3691 W 143rd St - Apartments FOR SALE


Cleveland, OH 44111- Jefferson
$2,640,000 USD
312-493-8171
3691 W 143rd St, Cleveland, OH for Sale
$2,640,000 USD
Apartments - FOR SALE
1/26
null | 7.21% Cap Rate

3691 W 143rd St
Cleveland, OH 44111
Jefferson


HIGHLIGHTS

  • Long Term-Hands On-Daily Management = Little to No Deferred Maintenance
  • High Occupancy = Rental Upside
  • Potential Assemblage (96 units across the street)

OVERVIEW

Welcome to Garden West Apartments. This 44-unit apartment community features (3) buildings, (32) 1BA/1BA and (12) 2BR/2BA residences. (42) parking spaces, building owned laundry in each building and wall A/C per unit round out the amenities. Over twenty years of hands-on, full-time management by ownership is evident as you walk the property and examine the rent roll. Nearly 50% of the tenancy has been with the building pre-Covid, which presents a unique opportunity to acquire an asset with stable tenancy and upside. Physically, the buildings are in excellent shape with little to no deferred maintenance required. In addition, these buildings had been Lead Certified in 2021 and good for twenty years. A true turn-key property with potential admin upside to create more value. Income & Expense Statement available upon request. NOTE: Unit square footage is estimated. Proper Due Diligence suggested.

FOR SALE DETAILS

PRICE

$2,640,000 USD

PRICE/SF

$88 USD /SF

# OF UNITS

44

PRICE/UNIT

$60,000

CAP RATE

7.21%

% LEASED

98%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1963

PARKING SPACES

42

LAND DETAILS

LAND ACRES

0.9 AC

LAND SF

39,204 SF

ZONING

MF-C1

APN/PARCEL ID

022-01-001,022-01-002

ASK ABOUT THIS PROPERTY

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312-493-8171

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312-493-8171

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