630 Abbe Road

Description

Extremely rare opportunity to acquire a strong performing townhome style apartment complex on the west side of Cleveland! This 48 unit property is already performing beautifully, but has additional rental upside through light cosmetic renovations and is poised for the next owner to maximize potential. The complex has a unit mix of (24) two bedroom townhome style units & (24) three bedroom townhome style units which are extremely appealing to tenants and stand out amongst the other rental product in the area. Ownership has renovated approximately half of the units with modern finishes including luxury vinyl plank flooring, fresh paint, countertops, kitchen & bathroom fixtures, lighting as well as invested in many new mechanicals & appliances. All roofs in excellent condition. Many tenants are billed back for water/sewer, but a large portion have not transitioned to this system, leading to additional upside potential. Tenants are responsible for their own gas & electricity expenses. Based on current actual rent roll, the property will gross $39,120/month. With actual annualized expenses, a new owner will walk into an 8%+ cap rate on acquisition based on asking price. This, coupled with the rent premiums & utility expense saving still available, makes Sunset Townhomes the perfect asset for an investor looking to take advantage of instant cashflow with value-add upside. Property is professionally managed & they would be happy to stay on for a smooth transition for the new owner.