2734 Noble Rd, Cleveland Heights, OH 44121

50 Unit Apartment Building | For Sale | Cleveland Heights, OH 44121

Property Type: Multifamily
Square Feet: 49,044 SF

Listing Contacts

Nick Soeder

Property Overview

Promenade Apartments offer an investor the opportunity to obtain a stable and updated property in a popular submarket. Over the last four years, the owner has invested in various suite upgrades and repairs resulting in top tier rents for renovated suites. The opportunity exists for a new owner to continue updates and increase cash flow by bringing all rents in line to market. Extremely attractive assumable debt at 4.01% with a 30 year amortization exists for a qualified investor. Priced at 8.64% Cap Rate based on owner 2022 actuals and proforma 7.30% Cap Rate.

Property Details

Class: C
Year Built/Renovated: 1949/1965
Stories: 3
Lot Size (sq. ft): 65,776 SF
Units: 50

Highlights

Assumable Financing Available (4.01%)
Top Tier Rents in Recently Renovated Suites
Separately Metered Utilities
Historically Strong Occupancy

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