HIGHLIGHTS
- Stable income from primarily repeat tenants, with upside potential due to slightly below market rents.
- All vacant units are rent ready, allowing immediate lease-up at current market rates.
- Roof replaced in 2020 with 10 years of warranty remaining.
- There are oversized units of one-bedrooms spanning 900 square feet and two-bedrooms spanning 1,269–1,585 square feet.
- Diverse mix of 12 one-bedroom/one-bath and eight two- bedroom/two-bath units appeals to a broad tenant base.
- Centrally located just 1 mile from Promedica’s Main Campus and 2 miles from the University of Toledo.
OVERVIEW
Matthews Real Estate Investment Services is pleased to present the 20-unit Saxon House apartment building to the market for investment acquisition at 1647 S Cover Boulevard. The majority of the units are occupied, and the vacant units are renter-ready, allowing immediate lease-up strategies at market rates.
Broker of Record: Matt Wallace | License No. REC.2022007141 (OH), (866) 889-0550
Matthews Real Estate Investment Services, Inc.
950 Main Ave., Suite 510, Cleveland, OH 44113
FOR SALE DETAILS
PRICE
$1,350,000 USD
PRICE/SF
$51 USD /SF
# OF UNITS
20
PRICE/UNIT
$67,500
CAP RATE
8.74%
% LEASED
-
SALE TYPE
Investment
BUILDING DETAILS
PROPERTY NAME
Saxon House Apartments
PROPERTY TYPE
Multi-Family
APARTMENT STYLE
Mid-Rise
PROPERTY SUBTYPE
Apartments
TOTAL BUILDING SIZE
-
STORIES
4
YEAR BUILT
1963
PARKING SPACES
24
LAND DETAILS
LAND ACRES
1 AC
LAND SF
43,560 SF
ZONING
CO
APN/PARCEL ID
08-51251
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