$2479000

Lorain Cleveland Portfolio
  • Units: 74
  • Cap Rate: 9.73 Percent
  • Price Paying: 61.11 sqft
  • Price Per Unit: $33,500
  • Property Type: Multi Family
  • Gross Rent Multiplier: 5.29
  • Year Built: 1972, 1971, 1952
  • Monthly Income Per Unit: $527.73
  • Expense to Income Ratio: 48.53 Percent
  • Average Square Feet: 548.16
  • Debt Service Coverage: 2.13
  • Cash Flow: 128,167
  • ROI Year One: 20.68
  • Listing Agent: Bruce Lister
  • Property Features: Income Property Organization is pleased to present the exclusive marketing of the Lorain Cleveland Multifamily Portfolio, which consist of 3 apartment communities totaling 74 Units. This offering is comprised of: Lowell Apartments in Lorain, Ohio – 36 Units, Windhaven Apartments in Lorain, Ohio – 24 Units, and HTS Apartments in Cleveland, Ohio – 14 Units.

    Lorain is a city in Lorain County, Ohio. The municipality is located in northeastern Ohio on Lake Erie, at the mouth of the Black River, about 30 miles west of Cleveland. As of the 2010 census, the city had a total population of 64,097, 25,529 households, and 16,368 families residing in the city making it Ohio's tenth largest city. Lorain is the site of Lakeview Park. The park features swimming, a historical rose garden, a fountain, and a restaurant. In the summer, beach volleyball tournaments, concerts, and weddings are held at the park.

    Cleveland is a major city in Ohio, and is in Cuyahoga County, the most populous county in the state. The city is located in northeastern Ohio on the southern shore of Lake Erie, approximately 60 miles (100 kilometers) west of the Pennsylvania border. The city proper had a total population of 390,113, making Cleveland the second largest city in Ohio after Columbus.

    Lowell Apartments is a garden-style community built in 1972. There are three buildings comprised of an excellent mix of 24 one-bedroom units (476 ft.2), and 12 two-bedroom units (697 ft.2). This property has hot water based boards for heating, and wall AC units for cooling, and is individually metered for electricity. The landlord is responsible for heat, electric and water. The tenants are not responsible for any additional expenses. Community amenities include, ample parking, 24-hour maintenance, on-site laundry.

    Windhaven Apartments is a garden-style community built in 1971. There are three buildings comprised of an excellent mix of 4 one-bedroom units (588 ft.2), and 24 two-bedroom units (588 ft.2). This property has hot water based boards for heating, and wall AC units for cooling, and is individually metered for electricity. The landlord is responsible for heat and water. The tenants are responsible for electric. Community amenities include ample parking, or for a $50 monthly fee, there are garages that can be rented, 24-hour maintenance, on-site laundry.

    HTS Apartments is a garden-style community built in 1952. There is one building comprised of 14 one-bedroom units (476 ft.2). This property has individual finances in each unit for heating, and wall AC units for cooling, and is individually metered for electricity. The landlord is responsible for water. The tenants are responsible heat and electric. Community amenities include, ample parking, 24-hour maintenance, on-site laundry.
  • Interior Features: -
  • Exterior Features: -

Location


View Larger Map
  • IPO Social Media

    Follow us on Facebook!
    LinkedIn
    Tweet to us!
  • About Us

    Income Property Organization offers customized brokerage services that are designed to meet the specific needs of a wide range of clients -- private owners as well as institutional investors -- who want to buy or sell income property.
  • Contact Us

    Income Property Organization
    6421 Inkster Rd., Suite 200
    Bloomfield Hills, MI 48301
    Telephone (248) 932-0300
    Fax (248) 932-0301