8 Unit Apartment Cleveland, OH (Gordon Square)

[Kory Clark]

Hello Everyone,

I've recently found an 8 unit apartment building and reached out to the owner. He said for 8 units renting at $900/mo a piece he was sell for $604k. I asked him for the financials but he has yet to send them back to me. The GRM is 7 (assuming the building is fully rented out). Price Per Unit is $75,600. Does $604k seem like an accurate number?

[Steven Gesis]

Kory-

Price per unit seems a little high, I am not sure Gordon Square is an established space to garner upward of $50,000+ / door. Do not get me wrong, Gordon Square is a happening space, lots of activity, they are going to do phase 2 soon, it will be growing, the number you presented seems a little high.