THE DALLAS APARTMENTS 2260 Noble Rd 19 Unit Apartment Building $649,000 ($34,158/Unit) 15.19% Cap Rate Cleveland Heights, OH 44121

Green Bridge Real Estate is pleased to present the 19 Unit Dallas Apartments located in Cleveland Heights, Ohio. The Dallas Apartments feature 16, 1 Bedroom, 1 Bathroom units approx. 755 Sq.Ft. each; and 3, Studio Units. Built in 1940, the Dallas Apartments is an all brick building, located on 0.231 Acres with 18,334 Sq.Ft. of usable space. Out of State Ownership directs the immediate sale of this Ideal Value Add Opportunity in the B class, strong rental market of Cleveland Heights. This 10.53% occupied (2/19) Asset is being offered at $649,000.00 or $34,157 per unit. 3 total units were damaged by a neglected roof issue (since repaired) and need renovation / completing. The remaining vacant units require some level of renovation. Buyer will be responsible for City of Cleveland Heights Point of Sale escrow (if any). For estimation and demonstration purposes, this renovation could range between $20,000 per suite ($380,000) to $30,000 per suite ($570,000) depending on finish and costs. Please use your own estimates. Comparables reflect similar finished, renovated properties valued and transferring at $75,000+ per unit. The Projected Net Annual Operating Income at 95% Occupancy at Market Rents ($850) is $98,566 or a 15.19% Capitalization Rate at the asking price of $649,000.

The Dallas Apartments is a three story building with attached 10 space interior parking garage which could provide additional gross income. Access to a laundry room is found in the interior parking garage which provides additional income. The flat, rubber membrane roof has been recently repaired. Most units feature hardwood flooring in the bedrooms and living areas. Tenants are responsible for paying the Electric Utility while Landlord is responsible for paying Gas (Boiler driven Heat), Water/Sewer Utility and Trash.
Income
The Dallas Apartments are currently 10% Occupied (2/19) but prior to the roof damage and third party manager turnover, it historically was strong. The Projected Net Annual Operating Income at 95% Occupancy at Market Rents ($850) is $98,566 or a 15.19% Capitalization Rate at the asking price of $649,000.
Possibility to be leased in conjunction with the Section 8 Subsidy Voucher program which provides partial / full housing assistance for low income individuals or families. This provides a stable, consistent tenant base with “guaranteed” rent payments. The potential also exists to operate this complex as a “market” type of property or combination thereof. This is a Fantastic Opportunity to purchase a Value Add play in a Class B Neighborhood with huge upside for a bargain price!
The Dallas Apartments is located in a lively area that provides a great deal of upside for Tenants. The area is highly serviced by the RTA Transit system. A host of dining destinations, shopping options, local parks, and Lake Erie are located in the surrounding areas. The Cleveland Clinic Main Campus is only five miles away from the property and the newly built Amazon Fulfillment Center is six miles from the Dallas Apartments. Additionally, two local Universities are within a 15-minute commute of the Dallas Apartments.