62 Units in Madison, OH 4 biens | Immeuble residentiel | À vendre | 5 351 468 € | Madison, OH

Fantastic opportunity to purchase a portfolio of 62 apartment units located east of Cleveland, in Madison, OH! This deal is perfect for the investor looking for a stabilized asset, but the ability to also add value and force appreciation through strategic value-add initiatives! These apartments offer a buyer the opportunity to own a significant portion of the apartment rental stock in this area, allowing them to more easily dictate rents and lends itself to high historical occupancy. With a median income of over $87,000 annually in this area, a buyer will have the ability to renovate units to their liking and fetch premium rents for providing a clean, updated product. In addition, there are plenty of entertainment and employment opportunities nearby as Madison sits right on Lake Erie and is within a 40 minute drive to downtown Cleveland, 20 minute drive to Mentor and only 15 minute drive to Painesville, some of Cleveland's most vibrant east side suburbs.
The portfolio includes 4 properties, all within a mile of each other making management a breeze. There is a current property manager in place handling all maintenance and leasing that would be happy to stay on, offering a relatively turnkey operation for an incoming buyer. Approximately 35 of the 62 units have been renovated with new vinyl plank, carpet, various kitchen and bathroom updates, light fixtures and appliances. There are still a number of units for a buyer to quickly renovate and achieve premium rents.
The properties contain an extremely attractive unit mix with a total of: (44) 3 bedroom units, some including 1.5 bathrooms and (18) 2 bedroom units, some also including 1.5 bathrooms. A number of the 62 units contain additional amenities including townhome style floor plans, dishwashers, utility rooms and decks. Pro Forma rents for the 3 bedroom units can easily fetch $1250+ and $1050+ for the two bedrooms, meaning this deal has the potential to gross over $73,000+ per month in income! Additional income streams are also available through the implementation of utility fees and pet fees. At a 7% cap rate and assuming historical, stabilized expenses, proforma value of this deal would exceed $8M+. Tenants pay their own gas and electric for ALL units and pay water for 6 units that are separately metered.
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