SELLER FINANCING AVAILABLE! (9.4% CAP RATE) THE FULTON APARTMENTS FOR SALE! (10-UNITS)
3355 West 43rd Street
Cleveland, OH 44109
Highlights
- 10-UNIT PORTFOLIO OF APARTMENTS IN THE FAMOUS CLARK-FULTON NEIGHBORHOOD OF CLEVELAND, OH.
- 100% OCCUPIED!
- LONG-TERM TENANTS ON SHORT-TERM LEASES WITH SIGNIFICANTLY BELOW-MARKET-AVERAGE RENTAL RATES!
- MASSIVE UPSIDE FOR A BUYER TO INSTANTLY RAISE RENTS AND OBTIAN A 10.2%+ CAP RATE!
- 8.5% CAP RATE IN 2024 (IN-PLACE)!
- 10.2% CAP RATE IN 2025!
- 12.1% CAP RATE IN 2026!
- 13.6% CAP RATE BY 2027!
- SELLER FINANCING AVAILABLE!
- UNITS HAVE BEEN SIGNIFICANTLY UPGRADED IN THE PAST 4 YEARS!
- RECENT IMPROVEMENTS INCLUDE UPDATED ROOFING, ELECTRICAL UPGRADES, NEW BATHROOMS, NEW HVAC UNITS, AND MUCH MORE!
- RARE OPPORTUNITY TO OWN AN AMAZING VALUE-ADD PROPERTY IN THE FAMOUS CLARKFULTON NEIGHBOORHOOD OF CLEVELAND OHIO!
Description
THE FULTON APARTMENTS IS A 10-UNIT MULTIFAMILY PORTFOLIO LOCATED IN CLEVELAND, OHIO IN THE MIDDLE OF THE METRO HEALTH CORRIDOR! THE PORTFOLIO CONSISTS OF 3 APARTMENT COMPLEXES (2 QUADPLEXES,1 DUPLEX) IN FANTASTIC CONDITION WITH RECENT RENOVATIONS TO EACH UNIT. THE CLARKFULTON NEIGHBORHOOD IS ONE OF THE HOTTEST UP-AND-COMING NEIGHBORHOODS IN CLEVELAND. THE PROPERTY CONSISTS OF (8) TWO-BEDROOM UNITS AND (2) THREE-BEDROOM UNITS WITH AN AVERAGE OF 919 RENTABLE SQUARE FEET M.O.L. MOST OF THE CURRENT TENANTS HAVE LIVED IN THEIR RESPECTIVE UNITS FOR OVER 5 YEARS. THE OWNERS HAVE NOT AGGRESSIVELY RAISED RENTS MAKING THIS AN INCREDIBLE VALUE-ADD OPPORTUNITY FOR A BUYER!
THE PROPERTY IS CURRENTLY 100% OCCUPIED WITH OVER HALF OF THE TENANTS ON MONTH-TO-MONTH LEASES PROVIDING THE BUYER THE ABILITY TO RAISE RENTS IMMEDIATELY. WITH THE LIMITED NUMBER OF UNITS AVAILABLE FOR RENT IN THE METRO HEALTH CORRIDOR, THE DEMAND IS OFF THE CHARTS! THE RENTAL RATES IN THIS AREA HAVE RISEN FOR 11 CONSECUTIVE YEARS DUE TO ALL THE RECENT DEVELOPMENTS IN THE AREA! ALL UNITS HAVE BEEN UPDATED AND THE PROPERTY HAS UNDERGONE SIGNIFICANT IMPROVEMENTS IN THE PAST 4 YEARS. THE PROPERTY HAS MASSIVE UPSIDE POTENTIAL AS ALMOST ALL OF THE RENTAL RATES ARE STILL VERY MUCH BELOW THE MARKET AVERAGE. THE CURRENT RENTAL RATES ARE APPROXIMATELY ($350-$300) PER UNIT BELOW THE MARKET AVERAGE, GIVING THE BUYER THE ABILITY TO INSTANTLY RAISE RENTS AND INCREASE THEIR NOI IMMEDIATELY WITHOUT HAVING TO SPEND MUCH IF ANY MONEY ON CAPEX.
CURRENTLY, THE PROPERTY BOASTS AN 8.5% CAP RATE, AND WITH THE RENTAL RATES CURRENTLY SO UNDER THE MARKET AVERAGE A BUYER CAN EASILY RAISE THE RENTAL RATES WITHOUT SPENDING MUCH ON CAPEX. BY THE END OF 2024 A BUYER CAN EASILY OBTAIN A CAP RATE OF OVER 10.2% AND BY THE END OF 2025 THE CAP RATE SHOULD EASILY ECLIPSE 12%.
