42 Unit Apartment Bldg For Sale $1,279,000! 97% Occupied, 12% Cap Rate, Stable & Consistent Tenant Base

1374 West Blvd., Cleveland, OH, 44102

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42 Unit Apartment Bldg For Sale $1,279,000! 97% Occupied, 12% Cap Rate, Stable & Consistent Tenant Base
Parties: Matthew King
Other Parties:
Comments: 42 Unit Apartment Building on Cleveland’s West-side, near Edgewater Park, Transferred Ownership Today. CLEVELAND, OHIO. The 42 Unit, 31,000 Sq.Ft. Edgeway Apartments, located on .31 acres for nearly 100 years at the corner of West Boulevard and Detroit Avenue was formally a Bustling Hotel in the early 1900’s. The Hotel property has since been converted to 42 total Apartment units consisting of 10 Efficiency Style Units, 28 One Bedroom, One Bath Units and 4 Two Bedroom, One Bath Units. Matthew King, CCIM of Green Bridge Real Estate recently represented the seller, RVR Enterprises, LLC in the sale of the 90% Occupied, Multi-Family Asset for $1,030,000 or $24,523 per unit to Central Investment Group, LLC of Cleveland, Ohio which transferred ownership today. “The market reacted to this opportunity, and the property received numerous offers during the marketing program, which shows the Commercial Real Estate market in Cleveland is truly improving and the demand for good quality, Apartment assets is at a high” said Mrs. Valerie Ryba, owner of RVR Enterprises. Valerie went on to say “We did have the property listed with one of the National Apartment Brokerages with no results. Matt got the job done. We have SOLD! Matt is very knowledgeable, very thorough and very conscientious, not to mention easy to deal with and was looking after our best interests with every detail. When I sent an email or phone call, he responded lightning fast. His services have been stupendous and we couldn’t be happier. Considering listing your commercial property? I highly recommend Green Bridge Real Estate. List with confidence.” The new ownership will immediately take over operation of the Apartments, keeping the old property management in place. Central Investment Group, LLC was thrilled with their new purchase and the opportunity the property and location presents. The Edgeway Apartments is minutes from Edgewater Park, the West Boulevard RTA Rapid Transit Station, shopping, Gordon Square and the Cudell Commons.
Date: Dec 06, 2013
Transaction Amount: $1,030,000

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