1692 E 55th St
Cleveland, OH 44103
Body Block Arcade Apartments · Multifamily Property For Sale · 39 Units

Green Bridge Real Estate is pleased to present 39 Multi-Family Units with 1 Commercial Unit, Body Block Arcade Apartments located at 4925-4955 Payne Avenue and 1692-1696 East 55th Street, in the Midtown neighborhood of Cleveland, Ohio. The Property consists of a 3 Story, All Brick Building approx. 35,208 Total Sq.Ft, with Basement on .63 acres, consisting of 20 Loft Style, one bedroom, one bath units and 19 Loft Style, two bedroom, one bath units and 1 Commercial / Retail Unit. Out of Country Seller. The Third Party Managed Body Block Arcade Apartments are currently 89% Occupied (35/39). The property was originally developed as a Retail Arcade with most of the architectural attributes remaining in place today. In the late 1990' s, the property was completely renovated by a non-profit organization as the Nouvelle Espoire Arcade Apartments with the benefit from Low Income Housing Tax Credits (LIHTC). The property is currently listed on the National Registry of Historic Places. 15 of the Residential Suites have Exterior first floor access and 8 of those units can be converted to Retail / Commercial suites for an opportunity to significantly increase income. Tenant paid Gas (Individual Forced Air Furnaces and Individual Hot Water Tanks) and Electric. Landlord paid Trash, Water & Sewer. 7 of the first floor units have Central Air Conditioning. 39 Surface Parking Spaces, 2 Laundry Rooms. Recent capital improvements include new windows, roof repair, older furnaces have been replaced, new carpet and paint in common areas and new carpet and paint in units. The property is located on a major bus line and within walking distance to the Ohio Technical College which could provide a source of student housing. The Projected Net Annual Operating Income at Market rates and 100% Occupancy is $104,132 or a 12.70% Capitalization rate at the asking price of $820,000 ($21,025 per unit). Currently 10 units are occupied with Section 8 housing vouchers (21% of the Gross Income). Opportunity to significantly increase income by increasing current Rents to Market Rates and reducing the historically high expenses the current property manager does not have a good handle on.