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Yellowstone Place 2360 Noble Rd 43 Unit Apartment Building $2,899,900 ($67,440/Unit) 7.35% Cap Rate Cleveland Heights, OH 44121
Investment Highlights
- 95.34% current occupancy
- Quality Physical assets with recent capital investments completed
- Pro-Forma Cap Rate on $2,899,900 Sales Price 18.104%
Executive Summary
Discover the Investment Opportunity of a Lifetime at Yellowstone Apartments in Cleveland Heights, OH! This exceptional 43-unit multifamily package, located at 2266 & 2360-2372 Noble Rd, offers incredible potential for savvy investors. With a 90% occupancy rate and a history of high occupancy, this property is a solid investment with room for growth. The two building package features one 10-unit and one 33-unit building, along with three common area structures. The unit mix includes 15 one-bedroom, one-bathroom suites and 28 spacious two-bedroom, one-bathroom suites. With a total building size of 34,650 sq. ft., this property offers excellent space for residents to call home. Built in 1940 and situated on two 1.518-acre plots. The current gross annual rental income stands at $465,985, with a net annual income of $213,119.14. At the current sales price of $2,899,900, the property carries an attractive capitalization rate of 7.35%, with a proforma rate of 18.1%. Don't miss out on this tremendous investment opportunity. Call Jason Griffith at Green Bridge Real Estate at 330-931-9418 to explore this property and make it yours.
Property Facts
| Price | $2,899,900 | Building Class | C |
| Price Per Unit | $67,440 | Lot Size | 1.09 AC |
| Sale Type | Investment | Building Size | 39,556 SF |
| Cap Rate | 7.35% | Average Occupancy | 91% |
| No. Units | 43 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1940 |
| Property Subtype | Apartment | Parking Ratio | 0.81/1,000 SF |
| Apartment Style | Mid-Rise | ||
| Zoning | MF2 - Multi Family | ||
| Price | $2,899,900 |
| Price Per Unit | $67,440 |
| Sale Type | Investment |
| Cap Rate | 7.35% |
| No. Units | 43 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 1.09 AC |
| Building Size | 39,556 SF |
| Average Occupancy | 91% |
| No. Stories | 4 |
| Year Built | 1940 |
| Parking Ratio | 0.81/1,000 SF |
| Zoning | MF2 - Multi Family |
Amenities
Unit Amenities
- Heating
- Kitchen
- Hardwood Floors
- Refrigerator
- Range
Site Amenities
- Courtyard
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 15 | - | 750 |
| 2+1 | 28 | - | 900 |
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Property Taxes
| Parcel Numbers | Improvements Assessment | $508,970 | |
| Land Assessment | $72,135 | Total Assessment | $581,105 |
Property Taxes
Parcel Numbers
Land Assessment
$72,135
Improvements Assessment
$508,970
Total Assessment
$581,105
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Yellowstone Place | 2360 Noble Rd
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