1833 E 31st Street

Description

The Lowell Apartments is a 36-unit apartment complex that consists of 3 beautiful brick buildings that have been impeccably maintained and updated with modern finishes by the current owner. Unit mix consisting of (12) 2-bed/1-bath and (24) 1-bed/1-bath apartments. This property has a Housing Assistance Payment (HAP) contract directly with The United States Department of Housing and Urban Development. This isn't just a few Section 8 units with a local municipal organization like CMHA or LMHA, THIS IS HUD and because of that, has many benefits that come along with it. Benefits include: being well insulated against market cycles, annual reviews for automatic rent increases and tenant placements focus on low income housing so it's easy to maintain full occupancy with an extensive waiting list ready to fill any vacancies that may come up. It's important to note that there is a transfer process with HUD, and HUD experience is preferred but not required. Low-risk investment in this current unpredictable market cycle as rent is paid monthly by the Federal Government. The property comes with a large and spacious parking lot situated behind the buildings that is in great condition. In close to multiple shopping centers, parks, less than 25 minutes to to 3 different colleges including Lorain Community College, Cuyahoga Community College & Oberlin College and is has easy freeway access making this property attractive to tenants. See supplements for OM.