Property Description

Eight fully occupied condominium units in one condo community in Warrensville Heights, offered at $525,000, $65,625 per door. Two and three bedroom units across Caroline Drive and Banbury Court and Circle. All eight properties are being delivered point-of-sale compliant. In-place rents average just over $1,000 a unit, a 10.9 percent cap rate. Underwritten to pro forma, average rent steps to $1,150 a unit and the cap rate moves to 12.2 percent, a meaningful spread for a portfolio this size. Interiors show updated kitchens with stainless steel appliances and tile flooring, refinished hardwood floors, and refreshed bathrooms already in place. Gas forced air heat, public water and sewer, mixed tenant and landlord utility responsibility by unit. Each condo carries its own HOA dues, roughly $125 to $150 a month by unit size, one HOA across all eight units. Warrensville Heights sits eight miles from downtown Cleveland off I-271 and I-480, near Cleveland Clinic South Pointe Hospital, Eaton Corporation, and Cuyahoga Community College Corporate College. Full rent roll, financials and lease detail are available in the Document Center. Reach out for the package and to get on the tour schedule.

Property Features

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