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5175 Warrensville Center Rd
Maple Heights, OH 44137
Multifamily Property For Sale
·
6 Units
PROPERTY FACTS
| No. Units | 6 | Building Size | 5,358 SF |
| Property Type | Multifamily | Average Occupancy | 100% |
| Property Subtype | Apartment | No. Stories | 3 |
| Apartment Style | Low-Rise | Year Built/Renovated | 1953/2015 |
| Building Class | C | Parking Ratio | 1.49/1,000 SF |
| Lot Size | 0.18 AC | ||
| Zoning | C | ||
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 5,358 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1953/2015 |
| Parking Ratio | 1.49/1,000 SF |
| Zoning | C |
AMENITIES
UNIT AMENITIES
- Heating
- Hardwood Floors
SITE AMENITIES
- Laundry Facilities
ABOUT 5175 WARRENSVILLE CENTER RD , MAPLE HEIGHTS, OH 44137
See attached offering memorandum for additional details! 5175 Warrensville apartments are 100% occupied and located just south of I-480 only 1 mile from the new 855,000 square foot Amazon fulfillment center reported to bring more than 2,000 jobs to the local area. The fulfillment center is scheduled to open in 2018, cash in on this rare multi-family opportunity before demand surges! The Property consists of a three story, all brick, walk up apartment building built in 1953 totaling approximately 5,358 sq.ft. Consisting of 4 one bedroom, one bath units and 2 two bedroom, 1 bath units. Current cash cow with many upgrades completed including furnaces in each unit, hot water tanks, updated electrical, new windows, parking resurfaced and all units remodeled with new kitchens, baths, flooring and paint. Many long term tenants with value add opportunity to increase rents, laundry income and charge for garage parking. All tenants are private-pay. The owner offers the property for sale at $275,000 which is a 10.33% cap rate based on current occupancy and a 11.20% cap rate based on market rate rental amounts. The property has 8 covered garage parking spaces which the owner is not currently charging for. Landlord paid water/sewer, trash, and landscape/snow plow utilities. Tenant paid electric and gas. Heat is supplied by individual furnaces in each unit. The building is currently owner managed. Leased Coin Operated Laundry units provide additional income. See attached offering memorandum for additional details!
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 4 | $575.00 | 650 - 750 |
| 2+1 | 2 | $700.00 | 950 - 1,050 |
PROPERTY TAXES
| Parcel Number | 782-12-002 | Improvements Assessment | $75,355 |
| Land Assessment | $11,165 | Total Assessment | $86,520 |
PROPERTY TAXES