THE PROPERTY SITS IN THE HEART OF THE NEW BILLION-DOLLAR RENOVATION OF THE METROHEALTH HOSPITAL IN ONE OF THE HOTTEST MARKETS IN ALL OF CLEVELAND! UNITS IN THIS AREA ARE VERY HARD TO FIND, AS THE OCCUPANCY RATES HAVE BEEN ON THE RISE SINCE LATE 2014! ALL OF THE UNITS HAVE BEEN UPDATED AND THE PROPERTY HAS UNDERGONE SIGNIFICANT IMPROVEMENTS IN THE PAST 4 YEARS. THE PROPERTY HAS MASSIVE UPSIDE POTENTIAL AS ALMOST ALL OF THE RENTAL RATES ARE STILL VERY MUCH BELOW THE MARKET AVERAGE.
THE EXTERIOR OF THE PROPERTY IS ALSO IN GOOD CONDITION, WITH THE REPLACEMENT OF ALL HVAC UNITS IN THE PAST 4 YEARS, RECENT ROOF UPDATES AND REPLACEMENTS, AND ALL-NEW LANDSCAPING IN FRONT OF THE BUILDING. THIS WILL ALLOW A BUYER TO RAISE RENTAL RATES WITHOUT HAVING TO SPEND A TON ON FUTURE CAPEX. THE UNITS ARE APPROXIMATELY $350 PER MONTH BELOW THE MARKET AVERAGE GIVING THE BUYER MASSIVE VALUE-ADD OPPORTUNITIES TO INCREASE THEIR NOI QUICKLY! DUE TO THE PROPERTY'S PRIME LOCATION, THESE UNITS WILL STAY RENTED AND THE RENTAL RATES WILL ONLY CLIMB OVER TIME!
THE CURRENT OWNERS HAVE OWNED THE PROPERTY FOR OVER 5 YEARS AND HAVE TAKEN GREAT CARE OF EACH UNIT, UPDATING ITEMS OVER TIME. ALL HVAC UNITS HAVE BEEN REPLACED IN THE PAST 4 YEARS, ALL ROOFS WERE UPDATED IN THE PAST 4 YEARS. EACH PROPERTY HAS AMPLE PARKING FOR TENANTS AND GUESTS AND ALL LANDSCAPING WAS REDONE IN 2022!
RECENT UPGRADES AND RENOVATIONS AT THE PROPERTY INCLUDE BUT ARE NOT LIMITED TO: NEW ROOFS, NEW HVAC UNITS, INTERIOR AND EXTERIOR PAINT, NEW KITCHENS WITH TOP-OF-THE-LINE APPLIANCES, NEW VINYL PLANK FLOORING AND CARPET IN EACH UNIT, NEW PLUMBING IN EACH UNIT, NEW HOT WATER TANKS, UPDATED ELECTRICAL PANEL BOXES, NEW LANDSCAPING, NEW BATHROOMS WITH ALL NEW APPLIANCES AND FIXUTURES, NEW EXTERIOR LIGHTING, AND MUCH MORE!
WITH THE RECENT UPGRADES TO THE PROPERTY, IT IS VERY EASY FOR A BUYER TO MAINTAIN THIS IN THE FUTURE AND NOT HAVE TO COME OUT OF POCKET INITIALLY TO REPAIR THE UNITS. A BUYER CAN COME IN AND FOCUS ON INCREASING THE RENTAL RATES AND BOOSTING THEIR NOI ON DAY ONE!
THE PORTFOLIO CONSISTS OF 3 APARTMENT COMPLEXES LOCATED AT THE FOLLOWING ADDRESSES:
3355 W 43rd St. Cleveland, OH 44109 (4-Units),
3893 E 57th St. Cleveland, OH 44105 (4-Units),
2786 E 119th St. Cleveland, Oh 44105 (2-Units)
10-Unit Multifamily Portfolio in Cleveland, Ohio FOR SALE!
UNITS LOCATED AT THE FOLLOWING ADDRESSES:
3355 W 43rd St Cleveland, OH 44109 (4-UNITS)
3893 E 57th St Cleveland, OH 44105 (4-UNITS)
2786 E 119th St Cleveland, OH 44105 (2-UNITS)
