11 unit Cash Flowing Apartment Building in Great Neighborhood 11.5% Cap Sold

  • $365,000
  • 11 beds
  • 9846 sqft
Commercial Properties that Cash Floww
Price:
$365,000
Address:
10515 Parkhurst Dr, Cleveland, OH 44111
Cleveland, Ohio 44111
Square Feet:
9846
Lot Size:
.24 acre
Bedrooms:
11
Terms:
For Sale
Property Type:
Apartment
Year Built:
1920
Const. Type:
Commercial

Additional Features

10515 Parkhurst Dr, Cleveland, OH 44111 – Residential Apts. Named for the broad thoroughfare wending south from Lake Erie, West Boulevard offers residents a park-like feel with mature landscaping and spacious lawns. Described by locals as a “front porch” neighborhood, homes for rent include charming one- and two-story dwellings dating from the early 1900s. Hardly hidden, but a neighborhood gem all the same, Halloran Park features the city’s first water playground and provides the area’s only ice skating rink. Residents of West Boulevard shop at the neighborhood Berea Road/West 117th shopping complex where suburban-style meets local convenience. Neighborhood dining includes Mexican, Cambodian, and German eateries. Property is located between Interstate 90 and Interstate 71 and just a few blocks away from prestigious Edgewater and Lake Erie. Property Features: Old stately 1920 vintage apartment building in a great residential area. Property Details: 11 Residential Units Building Size: 9,846sqft Lot Size: .24 acre Built in: 1920 Parking: Street Laundry: 2 Coin Machines Purchase Price: $365,000.00 Annual Income (not including laundry) $7,150 mo. = 11 units x $650 $85,800 gross income Annual Expenses: $6,000 Water $2,500 Electric $6,000 Gas $2,500 Dumpsters $2,000 Common Area $4,290 Vacancy @ 5% $4,290 Maintenance @ 5% $6,800 Management $6,134 Property Taxes $3,000 Property Insurance ($43,514) Annual Expense $42,286 Annual Net Income ($3,523.83 per month) 11.5% Cap Rate *ROI is determined by cash flow, market appreciation, tax savings, principal pay down, and rental income. Past performance is no guarantee of future results and individual results may vary. The information and any statistical data contained herein have been obtained from sources which we believe to be reliable, but we do not represent that they are accurate or complete, and they should not be relied upon as such. All opinions expressed and data provided herein are subject to change without notice. Past performance is no guarantee of future results, and current performance may be lower or higher than the performance data quoted. Results shown here are not typical, results will vary based upon real estate prices, interest rates, creditworthiness and many other factors.

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