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The Sterling/Cedar Hill 12491-12497 Cedar Rd 39 Unit Apartment Building For Sale Cleveland, OH 44106
INVESTMENT HIGHLIGHTS
- Owned and self-managed by local, private investor for the past 40+ years
- More than $58,800 of annual organic rental income growth by increasing below market rents
- 3 minutes from Case Western Reserve University - Top 50 college in US and more than 20,000 total students and staff
- Significant recent capital improvements include 2 new boilers (2024) and a new roof (2023)
- Located in the central core of the Cedar-Fairmount District - One of Cleveland’s trendiest neighborhoods.
- Less than 7 minutes from University Circle and Little Italy (75+ restaurants, 50+ shops and small businesses, 10+ museums)
EXECUTIVE SUMMARY
Irreplaceable location within Cedar-Fairmount District
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Sale Type | Investment | Lot Size | 0.26 AC |
| No. Units | 39 | Building Size | 40,884 SF |
| Property Type | Multifamily | Average Occupancy | 89% |
| Property Subtype | Apartment | No. Stories | 4 |
| Apartment Style | Mid-Rise | Year Built | 1923 |
| Building Class | C | Parking Ratio | 0.34/1,000 SF |
| Sale Type | Investment |
| No. Units | 39 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.26 AC |
| Building Size | 40,884 SF |
| Average Occupancy | 89% |
| No. Stories | 4 |
| Year Built | 1923 |
| Parking Ratio | 0.34/1,000 SF |
AMENITIES
UNIT AMENITIES
- Heating
- Hardwood Floors
- Refrigerator
- Oven
- Vinyl Flooring
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 25 | $885.00 | 440 - 987 |
| 2+1 | 12 | $1,125 | 1,100 |
| Studios | 2 | $600.00 | 200 - 400 |
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PROPERTY TAXES
| Parcel Numbers | Total Assessment | $528,675 | |
| Land Assessment | $39,900 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $488,775 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$39,900
Improvements Assessment
$488,775
Total Assessment
$528,675
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
CONTACTS
-
Michael Barron -
Justin Blanche -
William Koontz -
Institutional Property Advisors
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The Sterling/Cedar Hill | 12491-12497 Cedar Rd
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