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1500-1525 Stewart Cir NW 18 Unit Apartment Building $1,200,000 ($66,667/Unit) 9.22% Cap Rate Warren, OH 44485
INVESTMENT HIGHLIGHTS
- Cul De Sec, fenced in backyard, 3 buildings, 5 parcels, Central AC, 4 new roofs, new solar lights
- Close to all shoppings, grocery stores, restaurants
- over 9% CAP rate with below market current rent with 1 vacancy, 9.24% if full, close to 11% based on market proforma
EXECUTIVE SUMMARY
Attention Investors! This Portfolio comprises three adjacent brick 6 unit buildings for a total of 18 units that sit in a private, quiet cul-de-sac street in the city of Warren, Ohio. Each building is 3 stories and has one 750 sf 1B unit and five 1100 sq 2B units with spacious porches/balconies and covered carport spaces and storage lockers for each unit. All units have central air all but one tenant pays their own water, gas & electric. The complex currently has an over 9% cap rate with current below market rent with 1 vacancy, 9.27% if full and a market proforma close to 11%. Each building has a common area with coin-op laundry. Many improvements including 3 new roofs on the main buildings and 1 carport roof replacement, new windows, furnaces, AC condensers, energy efficient lighting, cosmetic upgrades in common areas. Convenient to restaurants, shops, grocery stores, and local amenities. A great value-add opportunity in a supply-constrained rental market. Inspect after an accepted offer. BOM due to Buyer failed on financing. all info deemed to be accurate but not gauranteed, Buyer, Buyer agent is liable for all due diligence. Call, text or email Tina Li with questions. 440-490-6608, tinali@howardhanna.com
FINANCIAL SUMMARY (ACTUAL - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$149,664
|
$7.35
|
| Other Income |
$2,850
|
$0.14
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$152,514
|
$7.49
|
| Taxes |
$10,432
|
$0.51
|
| Operating Expenses |
$31,391
|
$1.54
|
| Total Expenses |
$41,823
|
$2.05
|
| Net Operating Income |
$110,691
|
$5.44
|
FINANCIAL SUMMARY (ACTUAL - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $149,664 |
| Annual Per SF | $7.35 |
| Other Income | |
|---|---|
| Annual | $2,850 |
| Annual Per SF | $0.14 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $152,514 |
| Annual Per SF | $7.49 |
| Taxes | |
|---|---|
| Annual | $10,432 |
| Annual Per SF | $0.51 |
| Operating Expenses | |
|---|---|
| Annual | $31,391 |
| Annual Per SF | $1.54 |
| Total Expenses | |
|---|---|
| Annual | $41,823 |
| Annual Per SF | $2.05 |
| Net Operating Income | |
|---|---|
| Annual | $110,691 |
| Annual Per SF | $5.44 |
PROPERTY FACTS
AMENITIES
- Smoke Detector
UNIT AMENITIES
- Air Conditioning
- Balcony
- Cable Ready
- Storage Space
- Heating
- Kitchen
- Refrigerator
- Range
- Carpet
- Porch
SITE AMENITIES
- Fenced Lot
- Laundry Facilities
- Smoke Free
- Storage Space
- Bicycle Storage
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 3 | $675.00 | 750 |
| 2+1 | 15 | $741.00 | 1,050 |
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PROPERTY TAXES
| Parcel Numbers | Total Assessment | $156,500 (2024) | |
| Land Assessment | $18,900 (2024) | Annual Taxes | $10,432 ($0.51/SF) |
| Improvements Assessment | $137,600 (2024) | Tax Year | 2025 Payable 2025 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$18,900 (2024)
Improvements Assessment
$137,600 (2024)
Total Assessment
$156,500 (2024)
Annual Taxes
$10,432 ($0.51/SF)
Tax Year
2025 Payable 2025
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1500-1525 Stewart Cir NW
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