13995-14015 Superior Rd | Cleveland, OH 44118
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13995-14015 Superior Rd
Cleveland, OH 44118
Forest Hill Park Apartments · Multifamily Property For Sale
·
174 Units
INVESTMENT HIGHLIGHTS
- The Forest Hill Park Apartments are presented with a projected cap rate at 90% occupancy with a $30,000/ suite renovation is 23.97%.
- First position, seller financing is available to qualified investors with 25% down, 6.0% interest (APR), 25 year amort., balloon payment in four yrs.
- Local comparables reflect similar finished, renovated properties transferring at $75,000+ per unit.
- There are 174 units with an excellent unit-mix with 115 two-bedroom suites and 28-three bedroom suites.
- Possible Tax Abatement - Low-Income Housing Tax Credits (LIHTC), Historic Tax Renovation Credits, and other programs could be available.
- The property is delivered vacant and offers a quick-start renovation.
PROPERTY FACTS
| No. Units | 174 | Building Size | 188,000 SF |
| Property Type | Multifamily | Average Occupancy | 0% |
| Property Subtype | Apartment | No. Stories | 8 |
| Apartment Style | Mid-Rise | Year Built | 1949 |
| Building Class | C | Parking Ratio | 0.53/1,000 SF |
| Lot Size | 1.48 AC | ||
| Zoning | U2-H3+ | ||
| No. Units | 174 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 1.48 AC |
| Building Size | 188,000 SF |
| Average Occupancy | 0% |
| No. Stories | 8 |
| Year Built | 1949 |
| Parking Ratio | 0.53/1,000 SF |
| Zoning | U2-H3+ |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Kitchen
- Views
- Wheelchair Accessible (Rooms)
SITE AMENITIES
- 24 Hour Access
- Clubhouse
- Laundry Facilities
- Elevator
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 31 | $1,356 | 775 |
| 2+1.5 | 115 | $1,644 | 950 |
| 3+1.5 | 28 | $2,112 | 1,040 |
PROPERTY TAXES
| Parcel Number | 672-28-007 | Improvements Assessment | $1,350,055 |
| Land Assessment | $67,655 | Total Assessment | $1,417,710 |
PROPERTY TAXES
Parcel Number
672-28-007
Land Assessment
$67,655
Improvements Assessment
$1,350,055
Total Assessment
$1,417,710
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