2100 Reeves Rd NE
Warren, OH 44483
Multifamily Property For Sale · 13 Units

Keller Williams Chervenic Realty is please to represent a turn-key multi-family apartment building for sale to real estate and business investors. Fully leased, long term tenants, and up to date maintenance with a rolling maintenance scheduled on units when tenants move out or when updates are required. It is a solid brick building built in 1963, with one family ownership, and the owner was the local bricklayer who built it. New roof, gutters, and drainage system. This property has no mechanical deferred maintenance issues to pass onto new owners. The selling features to tenants are the quiet neighborhood, the walking distance to shopping and eating, and the property management. Tidy landscaping, Howland Local School District, and close to grocery and drug store for tenants to walk for shopping. When tenants move out, the landlord receives calls from possible tenants before the property is ready to be advertised! Selling features for investors are the low tenant turn-over and reliable monthly rental payments, proximity to daily shopping, onsite property manager with proven people skills, and up to date maintenance. Excellent for out of town investors looking for smaller multi-family unit property with approximately 9% cap rate to add to portfolio. Prior to this year, the owners have focused on capital improvements, which decreased the income they were receiving on the property in previous years. As of Spring of 2018, the business is operating with typical maintenance costs for a property of this type of approximately $29,564. Please see the pictures of the inside of a typical unit in the picture section on LoopNet. It is clean, freshly painted, and already rented out to a new tenant. If a new owner is interested in cosmetic updates to the units as tenants move out, the new owner can consider higher rental rates to reflect the excellent location, the larger unit sizes of closer to approximately 1,000 sf, and the new updates to the units. Financial Information is as follows: Gross Rental Income is $94,440. 3% Vacancy Rate (-$2,833). Net Rental Income is $91,607. Operating expenses are at approximately -$29,564; Net operating Income is $62,043. Cap rate is a little over 9%. At this time, the owners are not interested in seller financing responsibilities, mentioned as a gentle encouragement to buyers to consider arranging financing before making an offer. With a purchase price of $685,000, the buyer will be getting a 9% capitalization rate. Please give me a call to discuss the property in more detail, and to make an offer on this beautiful apartment building in Trumbull County.