PLYMOUTH GARDEN APARTMENTS 1724 Taylor Rd 31 Unit Apartment Building $1,799,000 ($58,032/Unit) 10.83% Cap Rate East Cleveland, OH 44112

Green Bridge Real Estate is proud to present the Plymouth Garden Apartments, a premier 31-unit multifamily community located at 15401 Plymouth Place, East Cleveland, OH 44112. Offered at $1,799,000 ($58,032 per unit), this stabilized asset delivers a 10.83% projected Cap Rate at market rents, positioning it as an exceptional addition to any real estate portfolio.
The Asset
• Prime Composition: Three solid-brick buildings spanning ~30,000 sq. ft. on a spacious 1.434-acre lot.
• Uniform Layouts: 31 two-story townhome-style suites (2 BR / 1 BA), each offering ~900 sq. ft. of comfortable living space.
• Premium Unit Features: Generous living rooms, large eat-in kitchens, spacious second-floor bedrooms with ample closet space, and individual water heaters.
• Tenant-Paid Utilities: Separate, tenant-controlled forced-air furnaces and electric meters optimize landlord operational expenses. Landlord covers trash, water, and sewer.
• In-Suite Laundry: Every unit features dedicated laundry rooms with washer/dryer hookups.
Strong Financials & Stability
• Proven Performance: Historically strong occupancy, currently at 83.87% (26 of 31 units leased).
• Guaranteed Income Stream: Over 30% of current occupied units are subsidized through federal and state funding, ensuring a reliable, recession-resistant cash flow.
• Turnkey Operations: Fully managed by a professional third-party team for a seamless ownership transition.
Recent Capital Expenditures & Maintenance
• New Roofs: Brand new rubber membrane roofs installed in 2025.
• Turned Units: Capital improvements completed on approximately 75% of the suites with fresh cosmetic updates.
• Excellent Upkeep: Meticulously maintained brick tuckpointing, common areas, and interior systems.
Proven Value-Add Potential
• Rental Upside: Instantly boost revenue by transitioning below-market leases to competitive market rates.
• Parking Monetization: Capitalize on the 14-space attached covered parking garage alongside ample surface parking.
• Amenity Income: Maximize returns by installing landlord-owned coin-operated or digital laundry machines in the designated in-suite hookups.
The owner directs an immediate sale of this high-performing property. Contact Green Bridge Real Estate today to schedule a private tour and review the financial package.