |
| Property Subtype | Apartment | Cross Streets | Clare |
| Apartment Style | Low Rise |
| Price | $1,975,000 |
| Price Per Unit | $85,870 |
| Sale Type | Investment |
| Cap Rate | 7.76% |
| Sale Conditions | 1031 Exchange |
| No. Units | 23 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.24 AC |
| Building Size | 13,808 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1957/2023 |
| Parking Ratio | 1.45/1,000 SF |
| Cross Streets | Clare |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Carpet
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 11 | - | 650 |
| 2+1 | 8 | - | 469 - 1,025 |
| 3+2 | 1 | - | - |
| Studios | 3 | - | - |
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PROPERTY TAXES
| Parcel Number | 782-23-016 | Improvements Assessment | $73,780 |
| Land Assessment | $20,690 | Total Assessment | $94,470 |
PROPERTY TAXES
Parcel Number
782-23-016
Land Assessment
$20,690
Improvements Assessment
$73,780
Total Assessment
$94,470
zoning
| Zoning Code | C |
| C |
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Claire Warrensville Apartments | 5201 Warrensville Center Rd
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