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1690 Eddington Rd 11 Unit Apartment Building $690,000 ($62,727/Unit) Cleveland Heights, OH 44118
INVESTMENT HIGHLIGHTS
- 1690 Eddington Road is a newly renovated property with upgrades such as redone windows, refinished hardwoods, paint, and more.
- Opportunity to add a 12th unit and significantly increase value.
- Located just down the street from some of the East Side’s nicest suburbs and hot spots.
- In-place professional management makes taking over a breeze.
EXECUTIVE SUMMARY
1690 Eddington Road presents the incredible opportunity to purchase a newly redone turnkey 11-unit apartment building (with the potential for a 12th unit) in one of Cleveland's hottest East Side suburbs.
Located in Coventry Village, this property is second to none in its proximity to schools, entertainment, and employment. Just a second's walk to all the entertainment Coventry Village offers and a minute's drive to Little Italy, Cedar Hill, Case Western Reserve, University Hospitals, and the Cleveland Clinic, this property is positioned for long-term stability, consistent high occupancy, and rent growth.
The owner has recently finished rehabbing the full building, including refreshed common areas, rebuilt exterior stairways, all new vinyl windows, and all newly renovated units, including refinished hardwood floors, new paint, and new kitchens and bathrooms; a buyer will simply need to take over and continue to lease up. In addition, professional management that is extremely familiar with the building and area is already in place and has begun leasing. Current management would like to stay on and offer a seamless transition for a new owner.
Currently, seven units are leased (grossing $5,280), with leasing still in progress and will continue. In addition, a buyer can convert a storage room into a potential 12th unit for additional income. Pro forma, this property has the potential for over $75,000 annually in NOI. At a 7% cap rate, that's a pro forma value of over $ 1 million. Tenants are responsible for their electricity and gas. The owner is responsible for water/sewer, gas for the boiler heat, common area electricity, and trash.
Located in Coventry Village, this property is second to none in its proximity to schools, entertainment, and employment. Just a second's walk to all the entertainment Coventry Village offers and a minute's drive to Little Italy, Cedar Hill, Case Western Reserve, University Hospitals, and the Cleveland Clinic, this property is positioned for long-term stability, consistent high occupancy, and rent growth.
The owner has recently finished rehabbing the full building, including refreshed common areas, rebuilt exterior stairways, all new vinyl windows, and all newly renovated units, including refinished hardwood floors, new paint, and new kitchens and bathrooms; a buyer will simply need to take over and continue to lease up. In addition, professional management that is extremely familiar with the building and area is already in place and has begun leasing. Current management would like to stay on and offer a seamless transition for a new owner.
Currently, seven units are leased (grossing $5,280), with leasing still in progress and will continue. In addition, a buyer can convert a storage room into a potential 12th unit for additional income. Pro forma, this property has the potential for over $75,000 annually in NOI. At a 7% cap rate, that's a pro forma value of over $ 1 million. Tenants are responsible for their electricity and gas. The owner is responsible for water/sewer, gas for the boiler heat, common area electricity, and trash.
PROPERTY FACTS
| Price | $690,000 | Building Class | C |
| Price Per Unit | $62,727 | Lot Size | 0.11 AC |
| Sale Type | Investment | Building Size | 7,200 SF |
| No. Units | 11 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1930 |
| Property Subtype | Apartment | Parking Ratio | 1.67/1,000 SF |
| Apartment Style | Mid-Rise | ||
| Zoning | C2 | ||
| Price | $690,000 |
| Price Per Unit | $62,727 |
| Sale Type | Investment |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 7,200 SF |
| No. Stories | 4 |
| Year Built | 1930 |
| Parking Ratio | 1.67/1,000 SF |
| Zoning | C2 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Property Manager on Site
- Elevator
- Maintenance on site
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 4 | - | - |
| 2+1 | 7 | - | - |
1 1
Walk Score®
Very Walkable (78)
PROPERTY TAXES
| Parcel Number | 684-02-019 | Improvements Assessment | $123,760 |
| Land Assessment | $8,400 | Total Assessment | $132,160 |
PROPERTY TAXES
Parcel Number
684-02-019
Land Assessment
$8,400
Improvements Assessment
$123,760
Total Assessment
$132,160
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1690 Eddington Rd
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