All Forum Posts by: Account Closed

Hi David,

The building is still available. I'll send you over some pictures in a PM.

Thanks,

Marty

Hi BP,

Up for grabs is an off-market SFR in Garfield Hts., a suburb of Cleveland Ohio. The property is vacant, but will be delivered POS Clear and Rent-Ready.

Here's a quick breakdown of the numbers:

Estimated Gross Income: $900/mo = $10,800/yr (Market Rent)

Expenses

Taxes: $2,705/yr

Insurance: $800/yr

Utilities: $0 (Projected - Tenant Paid)

Maintenance: $540/yr

Vacancy: $540/yr

Management: $1,080/yr

Total Expenses: $5,665/yr

Net Income: $5,135/yr

Sales Price: $44,900

CAP: 11.5%

Hey Guys,

The Neighborhood is a C-. There are some boarded up / vacant houses on the street. This building is located next to an elementary school (Pre K - 8), Franklin D. Roosevelt Academy, which keeps crime down in the area. All of the present tenants grew up in this neighborhood and are well rooted in the community.

Gas:

Landlord is responsible for the heating gas for a boiler and 2 Hot Water Tanks. Tenants are responsible for cooking gas. 

Electric:

Landlord pays for common area electric. Tenants are responsible for electric in their unit and each unit is separately metered.

11-unit apartment building for sale in the Glenville area of Cleveland, OH. Each unit is a 1 bed/1 bath. The building has a new roof (2015), new boiler system (2016) and an in-house maintenance man. Currently 10 out of the 11 units are occupied. Seller Financing is available with a significant down payment. Financials Below:

GROSS INCOME: $4,245/month = $50,940/year

Taxes: $2,974/year

Insurance: $2,500/year

Utilities: $9,980/year (Gas, Electric, Water/Sewer, Trash)

Vacancy (8%): $4,075/year

Maintenance (8%): $4,075/year

Management (10%): $5,094/year

TOTAL EXPENSES: $28,698/year

NET INCOME: $22,242/year

PRICE: $109,900

CAP RATE: 20.2%

Owner is a licensed real estate agent.