Superior Glen Apartments 14036-14038 Superior Rd

Green Bridge Real Estate is pleased to present the 23 Unit Superior Glen Apartments located at 14036 Superior Road, East Cleveland, Ohio 44118. Offered for Sale: $1,075,000 ($49,875 per unit). This approx. 27,908 Sq.Ft. All-Brick, 1923 build, 4-Story Building on 0.24 acres, consists of 10 Two Bedroom, One Bath Units approx. 900 Sq.Ft. each and 13 One Bedroom, One Bath units approx. 850 Sq.Ft. each. Most suites have dining areas that allow for bedroom conversions with minimal costs allowing for a significant increase in gross rents. The Superior Glen Apartments are currently 82% Occupied (19/23). Out of State Owner directs immediate sale of Cleveland area buildings to fund other investments. Recent capital improvements include refreshed boiler and components, new patchwork of roofing w/5 year warranty, parapet wall repair, new paint, flooring and bathrooms in 80% of the units. 63% of the gross income is from Subsidy based tenants which provides a stable, consistent tenant base with “guaranteed” rent payments. A large on-site managers suite (#23) could be converted to rental office or provide discounted living to an on-site manager. The Superior Glen Apartments are currently third party managed and held to high standards. The existing Laundry Room with 6+ existing hookups could provide additional income with minimal cost. Landlord paid Heat, Trash, Water & Sewer. The Projected Net Annual Operating Income at 90% Occupancy at Market Rents (w/Real Estate Tax Adjustment and 8% Management Fee) is $104,085 or a 9.68% Capitalization rate at the asking price of $1,075,000 ($46,739 per unit). Opportunity to significantly increase income by leasing more units in conjunction with the Subsidy Voucher Program, converting dining areas to additional Bedrooms and providing a Laundry area. The Superior Glen Apartments can be included with an additional nearby 24 unit building at a bulk portfolio price of $2m ($42,553 per unit). This is a Fantastic Opportunity to purchase a Value Add play in a Class C Neighborhood with huge upside for a bargain price!
LOCATION
The Superior Glen Apartments are in the Forest Hills neighborhood adjacent to Forest Hills Park, former home of the Rockefeller estate. This neighborhood borders East Cleveland and Cleveland Heights, Ohio. With easy access to I-90 to the North and Mayfield Road to the South, the apartments are only 1 mile from Little Italy, Case Western Reserve University and the Cleveland Clinic’s World Headquarters, 5.5 miles from Downtown Cleveland and 1 mile from the Coventry Shopping district, one of the strongest rental markets in Northeast Ohio. RTA Public transportation is also readily available within the neighborhood with numerous bus stops within walking distance. The property benefits from its proximity to Shopping and amenities.