7559 Mentor Ave | Mentor, OH 44060
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- LoopNet Team
7559 Mentor Ave
Mentor, OH 44060
Cardinal MPARK Apartments · Multifamily Property For Sale
·
57 Units
INVESTMENT HIGHLIGHTS
- Investors have the option to purchase and maintain the property in its current state or upgrade the units and take advantage of the Mentor market
- Ideally located in a secluded area off the main street of Mentor Ave. near a significant amount and variety of retail and dining
- Offered free and clear of any existing financing or encumbrances
- Incredible value-add opportunity with current renovations around 50% complete which provides a proof of concept for future ownership to finish renos
- Current ownership has taken great pride in maintaining and upgrading units while providing below market rents ($100 below market)
- A new investor can take advantage of current financing (~5% rate including a portion of interest only), which significantly enhances returns
PROPERTY FACTS
| No. Units | 57 | Building Size | 49,688 SF |
| Property Type | Multifamily | Average Occupancy | 89% |
| Property Subtype | Apartment | No. Stories | 1 |
| Apartment Style | Garden | Year Built/Renovated | 1960/2021 |
| Building Class | C | Parking Ratio | 2.02/1,000 SF |
| Lot Size | 2.51 AC | ||
| Zoning | R-10 | ||
| No. Units | 57 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.51 AC |
| Building Size | 49,688 SF |
| Average Occupancy | 89% |
| No. Stories | 1 |
| Year Built/Renovated | 1960/2021 |
| Parking Ratio | 2.02/1,000 SF |
| Zoning | R-10 |
AMENITIES
UNIT AMENITIES
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Carpet
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Picnic Area
- Tenant Controlled HVAC
- Grill
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 2 | - | 500 |
| 1+1 | 33 | - | 600 |
| 2+1 | 22 | - | 800 |
PROPERTY TAXES
| Parcel Number | 16-B-031-A-00-020-0 | Improvements Assessment | $269,820 |
| Land Assessment | $178,280 | Total Assessment | $448,100 |
PROPERTY TAXES
Parcel Number
16-B-031-A-00-020-0
Land Assessment
$178,280
Improvements Assessment
$269,820
Total Assessment
$448,100
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