For Sale
$1,975,000
5201-5215 Warrensville Center Rd Maple Heights, OH 44137
23-Unit Multifamily Investment Opportunity
Overview
- Added:
- Dec 11, 2024
- Days on market:
- 136
Highlights
- 23-unit apartment complex in Maple Heights, OH, with three two-story buildings totaling 26,794 square feet on a 0.48-acre lot.
- Unit mix: 3 studios, 11 one-bedroom/one-bathroom, 8 two-bedroom/one-bathroom, and 1 three-bedroom/two-bathroom house.
- Amenities include two laundry rooms, individual storage closets, and carports for each unit.
- Recent renovations (2024) include new high-efficiency furnaces and hot water tanks, updated electrical systems, new roofs (2022), remodeled bathrooms, new LVP flooring in most units, and updated kitchens.
- Strong financials: 100% occupancy, $153,173 NOI, 7.80% cap rate, $1,975,000 asking price ($86,000 per unit). Significant value-add potential due to below-market rents and 13 month-to-month leases.
- Owner pays water, trash, sewer, and common area utilities; tenants pay gas and electric. Offered as a 1031 exchange opportunity.
Property Details for 5201-5215 Warrensville Center Rd
- Property type
- Apartment buildings
- Square Feet
- 26,794 SF
- Class
- B
- Year Built/Renovated
- 1957/2024
- Buildings
- 3
- Stories
- 2
- Lot Size (sq. ft)
- 20,909 SF
- Units
- 23
Location Insight
- City
- Maple Heights
- County
- Cuyahoga
- State
- Ohio
- Latitude
- 41.4192172
- Longitude
- -81.5369358
Nearby Similar for Sale
FAQs
- What type of property is this?
- Apartment building - 23-Unit Multifamily Investment Opportunity
- Where is the apartment building located?
- The property is located at 5201-5215 Warrensville Center Rd Maple Heights, OH.
- What is the asking price?
- The asking price for this property is $1,975,000.
- What are key features of this property?
- This property features: 23-unit apartment complex in Maple Heights, OH, with three two-story buildings totaling 26,794 square feet on a 0.48-acre lot.; Unit mix: 3 studios, 11 one-bedroom/one-bathroom, 8 two-bedroom/one-bathroom, and 1 three-bedroom/two-bathroom house.; Amenities include two laundry rooms, individual storage closets, and carports for each unit.
- How can I contact the broker?
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