13945 Superior Rd
East Cleveland, OH 44118
Coventry Park Apartments · Multifamily Property For Sale · 84 Units

Green Bridge Real Estate is pleased to present the 84 Unit Coventry Park Apartments located at 13945, 13955, 13965 and 13975 Superior Road in East Cleveland, Ohio 44112. The Coventry Park Apartments are located on the border of Cleveland Heights and the City of East Cleveland near the Coventry Retail and Student Housing area. The Property consists of Four (4) Three Story, All Brick, Walk up Apartment Buildings built in 1956 totaling approximately 73,676 sq.ft. on 1.91 Acres, consisting of 82 One Bedroom, One Bathroom units and 2 Two Bedroom, One Bathroom units. Excellent Value Added Opportunity by Improving the property to increase the significantly under valued rents or to begin to accept subsidy based (Section 8 Voucher) tenants that provide “guaranteed” rent payments provided by Federal and State Funding for assistance to low income individuals. The potential exists to continue to operate this complex as a “market” (no-subsidy) type of property. Currently 83% occupied (70/84) and the surrounding area’s occupancy continues to be very strong. Owner directs immediate sale at $3,280,000 or $39,047 per unit or an 12.58% Projected Cap rate based on 100% Occupancy at current market rate rental amounts. The four (4) three story buildings are connected by two indoor parking garages containing a total of 76 parking spaces. There are also additional 21 surface parking spaces. Landlord paid Common area Heat (the units in 13945 and 13955 have electric baseboard heat (tenant paid) and landlord paid Hot Water; 13965 and 13975 units have been upgraded with individual furnace units and hot water tanks (tenant paid)), Trash, Water & Sewer utilities. Tenant paid Gas and Electric. Flat Rubber Membrane Roofs. The building is currently owner managed. Leased Coin Operated Laundry units provide additional income. August 2017 Comparable Sales of neighboring buildings reflect $35,000 to $41,000 per unit for similar product with lower occupancy at the time of sale. This property can be combined with an additional 125+ units (4 different sellers, on and off market) at a similar price point on the same block for ease of management, and to maximize the growth of this area for a prospective purchasing group. LOCATION The Coventry Park Apartments are located in the Forest Hills neighborhood adjacent to Forest Hills Park, former home of the Rockefeller estate. This neighborhood borders East Cleveland and Cleveland Heights, Ohio. With easy access to I-90 to the North and Cedar Road to the South, the apartments are only 1.5 miles from Little Italy, Case Western Reserve University and the Cleveland Clinic’s World Headquarters, 6.5 miles from Downtown Cleveland and .25 miles from the Coventry Shopping district, one of the strongest rental markets in Northeast Ohio. RTA Public transportation is also readily available within the neighborhood with numerous bus stops within walking distance. The property benefits from its proximity to Shopping and amenities. INCOME The Coventry Park Apartments are currently 83.3% Occupied (70/84). The current Projected Net Annual Operating Income is $182,873 or a 5.58% Capitalization rate at the asking price of $3,280,000 ($39,047 per unit) at significantly under market Rents. Pro-Forma Capitalization Rate at 100% Occupancy with units rented at Market rates is 12.58%.