THE CERMAK BUILDING 3501 E 93rd St 13 Unit Apartment Building $874,900 ($67,300/Unit) 8.33% Cap Rate Cleveland, OH 44105

Green Bridge Real Estate is pleased to present the Recently Renovated, 13 Unit Historic Cermak Building located at 3501-3507 East 93rd in Cleveland’s Union Miles Park Neighborhood, Cleveland, OH 44105 offered For Sale: $874,900 ($67,300 per unit). The Cermak Building consists of Four (4) 1 Bedroom, 1 Bathroom, 1,000 +/- Sq.Ft. Units; Four (4) 2 Bedroom, 1 Bathroom, 1,000 +/- Sq.Ft. Units; Two (2) 3 Bedroom, 1.5 Bathroom, 1,160 +/- Sq.Ft. Units and Three (3) Commercial / Retail Suites on .504 Acres. The three story, all brick, approx. 21,911 Sq.Ft. Mixed Use property was built in 1909, and designed by local architect James Love Cameron for Fred J. Cermak, a local pharmacist at the time. The building served as the center of the emerging Czech-Slovak-Polish community centered at the intersection of E. 93rd Street and Union Avenue. It was added to the National Register of Historic Places on October 18, 1984. Currently 76% Occupied (10/13). Recently fully renovated from stud condition with New framing; New Sub-Flooring; New Kitchens, New Bathrooms, New Flooring; New Roof, & Security System with entrance cameras. New Forced Air Furnace Units installed in each suite. Newer Double Pane Vinyl Windows, Updated Lighting and Electric new panels and meters. All units have front and rear private entrances and rear decks were updated.
Tenant Paid Utilities, Electric (Lights and Plugs), and Gas (Heat & Hot Water) are subdivided and metered. However, for four of the current Tenants, Landlord pays all utilities associated with these units in exchange for high-end rents. Outstanding Turn-Key Investment with little to no deferred maintenance and needing very little management. The Cermak Building is meticulously Managed by a Third Party for ownership. There is a total of 2 sets of Landlord Owned Washer and Dryers that provide additional income. The newly fenced, lit and secure, adjacent parking area provides 10 covered parking garages. Can transfer with a live-in, onsite manager for easy maintenance and transition. Projected Net Operating Income at 100% Occupancy at market rents w/10% Management Fee and Real Estate Tax Adjustment is $92,880 or a 10.62% Cap at the Asking Price of $874,900. Current Cap Rate based on today’s actual income and expenses is 8.33%. The area has seen a huge upswing in development and increased rents throughout the area as supply for higher-end units has not been able to keep up with demand. Conversely, if the new ownership desires to increase gross revenues, the opportunity to accept “guaranteed” rent payments provided by Federal and State Funding for assistance to low-income individuals (Section 8 Voucher) exists. The potential exists to operate this complex as a “market” (no subsidy) property or to accept Housing Vouchers (Section 8) or a combination of both. Currently, 2 units are subsidized by the Section 8 program.
LOCATION
The Cermak Building is located in the Union Miles Park neighborhood in the Southeast corner of the City of Cleveland, Cuyahoga County, Ohio. The property benefits from being five miles southeast of the Cleveland Central Business District. The area has direct access to the interstate freeway system via the newly finished Opportunity Corridor to Route 2, I-90, I-490, I-71 & I-77. Public transportation is also readily available within the neighborhood with a bus stop located in front of the property.