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1309 E 85th Street - Park 85 Apartments, Cleveland, OH

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1309 E 85th Street - Park 85 Apartments

Cleveland, OH 44106-1001 - Hough MF Submarket

Property Type:Multi-Family Number of Units:35 Status:Existing Year Built:1925
Stories:4 Building Size:37,724 SF Land Area:.75 AC (32,670 SF)
For Sale Price:$1,300,000 Price/Unit:$37,142.86 Cap Rate:9.00 % GRM:-

Parking:1.01 Parking Spaces / 1,000 SF

The assessment office states this property has 47 units.

Sale Notes:
Park 85 offers an investor the opportunity to acquire a contracted HUD HAP building with guaranteed rents. The property consists of 9 (3) bedroom units, 20 (2) bedrooms and 6 (1) bedrooms...a nice mix of units with a waiting list on each type. The HUD HAP contract is a family contract with 4 remaining years starting on September 1, 2016. HUD is offering new buyers to assume the existing contract and add an additional 20 years to the contract. The contract calls for annual increases in rent every September. The property is all under one roof with a central boiler and the owner pays all utilities. The rents are extremely high in exchange for the landlord having to pay all the utilities Last react inspection was in March of 2016, all repairs resulting from inspection have been completed. Call a full package

Located on Superior directly off of Martin Luther King Blvd less than a mile from Cleveland's museum district, Case Western Reserve (Private Ivy League College) and about 2 miles from University Circle and Little Italy.

In 2013 a new Veteran's clinic was built caddy corner to this property.

CREO Real Estate Group, LLC
Mary L Palumbo
(216) 524-3669

Jonathan Schaefer
(216) 509-6361

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