9.4% CAP RATE FULTON APARTMENTS (10-UNITS)
10 Unit Apartment Building | $900,000 ($90,000/Unit) | 9.46% Cap Rate | Cleveland, OH 44109
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $900,000
- Property Type
-
Multifamily
- Square Feet
- 10,985 SF
Listing Contacts
David Rosenthal
Verified Profile
Kari Grimaldi
Verified Profile
- Property Info
Property Overview
THE FULTON APARTMENTS IS A 10-UNIT MULTIFAMILY PORTFOLIO LOCATED IN CLEVELAND, OHIO, IN THE MIDDLE OF THE METRO HEALTH CORRIDOR! THE PORTFOLIO CONSISTS OF 3 APARTMENT COMPLEXES (2 QUADPLEXES,1 DUPLEX) IN FANTASTIC CONDITION WITH RECENT RENOVATIONS TO EACH UNIT. THE CLARK-FULTON NEIGHBORHOOD IS ONE OF THE HOTTEST UP-AND-COMING NEIGHBORHOODS IN CLEVELAND. THE PROPERTY CONSISTS OF (8) TWO-BEDROOM UNITS AND (2) THREE-BEDROOM UNITS WITH AN AVERAGE OF 919 RENTABLE SQUARE FEET M.O.L. MOST OF THE CURRENT TENANTS HAVE LIVED IN THEIR RESPECTIVE UNITS FOR OVER 5 YEARS. THE OWNERS HAVE NOT AGGRESSIVELY RAISED RENTS MAKING THIS AN INCREDIBLE VALUE-ADD OPPORTUNITY FOR A BUYER!
THE PROPERTY IS CURRENTLY 100% OCCUPIED WITH OVER HALF OF THE TENANTS ON MONTH-TO-MONTH LEASES PROVIDING THE BUYER THE ABILITY TO RAISE RENTS IMMEDIATELY. WITH THE LIMITED NUMBER OF UNITS AVAILABLE FOR RENT IN THE METRO HEALTH CORRIDOR, THE DEMAND IS OFF THE CHARTS! THE RENTAL RATES IN THIS AREA HAVE RISEN FOR 11 CONSECUTIVE YEARS DUE TO ALL THE RECENT DEVELOPMENTS IN THE AREA! ALL UNITS HAVE BEEN UPDATED, AND THE PROPERTY HAS UNDERGONE SIGNIFICANT IMPROVEMENTS IN THE PAST 4 YEARS. THE PROPERTY HAS MASSIVE UPSIDE POTENTIAL AS ALMOST ALL OF THE RENTAL RATES ARE STILL VERY MUCH BELOW THE MARKET AVERAGE. THE CURRENT RENTAL RATES ARE APPROXIMATELY ($350-$300) PER UNIT BELOW THE MARKET AVERAGE, GIVING THE BUYER THE ABILITY TO INSTANTLY RAISE RENTS AND INCREASE THEIR NOI IMMEDIATELY WITHOUT HAVING TO SPEND MUCH IF ANY MONEY ON CAPEX.
CURRENTLY, THE PROPERTY BOASTS A 9.4% CAP RATE, AND WITH THE RENTAL RATES CURRENTLY SO UNDER THE MARKET AVERAGE, A BUYER CAN EASILY RAISE THE RENTAL RATES WITHOUT SPENDING MUCH ON CAPEX. BY THE END OF 2024, A BUYER CAN EASILY OBTAIN A CAP RATE OF OVER 11.4%, AND BY THE END OF 2025, THE CAP RATE SHOULD EASILY ECLIPSE 13%.
THE PROPERTY IS CURRENTLY 100% OCCUPIED WITH OVER HALF OF THE TENANTS ON MONTH-TO-MONTH LEASES PROVIDING THE BUYER THE ABILITY TO RAISE RENTS IMMEDIATELY. WITH THE LIMITED NUMBER OF UNITS AVAILABLE FOR RENT IN THE METRO HEALTH CORRIDOR, THE DEMAND IS OFF THE CHARTS! THE RENTAL RATES IN THIS AREA HAVE RISEN FOR 11 CONSECUTIVE YEARS DUE TO ALL THE RECENT DEVELOPMENTS IN THE AREA! ALL UNITS HAVE BEEN UPDATED, AND THE PROPERTY HAS UNDERGONE SIGNIFICANT IMPROVEMENTS IN THE PAST 4 YEARS. THE PROPERTY HAS MASSIVE UPSIDE POTENTIAL AS ALMOST ALL OF THE RENTAL RATES ARE STILL VERY MUCH BELOW THE MARKET AVERAGE. THE CURRENT RENTAL RATES ARE APPROXIMATELY ($350-$300) PER UNIT BELOW THE MARKET AVERAGE, GIVING THE BUYER THE ABILITY TO INSTANTLY RAISE RENTS AND INCREASE THEIR NOI IMMEDIATELY WITHOUT HAVING TO SPEND MUCH IF ANY MONEY ON CAPEX.
CURRENTLY, THE PROPERTY BOASTS A 9.4% CAP RATE, AND WITH THE RENTAL RATES CURRENTLY SO UNDER THE MARKET AVERAGE, A BUYER CAN EASILY RAISE THE RENTAL RATES WITHOUT SPENDING MUCH ON CAPEX. BY THE END OF 2024, A BUYER CAN EASILY OBTAIN A CAP RATE OF OVER 11.4%, AND BY THE END OF 2025, THE CAP RATE SHOULD EASILY ECLIPSE 13%.
Property Details
- Class
- C
- Year Built/Renovated
- 1987/2023
- Stories
- 2
- Lot Size (sq. ft)
- 4,356 SF
- Units
- 10
Highlights
- 10-UNIT PORTFOLIO OF APARTMENTS IN THE FAMOUS CLARK-FULTON NEIGHBORHOOD OF CLEVELAND, OH.
- 9.4% CAP RATE IN 2024 (IN-PLACE)! 11.4% CAP RATE IN 2025! 13% CAP RATE IN 2026! 14% CAP RATE BY 2027!
- 100% OCCUPIED! LONG-TERM TENANTS ON SHORT TERM LEASES WITH SIGNIFICANTLY BELOW MAKRET AVERAGE RENTAL RATES!
- MASSIVE UPSIDE FOR A BUYER TO INSTANTLY RAISE RENTS AND OBTIAN A 10.2%+ CAP RATE!
- RECENT IMPROVEMENTS INCLUDE UPDATED ROOFING, ELECTRICAL UPGRADES, NEW BATHROOMS, NEW HVAC UNITS, AND MUCH MORE!
- RARE OPPORTUNITY TO OWN AN AMAZING VALUE ADD PROPERTY IN THE FAMOUS CLARKF ULTON NEIGHBORHOOD OF CLEVELAND OHIO!
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