1500-1525 Stewart Cir NW - Apartments FOR SALE


Warren, OH 44485- Warren/Niles
$1,155,000 USD
330-562-6188
1500-1525 Stewart Cir NW, Warren, OH for Sale
$1,155,000 USD
Apartments - FOR SALE
1/13
null | 9.19% Cap Rate

1500-1525 Stewart Cir NW
Warren, OH 44485
Warren/Niles


HIGHLIGHTS

  • Cul De Sec, fenced in backyard, 3 buildings, 5 parcels, Central AC, 4 new roofs, new solar lights
  • 100% occupied, over 9% CAP rate with below market current rent with 1 vacancy calculated in the CAP rate, over 11% based on market proforma
  • Close to all shoppings, grocery stores, restaurants

OVERVIEW

Attention Investors! 100% Occupied. Earning high CAP day one! This Portfolio comprises three adjacent brick 6 unit buildings for a total of 18 units that sit in a private, quiet cul-de-sac street in the city of Warren, Ohio. Each building is 3 stories and has one 750 sf 1B unit and five 1100 sq 2B units with spacious porches/balconies and covered carport spaces and storage lockers for each unit. All units have central air and all but one tenant pay their own water, gas & electric. The complex currently has over 9% cap rate with current below market rent with 5% vacancy rate included, Market proforma is over 11% based on the highest collected rent in the building, potential increase in rents. Each building has a common area with coin-op laundry. Many improvements including 3 new roofs on the main buildings and 1 carport roof replacement, newer windows, furnaces, AC condensers, energy efficient lighting, cosmetic upgrades in common areas (new paint, new flooring). Convenient to restaurants, shops, grocery stores, and local amenities. A great value-add opportunity in a supply-constrained rental market. Walk through Inspection/appraisal after an accepted offer.BOM due to Buyer failed on financing. all info deemed to be accurate but not guaranteed, Buyer, Buyer agent is liable for all due diligence. Call, text or email Tina Li with questions. 440-490-6608, tinali@howardhanna.com

FOR SALE DETAILS

PRICE

$1,155,000 USD

PRICE/SF

$57 USD /SF

# OF UNITS

18

PRICE/UNIT

$64,167

CAP RATE

9.19%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1964

PARKING SPACES

26

LAND DETAILS

LAND ACRES

3.71 AC

LAND SF

161,608 SF

ZONING

MF

APN/PARCEL ID

39-566575,39-566580,39-566585,39-566590,39-566595

ASK ABOUT THIS PROPERTY

Tina LiHoward HannaMore Info
330-562-6188

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Tina LiHoward HannaMore Info
330-562-6188

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.